Post Office Senior Citizen Savings Scheme: Everyone desires to achieve the highest return on investment while ensuring that the capital remains entirely secure. Numerous Post Office plans offer outstanding returns. One program offered by the Post Office is called the Senior Citizen Savings Scheme (SCSS). It has emerged as a responsible investment sector in the nation aimed at offering social security to senior citizens.
Consequently, it has been specifically created to cater to the requirements of older adults. This is the ideal choice for those who seek to quickly double their investment while also ensuring safety. This program was initiated in the year 2004.
Who are eligible to invest in the scheme?
The Senior Citizen Savings Scheme is designed for Indian citizens who are 60 years old and older. Individuals under 60 years old are also eligible to apply for this program. However, the requirement for this is that they must have retired from their government position prior to the specified age. SCSS is favored by many because of the interest rate it provides.
The prevailing interest rate on it is 8.2%. This interest rate positions this scheme among the higher-return options available in small savings schemes lately. Individuals over the age of 60 can invest in SCSS. Individuals who are retired and aged 50-55 must deposit their financial retirement benefits into the account. They must invest in it during the same month they retire. Within the National SCSS, you are allowed to invest from a minimum of Rs 1,000 up to Rs 30 lakh. This allows investors to achieve improved returns on their deposited funds.
SCSS allows a tax deduction
According to Section 80C of the Income Tax Act, 1961, SCSS allows a tax deduction for investments up to Rs 1.5 lakh. Nonetheless, the interest earned on it is entirely subject to taxes. If this interest surpasses Rs 50,000 during a financial year, then your TDS will be deducted.
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