Post Office loot scheme! 8% interest is available on ₹ 10,000 deposit
Post office schemes are now getting higher interest than before. There is a scheme in which interest up to 8 percent is being offered. Yes, this interest rate is also being offered on the Senior Citizen Savings Scheme of the Post Office. Generally, a person above 60 years of age can invest in this small savings scheme. Only the spouse can open a single account or both can open a joint account (Post Office SCSS account). The entire amount deposited in the joint account is handed over to the primary account holder only. The scheme also provides the benefit of tax exemption under Section 80C of the Income Tax Act, 1961.
If you are a retired citizen employee above 55 years and below the age of 60 years, then you can invest in this scheme only if you are going to invest within 1 month of getting the retirement paper. Similarly, if you are a retired defence staff above 50 years of age and below 60 years of age and are going to invest in the next 1 month from retirement, then you can also invest in the Post Office Senior Citizen Savings Scheme (India Post SCSS Account).
According to the official website of the post office, you can deposit at least Rs 1000 in case of a single account and up to Rs 15 lakh in multiples of Rs 1000. If the money is deposited more than the maximum limit fixed by mistake, the excess amount is returned to the account holder immediately and the interest rate received on the post office savings account is applicable to it.
