Post Office Scheme: Senior Citizen Savings Scheme offers good interest, only those above 60 years of age can invest..

After retirement, a lump sum amount is received through EPFO ​​or other schemes. If this money is left in the bank account, it will gradually end and it will not get much interest. In such a situation, we should also invest this money for more interest.

Post Office Senior Citizen Savings Scheme is very good for investment for senior citizens. This scheme also gives more interest than other schemes.

8.2 percent interest
Post Office Senior Citizen Scheme is a deposit scheme. In this, a fixed amount has to be deposited for 5 years. You can invest up to a maximum of Rs 30 lakh in this scheme. Currently, 8.2 percent interest is being given in this scheme.

Now understand that if you have invested Rs 30 lakh for 5 years, then after 5 years you will get an interest of Rs 12,30,000 at the rate of 8.2 percent. This means that on maturity you will get Rs 42,30,000.

Only senior citizens can invest.
As the name of the scheme itself suggests, only senior citizens i.e. persons above 60 years of age can invest in this scheme. However, employees of the civil sector and defense get exemptions with certain conditions.

Although this scheme matures in 5 years, if you want to take advantage of this scheme even after 5 years, then you can extend it for three years. The interest rate will be applicable on the extended account from the date of maturity. Another feature of this scheme is that it provides the benefit of tax exemption under Section 80C of the Income Tax Act.