Senior Citizen: There is wonderful news for senior citizens. Everybody's life revolves around saving. People frequently need money for a variety of life expenses. As a result, people save money ahead of time based on convenience. Some people invest in schemes for this. A few make stock market investments. Some make FDs in banks.
Individuals make investments based on what suits them best. In accordance with the people's preferences, the government also introduces various initiatives. You can invest in the government's Senior Citizen Savings Scheme if you are over 60. Let's inform you how much interest this strategy offers.
Invest in Senior Citizen Savings Scheme
Any senior citizen in the nation can apply for the Senior Citizen Savings Scheme and save a significant amount of money. This scheme was created specifically for senior citizens and offers investments ranging from Rs 1 thousand to Rs 30 lakh. Its maturity period is 5 years, with the option to extend it for up to 3 years. The scheme offers tax exemption on investments up to Rs 1.5 lakh under section 80C. Additionally, individuals between the ages of 55 and 60 who choose to take voluntary retirement are eligible to invest in this scheme.
Senior people currently receive an interest rate of 8.2% on their investments in the Senior Citizen Saving Scheme. This is greater than any bank's FD. Interest is paid under this plan on a quarterly basis.
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Begin making investments in this manner.
Senior citizens can apply for the Senior Citizen Savings Scheme at the post office or at the bank that is closest to them. To open an account in the scheme, you will need to provide certain documentation. Aadhar cards, PAN cards, age certificates, residency certificates, and passport-size photos are a few examples of these documents.
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