Post Office Scheme : The most reliable investment plan in the country is near the post office, this thing is not hidden from anyone. The post office keeps on bringing the best profitable schemes to its customers. If you want to make a safe investment, then you have a plan to earn good profits in a few years. This plan will prove to be great for you.
what is the plan
Let us tell you that about the ‘Senior Citizens Savings Scheme-SCSS’ of the Post Office, in which you get interest at the rate of 7.4 percent. That is, with a simple investment, you can make a huge fund of Rs 14 lakh in just 5 years.
open account like this
The Senior Citizen Savings Scheme running in the post office will prove to be more beneficial for you. If you are retired, then invest your life’s earnings in such a place which is safe and also gives profit.
You will get more than 14 lakhs like this
If you invest a lump sum of Rs 10 lakh in the Senior Citizens Scheme, then at the rate of interest of 7.4 per cent (compounding) per annum, after 5 years i.e. on maturity, the total amount to the investors will be Rs 14,28,964. Here you will get the benefit of Rs 4,28,964 as interest.
Account will open in 1000 rupees
The minimum amount to open an account in this scheme is Rs 1000. In this account you can not keep more than 15 lakhs. Apart from this, if your account opening amount is less than Rs 1 lakh, then you can open the account by paying cash. At the same time, to open an account above Rs 1 lakh, you will also have to pay a check.
Maturity period will be 5 years
The maturity period of this scheme will be 5 years. If you want, you can extend this time limit even more. You can extend this scheme for 3 years after maturity. To increase this, you have to apply by going to the post office.
Tax exemption will be available
If we talk about tax, then if your interest amount under SCSS exceeds Rs 10,000 per annum, then your TDS starts deducting. However, investment in this scheme is exempted under section 80C of the Income Tax Act.