SCSS: Numerous individuals put their money into LIC, government programs, fixed deposits, etc. Likewise, if you are a senior citizen, you can invest in a scheme that offers decent returns. In fact, this plan is offered by the post office where investments can be made. Let’s learn about this program and how you can gain advantages by participating in it. In fact, this plan belongs to the post office and is called the ‘Senior Citizen Savings Scheme’. Only elderly individuals are permitted to invest in this program.

What are benefits of this scheme?

With this plan, you must invest initially before you can receive returns. When discussing the individuals qualified to invest in this scheme, it is those who are at least 60 years old that can participate.

Nonetheless, government employees who have opted for VRS, meaning voluntary retirement, are deemed eligible to invest even if they are aged 50 years or older. If you meet the criteria for this program and wish to invest, you can contribute a minimum of 1 thousand rupees. On the other hand, you can put in a maximum of Rs 30 lakh in it. Additionally, be aware that if you deposit under Rs 1 lakh at once, you can do so in cash; however, for amounts exceeding Rs 1 lakh, payment must be made via cheque.

Application process

If you wish to participate in this Senior Citizen Savings Scheme, you need to visit your local post office where you can apply by speaking with the relevant officer, who will assist you with the subsequent process and enroll you in this scheme. Regarding the advantages, this program is presently offering approximately 8.2 percent interest. This program matures in 5 years.

However, if you want, you can extend it for another 3 years. In this, you also get a tax exemption of up to Rs 1.5 lakh under Section 80C of Income Tax.

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