Senior Citizen Savings Schemes, Know Detailed Information
Senior Citizen Savings Schemes: There are many small savings schemes for senior citizens. You can accumulate huge funds by investing a small amount in this scheme. This scheme will benefit you greatly once you start investing Rs 1,000 monthly for your parents. This scheme is specifically designed with seniors in mind.
The first condition of this system is that only people over 60 years of age can invest. The scheme aims to provide people with excellent investment options in retirement. Allows you to deposit large sums of money near you in a short amount of time.
The senior citizen system is given an interest rate of 8.2 per cent. Therefore, other schemes are also very high. Not only have those, few FD schemes offered higher returns. What do you get when you invest in this scheme? Let us know about it.
What are the benefits of this system?
8.2 % are available on bank and post office savings schemes. In this system, the interest rate remains constant throughout the tenure. That means things could change for new investors. However, the rate at which you invested. You can continue to use the service at the same price. You can support up to Rs 3 million under this scheme.
People between 55 and 60 can also invest in this post office scheme. Those who have taken VRS. Apart from this, veterans above 50 years of age can also be supported. However, the condition here is that you must keep the money within three days from the date you receive the funds based on the investment retirement allowance of 100,000 yen.
Other important things
A lock-in period is available under this scheme. This lock-in period is for five years; if you withdraw your money before this, you will have to pay a penalty. Those who open an account with a low-interest rate will not benefit from interest rate increases.
In this situation, you can close your old account and open a new one. However, you will have to pay a penalty fee in that case. In this case, you will also have to pay TDS.
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