Money making scheme - risk free! Just check out the Senior Citizen Savings Scheme now
If you are a senior citizen and are looking for an investment that is risk free and also gives good returns, you must know about this savings scheme. The Senior Citizen Savings Scheme (SCSS) ensures an interest rate of 7.4 per cent per annum. Compare that with the small returns banks are giving nowadays
If you are a senior citizen and are looking for an investment that is risk free and also gives good returns, you must know about this savings scheme. The Senior Citizen Savings Scheme (SCSS) ensures an interest rate of 7.4 per cent per annum. Compare that with the small returns banks are giving nowadays. This is a risk free investment and can be availed from any post office or bank branch.
An interest of 7.4 per cent is payable from the date of deposit of 31 March/30 September/31 December in the first instance and thereafter, interest shall be payable on 31 March, 30 June, 30 September and 31 December.
There shall be only one deposit in the account in multiple of INR.1000/- maximum not exceeding INR 15 lakh.
See the important features:
- An individual of 60 years or above more can open this account.
- An individual of the age of 55 years or more but less than 60 years who has retired on superannuation or under VRS can also open account subject to the condition that the account is opened within one month of receipt of retirement benefits and amount should not exceed the amount of retirement benefits.
- A retired defence services personnel (excluding Civilian Defence employees) on attaining the age of 50 can open the account
- Maturity period is 5 years
- A depositor may operate more than one account in individual capacity or jointly with spouse.
- Account can be opened by cash for the amount below INR 1 lakh and for INR 1 Lakh and above by Cheque only.
- Premature closure is allowed. If closed is before 1 year, no interest will be payable, if paid already will be recovered. After one year on deduction of an amount equal to 1.5 per cent of the deposit to be deducted. After 2 years 1 per cent of the deposit to be deducted.
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8) Investment under this scheme qualifies for the benefit of Section 80C of the Income Tax Act, 1961 from 1.4.2007. TDS is deducted at source on interest if the interest amount is more than INR 50,000 per annum.
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