That Dhansu scheme of the post office... On depositing, the money of the senior citizen will be doubled.

What is SCSS: There are many great schemes of post office on the basis of which you can get a good return on your investment. Today we tell you about a post office policy, on which money can be doubled.

Post Office Senior Citizen Savings Scheme: Everyone wants to get more and more returns and money is also completely safe. Many post office schemes give great returns. The name of one such scheme of the post office is Senior Citizen Savings Scheme (SCSS). It has become a responsible investment category in the country that aims to provide social security to the elderly. Therefore, it has been specially designed with the intention of meeting the needs of the elderly. This is the right option for people who want to double their investment in a short time while being safe. Let's see how this scheme works and what are its benefits?

What is Senior Citizen Savings Scheme?

This scheme was started in the year 2004. The Senior Citizen Savings Scheme is for Indian citizens aged 60 years and above. People below 60 years of age can also apply under this scheme. But the condition for him is that he has retired from his government job before the fixed age. SCSS is preferred among people because of the interest rate charged on it. The current interest rate is 8.2%. With this interest rate, this scheme makes it one of the most rewarded schemes offered in small savings schemes in recent times.

What's special about the plan?

Any person can invest in this scheme for any period of time as per their wish. However, when the investor tells his time limit, it is convenient that the rate will remain constant for that time and there will be no change in that rate until the time limit is over. There is also a tax benefit under Section 80C with an interest rate of 8.2%. The interest is reviewed on a quarterly basis.

Anyone above

the age of 60 years is eligible to invest in SCSS. Retirees in the age group of 50-55 years will have to deposit their financial retirement benefits in the account. They will have to invest in it in the same month in which they retire. Under the National SCSS, you can invest between Rs 1,000 and Rs 30 lakh.

Under

this, you can invest for a period of five years. Singles extension is also possible for a maximum of three years. Through this, investors can get better returns on their deposits. SCSS is tax deductible for investments up to Rs 1.5 lakh under Section 80C of the Income Tax Section, 1961. However, the interest charged on it is fully taxable. If this interest exceeds Rs 50,000 during a financial year, then your TDS will be deducted.