Post office elderly citizen savings scheme Big news! Interest of1.85 lakh will be available on 5 lakh deposit, know complete scheme details
Investment in POSCSS The periodic interest in the scheme will be7.4 percent. The maturity period in this scheme is 5 times. Deposits can be made in multiples of Rs 1000.
Post Office Senior Citizen Savings Scheme( SCSS) Small savings schemes of the post office have always been a better option for investment. The stylish thing about this is that the deposit is fully safe with guaranteed returns. These investments aren't affected by request oscillations. The post office offers a variety of deposit schemes. One of these schemes is the elderly Citizen Savings Scheme( SCSS) of the Post Office.
Deposit on 5 lac6.85 lac
still, also at the rate of interest of 7, If you invest a lump sum of Rs 5 lakh in the elderly Citizens Scheme.4 per cent( compounding) per annum, the total quantum after 5 times i.e. on maturity will be Rs. Then you're getting the benefit of Rs as interest. In this way, every quarter interest will be Rs,250.
SCSS7.4 interest per annum, maturity of 5 times
According to the information available on the website of the post office, the periodic interest in this scheme will be7.4. The maturity period in this scheme is 5 times. Deposits can be made in multiples of Rs 1000. Also, a maximum investment of Rs 15 lakh can be made in this. It has to be invested in lump sum.
Under SCSS, an account can be opened by a person who's 60 times of age andabove.However, also he can also open an account in SCSS, If someone is 55 times or further but lower than 60 times old and has taken VRS. But the condition is that he has to open this account within one month of entering the withdrawal benefits and the quantum deposited in it shouldn't exceed the quantum of withdrawal benefits.
According to the website, under SCSS, a depositor can hold further than one account either collectively or concertedly with his/ her partner. But all together the maximum investment limit can not exceed 15 lakhs. With an quantum lower than 1 lakh, the account can be opened in cash, but for further than that, cheque will have to be used.
SCSS Nomination installation is available
Nomination installation is available at the time of opening and closing the account in Senior Citizen Savings Schemes. This account can be transferred from one post office to another. In this account holder can do unseasonable check. But the post office will abate1.5 percent of the deposit only on closing the account after 1 time of account opening, while 1 percent of the deposit will be subtracted after 2 times of check.
Can be extended for 3 times after maturity
After the maturity of SCSS, the account can be extended for another three times. For this, the operation has to be submitted within one time from the date of maturity. duty deduction is also available on deposits in this account. Investment in this scheme is exempted under section 80C of the Income Tax Act.
Income from interest in SCSS istaxed.However,000 per annum, also your TDS starts abating, If the interest income of all your SCSS exceeds Rs 50. The duty quantum is subtracted from yourinterest.However, also you can get relief from TDS by submitting Form 15G/ 15H, If the interest income doesn't exceed the specified limit.
SCSS Nomination installation is available
Nomination installation is available at the time of opening and closing the account in Senior Citizen Savings Schemes. This account can be transferred from one post office to another. In this account holder can do unseasonable check. But the post office will abate1.5 percent of the deposit only on closing the account after 1 time of account opening, while 1 percent of the deposit will be subtracted after 2 times of check.
Can be extended for 3 times after maturity
After the maturity of SCSS, the account can be extended for another three times. For this, the operation has to be submitted within one time from the date of maturity. duty deduction is also available on deposits in this account. Investment in this scheme is exempted under section 80C of the Income Tax Act.
Income from interest in SCSS istaxed.However,000 per annum, also your TDS starts abating, If the interest income of all your SCSS exceeds Rs 50. The duty quantum is subtracted from yourinterest.However, also you can get relief from TDS by submitting Form 15G/ 15H, If the interest income doesn't exceed the specified limit.
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