Anyone who is 60 years of age or above can invest in it.
One can invest Rs 1,000 to Rs 15 lakh annually in the scheme.
The Modi government is currently giving an annual return of 7.4 percent on this scheme.
New Delhi. Although many schemes are going on regarding retirement planning and investment, but the Modi government is running a special scheme for the elderly. This scheme is being run especially for senior citizens, so it also gives more profit. The senior citizen savings scheme was started by the Modi government, in which good returns are given with guarantee.
This scheme is run through the Indian Post Office and it becomes completely safe with the guarantee of the government. Anyone who is 60 years of age or above can start investing in this scheme by opening an account in a post office. An annual investment of Rs 1,000 to Rs 15 lakh can be made in the scheme. The maturity period of the scheme is 5 years.
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Interest rate is higher than FD
The interest rates of Senior Citizens Savings Scheme are currently higher than most bank FDs. This is the reason why investing money in it can be a more profitable deal. The Modi government is currently giving an annual return of 7.4 percent on this scheme. Even in this era of inflation, this investment gives you positive returns, because the rate of retail inflation was 7 percent in August.
Interest gets fixed for 5 years straight
The most important thing about this scheme is that the interest rates remain the same till the entire maturity. For example, if you open an account under this scheme today, you will get 7.4 percent interest for the next 5 years. If the maximum investment limit in the scheme is Rs 15 lakh, then you will get an interest of Rs 1.11 lakh annually on this amount. However, the interest is paid every quarter. So you will have to pay Rs 27,750 every three months.
Husband and wife can invest double together
If husband and wife invest money together in this scheme, then the investment amount can be doubled. Actually, the Modi government has given different limits to both of them for investment in the scheme. That is, husband can invest 15 lakhs and wife can invest 15 lakhs. In this way, your investment of Rs 30 lakh will get an interest of Rs 2.22 lakh at the rate of 7.4 per cent per annum. It will be completely free from risk.
Tax exemption will also be available
Investment in the scheme is exempted under section 80C of Income Tax and you can claim tax exemption of Rs 1.5 lakh annually. Similarly, TDS is deducted on the interest earned on investments, but TDS will be exempted if you submit Form 15G and 15H. However, if the interest received annually is more than Rs 50,000, then you will have to pay tax. Even after maturity, if you want, you can continue the scheme for 3 years. On this you will also get equal interest.
Tags: business news in hindi, investment scheme, Investment tips, Money Making Tips, Senior citizen savings scheme
FIRST PUBLISHED : September 28, 2022, 11:55 IST