Retail investors have suffered huge losses due to the huge decline in the stock market in recent days. Most investors say they have lost what they had gained over the last 6 months or 1 year. According to figures, investors have suffered a loss of Rs 40 lakh crore in the last one month. In such a situation, many people are now thinking of investing in less risky places. If you are also thinking of investing in a similar scheme, today we are bringing you information about a government scheme that can earn you thousands of rupees.
This scheme is linked to small savings schemes and is managed by the Post Office. Under this scheme, more than Rs 12 lakh will be earned from interest alone. Furthermore, the risk will be negligible. At the same time, this plan also offers tax advantages. The maximum investment limit in this is Rs 30 lakh. Any senior citizen can invest in this plan. Actually, we are talking about Senior Citizen Savings Plan, under which you can earn thousands of rupees. Let us know how?
The Post Office Senior Savings Plan is a deposit plan. A fixed amount is invested in this for 5 years. Senior citizens can invest a maximum of Rs 30 lakh in this scheme, while the minimum investment limit is Rs 1,000. Currently, the SCSS receives an annual interest of 8.2 percent. However, interest is reviewed quarterly.
How will I earn interest on Rs 12 lakh?
If you invest Rs 30 lakh annually in this plan, you will earn an interest of Rs 12,30,000 at the rate of 8.2% in 5 years. Rs 61,500 will be credited as interest every quarter. In such a situation, after 5 years you will get a total of Rs 42 lakh 30 thousand as maturity amount.
Whereas if you deposit Rs 15 lakh in this plan for 5 years, as per the current interest rate of 8.2 percent, you will get Rs 6 lakh 15 thousand in 5 years from interest alone. If interest is calculated quarterly, interest of Rs 30,750 will be received every three months. Thus, by adding Rs 15 lakh and interest amount, a total of Rs 21 lakh 15 thousand will be received as maturity amount.
Who can obtain this benefit?
According to the Savings Plan for Seniors, anyone aged 60 or over can benefit from this plan. The plan expires after 5 years. If you want to continue the benefits of this plan even after 5 years, after the maturity of the deposit amount, you can extend the account period by three years. The benefit of tax exemption under section 80C is available in SCSS.
