Saving Schemes: Great schemes for husband and wife! You can get 25 lakhs in 5 years!

The central government gives many types of schemes. These schemes are available in post offices or banks. Those who want risk-free returns can avail of these schemes. They can certainly be of great benefit.

Senior Citizens Savings Scheme is one of the various schemes of the Central Government. You can earn the same amount by joining this scheme. This is one of those small savings schemes where you get the highest interest.

The Modi government has recently increased the interest rate on small savings schemes. The interest rate of the Senior Citizen Savings Scheme has also increased. The increase in interest rates has come into effect from 1 April.

At present, the interest in this scheme is 8.2 percent. The maturity period of this scheme is five years. That is, if you deposit money, you cannot withdraw it for five years. On maturity, interest and principal can be compounded.

The Central Government has given other good news to the people thinking of participating in the Post Office Senior Citizen Savings Schemes. The deposit limit has been extended. That is, now you can bet twice.

Till now there was a chance to invest up to a maximum of Rs 15 lakh in this scheme. But now it has increased to Rs 30 lakh. This means that senior citizens have the opportunity to deposit up to Rs.30 lakh.

For example, you invest Rs 30 lakh in this scheme. You will have Rs 42.3 lakh on maturity at an interest rate of 8.2 percent over a period of five years. So you can say that you have got more than Rs 12 lakh.

Interest is paid quarterly. That is, you will get Rs 61,500 once every three months. You can get Rs 2.46 lakh as annual interest. If seen till March 31, 8 percent interest would have been received.

If both husband and wife join this senior citizen savings scheme in the same house, then both will get Rs 12.3 lakh. This means both together will bring 25 lakh rupees.

You can join these senior citizen savings schemes. You can get a tax benefit of up to 1.5 lakhs. Tax exemption is available under section 80C. People above 60 years can join this scheme.