North India Statesman
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News India Live, Digital Desk: Post Office’s Vardan Scheme: The life after retirement is safe and comfortable, it is the dream of every senior citizen. In such a situation, the ‘Senior Citizen Savings Scheme’ of the Post Office of the Indian Postal Department has come out as a great option for the elderly. This scheme not only protects your investment, but also assures a regular income every quarter by paying more bumper interest than Fixed Deposit.
What is ‘Senior Citizen Savings Scheme’ (SCSS)?
The scheme is supported by the Central Government, the main objective of which is to provide guaranteed returns and regular income to senior citizens and senior citizens. Your money made in this scheme is 100% safe as it comes with government guarantee.
Who can open an account and how much can invest?
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Age limit: A person aged 60 years or older. If you have retired under voluntary retirement (VRS) or supernues, people aged 55 years or older can open an account, provided they have invested within a month.
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Minimum amount of investment: You can open this account with at least ₹ 1000.
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Maximum amount of investment: In this scheme, you can invest up to a maximum of ₹ 30 lakh.
Rules of Interest and Payment:
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Current interest rate: Currently on this scheme 8.2 percent Getting a great interest rate, which is much higher than the FD rates of many big banks. This rate is revised by the government in every quarter.
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interest paid: The most important thing is that interest is paid to your account every quarter (quarterly), which keeps senior citizens a regular income.
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Maturity period: The maturity period of the account is 5 years, which you can extend further for 3 years after maturity.
Why is this scheme better than FD?
When FD’s interest rates decline, this scheme still pays interest at a relatively high rate. Government support and safe return make it better than FD in terms of financial security. Apart from this, tax benefits are also available in this scheme, which are not available in FD or less.
Where to open the account?
You can open an account of ‘Senior Citizen Savings Scheme’ in any post office or authorized banks in the country. This requires some necessary documents such as identity card, proof of address, and proof of age.
This scheme helps senior stimulation to live financially self -reliant and stress -free life even after retirement, so that they can enjoy the rest of their lives.
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