Post Office’s ‘Ya’ scheme will get Rs 14 lakh in 5 years; Find out how much money you will invest each month. | Post Office scheme will get Rs 14 lakh in 5 years; Find out how much you will invest each month

Post Office’s ‘Ya’ scheme will get Rs 14 lakh in 5 years; Find out how much money you will invest each month. | Post Office scheme will get Rs 14 lakh in 5 years; Find out how much you will invest each month

If the amount is less than one lakh rupees, you can also open an account by paying cash. At the same time you have to give a check for opening an account in more than one lakh rupees.

Post Office's 'Ya' scheme will get Rs 14 lakh in 5 years;  Find out how much money you will invest each month.

Post Office scheme

New Delhi: Retirement income can cause financial problems, but to overcome this, senior citizens can invest in the Post Office Senior Citizens Savings Scheme. They can get Rs 14 lakh in just 5 years. Under this scheme, people above 60 years of age can open an account. At present, the interest rate is 7.4 per cent per annum. The maturity period of Senior Citizen Savings Scheme (SCSS) is 5 years. If you wish, you can extend this period for another 3 years after maturity. For this you have to apply at the post office. The minimum amount for opening an account in this scheme is Rs.1000 and the maximum is Rs.15 lakhs. If the amount is less than one lakh rupees, you can also open an account by paying cash. At the same time you have to give a check to open an account in more than one lakh rupees. (Post Office Scheme Will Get Rs 14 Lakh In 5 Years; Find Out How Much You Will Invest Each Month)

Benefits of the plan

1. Under SCSS, the depositor can open more than one account alone or jointly with anyone. But the combined investment of all these should not exceed Rs 15 lakh.

2. Investment in this scheme is exempted under Section 80C of the Income Tax Act. If the amount of interest is more than Rs.10,000 per annum, your TDS starts deducting.

3. It also allows premature closure. You can withdraw money before maturity by giving valid reasons if you wish. You must have one year to open an account. The amount will be deducted 1.5 per cent during this period, while 1 per cent of the deposit will be deducted after 2 years of closure.

How to get Rs 14 lakh?

Investors are getting 7.4 per cent interest on post office senior citizen savings schemes. If you invest Rs 1 lakh in the scheme, after 5 years at an annual interest rate of 7.4 per cent (compounding), the total amount to mature investors will be Rs 14,28,964, which is Rs 14 lakh. Here you will get a benefit of Rs. 4,28,964 as interest.

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Post Office scheme will get Rs 14 lakh in 5 years; Find out how much you will invest each month

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