Diwali is the chance. Investing on Diwali is considered auspicious. Investing in a future that benefits you is nothing better than that. You can give your parents a gift on this Diwali that will greatly benefit them. We are talking about the Post Office’s Senior Citizens Savings Scheme. This is the best investment scheme for Senior Citizens.
Up to 1.5 million can invest
You can invest as much as Rs 15 lakh in this scheme. Under this scheme, you will get an annual interest of 8.6 per cent on the deposit. This is a better interest than any other scheme. Anyone aged 60 years or older can open their account. In addition, anyone between the ages of 55 and 60 years of age who has taken retirement at their own discretion can also invest under the scheme.
Maturity period is 5 years
The maturity period of the scheme is 5 years. The person can also open a joint account in his own name or with his wife or husband. If you’re depositing up to 1 lakh in your account, you can cash it in. But if you are opening an account by depositing more than 1 lakh, you will need to pay by cheque. The date of the cheque will be the same as the day you open the account. The scheme will continue to be available at or after opening the account.
Under the scheme, the account can be transferred from one branch of the post office to another. If you close an account prematurely, you can close the account after 1 year. But then 1.5 per cent of the amount deposited will be deducted. And if you close the account after 2 years, 1% of the amount deposited will be deducted.
The account, which will be opened on Diwali, will become the owner of 44 lakh at the age of 18.
Tax exemption on deposits
Under this scheme, you can extend the account for another 3 years within 1 year of the maturity. You’ll need to submit an application for this. There is a tax exemption on deposits under the scheme. Under Section 80C of the Income Tax Act, it provides full relief on investment.
Benefit up to Rs 7.6 lakh
Suppose you make a one-time investment of Rs 15 lakh under this scheme, you will get Rs 22.6 lakh after 5 years by adding 8.6 per cent interest. This means you will get a total profit of Rs 7.6 lakh.