Several Individuals have put their investment into a few Post Office scheme that offers nice returns, alongside the security of ventures. From transient intends to long haul speculations, financial backers can place their cash in Post Office plans without the danger of losing the contributed aggregate. In one such arrangement named Senior Citizen Savings Scheme (SCSS), financial backers can round up guard profits from their speculations. As the name proposes, SCSS is a plan presented by Post Office for senior residents. This implies that financial backers matured 60 or above can just open records in SCSS. Be that as it may, you can likewise put resources into the arrangement assuming you have settled on Voluntary Retirement Scheme (VRS).
At present, Post Office is giving a 7.4 percent premium on ventures made under Senior Citizen Savings Scheme. The plan could possess all the necessary qualities for ongoing retired folks as one needs to make one-time interests in the speculation strategy. At the hour of development, financial backers get the contributed head alongside the produced interest. The base sum that one necessity to put to open a record in Senior Citizen Savings Scheme is simply Rs 1000.
How might financial backers get Rs 14 lakh in 5 years?
Financial backers should contribute at least Rs 10 lakh in the Senior Citizen Savings Scheme to get about Rs 14 lakh at the hour of development. You should contribute Rs 10 lakh as a singular amount so you can get Rs 14,28,964 at a 7.4% financing cost. Out of the complete Rs 14,28,964 corpus, Rs 4,28,964 is the premium on speculation while Rs 10 lakh is your contributed aggregate. One can contribute a limit of Rs 15 lakh in the Senior Citizen Savings account.
On the off chance that you're wanting to open a record in the Senior Citizen Savings conspire, you can store up to Rs 1 lakh in real money. Assuming you're intending to contribute more than Rs 1 lakh, you should compose a check or utilize different methods of installment. Besides, financial backers additionally get tax reductions under segment 80C of the Income Tax Act for their interests in the Senior Citizen Savings conspire.
Image Credit: Enterslice