Are you above 60 years of age and want to grow your savings safely? Then the Post Office Senior Citizen Savings Scheme (SCSS) is perfect for you!
This scheme is specially designed for senior citizens, so that they can get regular income after retirement and their financial position remains strong. In this scheme, you not only get good interest, but your money is also completely safe.
Let’s know everything about this scheme:
What is SCSS?
Senior Citizen Savings Scheme, as the name suggests, is a special savings scheme for senior citizens. People aged 60 years or above can invest in this scheme. Apart from this, people taking VRS can also take advantage of this scheme, provided their age is more than 55 years. You can go to any post office or bank to invest in this scheme.
How much interest will you get?
The interest rate in this scheme is decided by the government, and it keeps changing from time to time. Currently, this scheme is getting 8.2% annual interest. You will get this interest every three months, and it will be deposited directly in your bank account.
How much can you invest?
You can invest a minimum of ₹ 1,000 and a maximum of ₹ 30 lakh in this scheme. If you invest ₹ 30 lakh, you will get ₹ 20,500 every month at the rate of 8.2% interest.
What will happen after 5 years?
The duration of this scheme is 5 years. After 5 years, if you want, you can extend it for another 3 years. During this time, the interest rate may change.
Some important questions (FAQs):
Is there any age limit to invest in SCSS?
Yes, you must be 60 years of age or above. The age limit for those taking VRS is 55 years.
When is interest paid in this scheme?
Every three months.
How much money can be invested in this scheme?
Minimum ₹1,000 and maximum ₹30 lakh.
So what are you waiting for? Go to the post office or bank today and invest in Senior Citizen Savings Scheme and secure your future!