Senior citizens are getting more interest in post office scheme than FD, they will earn 2.50 lakh rupees from interest every year

Breaking News, Digital Desk- ( SCSS, Post Office Senior Citizens Savings Scheme) Senior Citizens Savings Scheme (SCSS) is an excellent option for investment after retirement, especially compared to bank FD. 

It offers high interest of 8.2% per annum, which provides regular income in old age. You can get a maximum interest of Rs 1.20 lakh on a single account and up to Rs 2.40 lakh on two separate accounts in the same house. This is the highest interest paying small savings scheme of the post office.

Opportunity to lock higher interest- 

After the RBI cut the repo rate twice in a row, banks are reducing interest rates on FDs. In such a situation, this is a good opportunity to lock in the 8.2% interest being offered in SCSS (Senior Citizen Savings Scheme). 

This scheme matures in 5 years, which can be extended for 3 years. Senior citizens of India can get tax benefit and regular income by making a lump sum investment in it individually or jointly.

SCSS: Calculation of interest-

1. Maximum deposit: Rs 30 lakh
2. Interest rate: 8.2 per cent per annum
3. Maturity period: 5 years
4. Quarterly interest: Rs 60,150
5. Annual interest: Rs 2,40,600
6. Total interest in 5 years: Rs 12,03,000
7. Total return: Rs 42,03,000 lakh

How much maximum deposit can be made-

A maximum of Rs 30 lakh can be invested in Senior Citizen Savings Scheme through a single account. While it is necessary to deposit at least Rs 1000 in this account. 

If the husband and wife want to live in the same house, they can also open separate accounts. In which a maximum of Rs 60 lakh can be deposited. 

Eligibility for the scheme-

- If you are above 60 years of age
- Retired employees in the age group of 55-60 years who have opted for Voluntary Retirement Scheme (VRS)
- Retired defence employees, who are at least 60 years of age
- HUF and NRIs are not eligible to invest in SCSS.