New Delhi. The Small Savings Scheme of the Indian Postal Department has always been the first choice of investors. The best thing about it is that your money is completely safe in this, which is why people have a lot of trust in it. Returns are also guaranteed at the post office. Apart from this, investing in post office is considered safe for people of all ages. One of the schemes of the post office is ‘Scheme Senior Citizen Savings Scheme’ (SCSS), under which a person of 60 years of age or above can open his account. The maturity period of this scheme is 5 years.
You can also visit the official website of the post office to get more information about this scheme. If a person invests Rs 15 lakhs in a lump sum in this scheme, then after 5 years i.e. completion of maturity period at an interest rate of 7.4 per cent per annum, the total will be Rs 20.55 lakhs. Thus in just 5 years you will get total interest of 5.55 lakhs. And every quarter interest will be Rs 27,750.
Eligibility-
Anyone above 60 years of age can join this scheme. If a person is 55 years of age or more but less than 60 years of age and has taken VRS (Voluntary Retirement Scheme), then he can also invest by opening an account in SCSS. But for this, he has to open this account only within 30 days of taking retirement.