Post Office Savings Scheme: 2022
Post Office Savings Scheme: Under the Post Office Savings Scheme Rs. 8,334 saved and Rs. 7.00.000
This senior citizens scheme of the post office is Rs. 8334 Deposit will be Rs 7 lakhs in 5 years with maturity. Here’s information on that.
Digital technology is still not the norm for senior citizens in India. This is because the common answer is that technology is not interested in learning. For this reason, the Post Office Savings Scheme is popular among senior citizens compared to others.
India Post offers a number of savings plans, which are the most popular risk-free savings plans in the country. For the average middle class citizen in India, getting a fixed and good interest rate on good plans is a top priority. The same applies to senior citizens who want to earn savings after their retirement.
Senior Citizens Savings Account or SGSS is available from the Post Office to enable senior citizens to have a fixed income after retirement.
As the name suggests, this scheme has been introduced by India Post for senior citizens. It is for Indians over 60 years of age. This means that the age of the subscriber must be 60 years and above when launching these projects. Some beneficiaries have reservations as conditions apply. The subscriber receives certain and respectful returns from the post office.
Post Office Senior Citizens Savings Plan Calculator
Under this policy Rs. 8,334 will be deposited to the tune of Rs. 8,334 per month which means subscribers have deposited Rs 5 lakh in 5 years. The interest is compounded and the sum becomes Rs 7 lakh. The interest rate for the project so far is 7.4 per cent, based on the amount. The interest at this rate is calculated as 1.85 lakhs
So the amount of Gross becomes Rs 6,85,000 in these five years. Interest is calculated quarterly under this plan. The beneficiary will pay Rs. 9250 get interest. The discount rate is similar to the PPF account.
Maturity Period and Interest Rate
As already mentioned, the interest rate under this scheme is 7.4 per cent. Maturity period is 5 years. The period beyond it can be extended. Beneficiaries can apply for a one-year three-year extension. But applying for it should be done within one year of maturity.
Under the Post Office Senior Citizens Savings Scheme, persons 60 years of age or older can open an account. However, those above 55 years old can open a CSS account within one month of receiving their retirement benefits. The limit for defense personnel is 50 years.