Post Office Senior Citizen Savings Scheme: If you are also dreaming of becoming a millionaire, then today we will talk to you about such a special scheme of the Post Office, through which you can easily create a fund of Rs 14 lakh 28 thousand. Let us tell you that the post office offers a variety of schemes to its customers, through which investors can become millionaires in no time. The name of this special scheme is Post Office Senior Citizens Scheme. Let us tell you how you can create a fund of Rs 14 lakh and how much time will it take.
How much interest will you get?
In the Post Office Senior Citizen Savings Scheme, investors get the benefit of interest at the rate of 7.4 percent (compounding). Under this scheme, you can open an account with as little as Rs 1,000.
for how long can
The maturity period of this savings scheme is 5 years, but the customer can increase this limit according to his wish and need.
Invest up to 15 lakhs
Investors can invest a maximum of Rs 15 lakh in this scheme. At the same time, if you want to start investing with an amount less than Rs 1 lakh, then you can also open an account by paying cash. At the same time, if you want to open this account with an amount of more than one lakh rupees, then you have to pay money through cheque.
How will the fund of 14 lakhs be made?
To make a corpus of 14 lakhs, you have to invest a lump sum of Rs 10 lakhs. Let us tell you that when you invest 10 lakhs, you will get the benefit of compounding interest at the rate of 7.4 percent. That is, when your investment becomes 5 years, then your 10 lakh rupees will be converted into 14,28,964. Here you will get the benefit of Rs 4,28,964 lakh as interest.
Tax exemption will also be available
Apart from this, you will also get the benefit of tax exemption in this scheme. If your interest amount is Rs 10,000 per annum, then your TDS starts deducting. However, investment in this scheme will continue to get the benefit of exemption under section 80C of the Income Tax Act.
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