Government plans: Post office plans are probably the best option from an investment perspective. Although these schemes give good returns, the investor’s money is also completely safe. Tax exemption is also available in many schemes. One such post office scheme is the Older People’s Savings Scheme (SCSS).
By investing in this program, you can create a large corpus of Rs 14 lakh in just 5 years. Know the important things about this diet:-
As the name suggests, this scheme is for senior citizens, the age must be 60 to open an account in this.
The minimum investment amount in this program is Rs 1000 and the maximum is Rs 15 lakh.
Deposits mature after 5 years from the date the account is opened, but this period can only be extended by 3 years once. To increase it, it is necessary to make the request by going to the post office.
In this scheme, interest is given at the rate of 4 percent.
Being government backed, returns are guaranteed.
Speaking of tax, if your interest amount under SCSS exceeds Rs 10,000 per year, your TDS starts deducting. However, investment in this scheme is exempt under Section 80C of the Income Tax Act.
In five years you will get more than 14 lakhs
if you invest a lump sum of Rs 10 lakhs in the Senior Citizens Scheme, then after 5 years at the interest rate of 7.4% (compounded), i.e. at maturity, investors will get the total. The amount will be Rs 14,28,964. Here, you get Rs 4,28,964 in interest.
(Here, TheRealityHunt does not give investment advice in any program. The information provided here is for informational purposes only. Consult experts before depositing money in any program)
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