Post Office's Senior Citizen Savings Scheme: Here's How You Can Get Rs 14 Lakh Return In 5 Years

File Photo

New Delhi: Post Office services have emerged as a secure haven for investors looking to generate decent returns in the lively Financial Market which is heavily exposed to market uncertainties. These schemes provide a buffer against market volatility, particularly for those with lower risk appetites, from various types of short or medium-term plans to longer-term investments.

The Senior Citizens Savings Scheme (SCSS), specifically designed for people over 60 years of age, is one such gem in the Post Office's offering. ()

Post Office Senior Citizens Savings Scheme (SCSS): Interest Rate

Even those who have embraced the Voluntary Retirement Scheme (VRS) can partake in this lucrative investment avenue. Currently, the SCSS offers an 8.2 percent interest rate. ()

Post Office Senior Citizens Savings Scheme (SCSS): Minimum Investment Amount

This Time Investment Policy ensures that investors do not only receive their principal sum at maturity but also participate in an accrued interest. The beauty is that it is easily accessible, with a modest minimum investment of just INR 1000.

Post Office Senior Citizens Savings Scheme (SCSS): How Will You Get Rs 14 Lakh 

For those looking at significant returns, contributing at least Rs 10 lakh in SCSS can yield about Rs 14 lakh at development. This amazing aggregate incorporates Rs 4,28,964 as a premium on the venture, with the leftover Rs 10 lakh addressing the underlying speculation. The plan permits a greatest venture cap of Rs 15 lakh.

Post Office Senior Citizens Savings Scheme (SCSS): Income Tax Benefit

Moreover, the plan expands tax reductions under Act 80C of the Income Tax, giving an additional impetus to financial backers.