In the era of corona epidemic crisis (COVID-19 Pandemic), most of the people are worried about their savings. Apart from this, they are thinking that where to invest their money, where not only their investment is safe but they get better returns on it. The most worrying senior citizens are about their investment because they are in a state of life where they cannot take much risk, so they choose a relatively safe option. They have many options for safe investment, but if you talk about returns, then the Senior Citizen Saving Scheme (SCSS) of Post Office is a better option. The special thing about this scheme is that it is getting more returns than FDs.
In this scheme started for senior citizens, an investment of Rs 5 lakh for 5 years gives a return of Rs 6,85,00. In this way, the investor is getting a profit of Rs 1,85,000 on an investment of Rs 5 lakh in just 5 years. When compared to FD, SBI is paying 5.75 percent interest on it. In this way, FD will get a lower return of 50 thousand rupees than SCSS. Talking about tax, TDS is deducted on interest of more than 50 thousand rupees per annum, but investment is exempted under section 80C of Income Tax Act.
Only Indian citizens above the age of 60 years can open an account in Senior Citizen schemes, however, those who have taken VRS can open the account in this scheme before the age of 60 years. Apart from this, individuals can have more than one account under this scheme or in joint with their spouse but all together the investment should not be more than 15 lakhs.
