Senior citizens can earn Rs 12 lakh without any risk from SCSS government scheme, know how

If you have lakhs of rupees as retirement fund and you have deposited that amount in a savings account, then you are causing a loss to yourself. It would be better if you withdraw that amount and invest it in a scheme which the government has prepared to give you maximum benefit.

Senior Citizens Savings Scheme: After retirement, most elderly people either invest their earnings in FDs or keep lakhs of rupees in their bank accounts so that they can earn interest on that money. Instead of keeping it in a savings account, it is better to invest the money in a scheme that the government has created especially for senior citizens. The name of the scheme is Senior Citizen Savings Scheme.

This is a deposit scheme in which you have to deposit money for 5 years, on which 8.2% interest is being given. If you want, you can earn up to Rs 12,00,000 by investing money in this scheme only through interest. You will never get this much interest on a bank savings account. Know how?

Know how to earn interest of 12 lakhs

Senior citizens can invest up to Rs 30,00,000 in SCSS, while the minimum investment limit is Rs 1000. If you deposit Rs 30 lakh in this scheme, you can earn Rs 12,30,000 as interest at the rate of 8.2%. In this case, you will get Rs 61,500 as interest every quarter and after 5 years, the amount of Rs 30 lakh will become Rs 42,30,000 after maturity.

Amount of Rs 15 lakh can become more than Rs 21 lakh

If you do not want to deposit 30 lakhs, then deposit 15 lakhs for 5 years. In this case also you will earn a good amount of interest. On depositing 15 lakhs, at the rate of 8.2 percent, you will get ₹6,15,000 in 5 years as interest only. If the interest is calculated on quarterly basis, then it will be ₹30,750. In this way, by adding 15,00,000 and the interest amount of 6,15,000, a total of 21,15,000 rupees will be received as maturity amount.

Facility of extension also

SCSS scheme matures after 5 years. If you want to continue the benefits of this scheme even after 5 years, then after the deposit amount matures, you can extend the account period for three years. It can be extended within 1 year of maturity. Extended accounts earn interest at the applicable rate on the date of maturity. SCSS is eligible for tax exemption under section 80C.

Who can invest?

Any person who is 60 years of age or above can invest. Civil sector government employees taking VRS and those retiring from defence are given relaxation in age limit with certain conditions.

The post Senior citizens can earn Rs 12 lakh without any risk from SCSS government scheme, know how first appeared on informalnewz.

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