Publish workplace
It’s the precedence of each aged particular person to make life financially secure and stress free after retirement. In such a state of affairs, the Publish Workplace Senior Citizen Financial savings Scheme (SCSS) operated by the federal government comes as a dependable and engaging funding possibility. This scheme has been designed particularly for folks aged 60 or older, which supplies good curiosity and tax exemption.
Residents aged 60 years or extra can make investments on this scheme. Other than this, authorities workers aged 55-60 years who’ve taken VRS (voluntary retirement) and 50-60 years of protection private also can benefit from it with sure situations. It additionally has the power to open a joint account within the identify of single or husband and spouse.
Most Rs 30 lakh can make investments
SCSS scheme can make investments a minimal of Rs 1,000 and a most of 30 lakh rupees. Earlier this restrict was 15 lakh rupees, which has now been elevated to double. This scheme is being given 8.2% annual curiosity, which is far larger than the FDs of banks. This curiosity is given on a quarterly foundation. If an individual invests 30 lakh rupees in it, then he’ll get a month-to-month curiosity of Rs 2.46 lakh yearly, or about 20,000 rupees.
There’s a low cost of so many lakhs in 80C
Beneath this scheme, there’s a tax exemption of as much as Rs 1.5 lakh underneath Part 80C of the Earnings Tax Act. That’s, it not solely offers common revenue, however can be useful in saving tax. The length of SCSS is 5 years and it may be prolonged for 3 years if wanted. If an investor needs to withdraw cash forward of time, withdrawal with sure situations is feasible. Closing the account earlier than 1 yr doesn’t get curiosity, whereas closing between 1-2 years and shutting between 2-5 years is deducted of 1% curiosity.