SAVING SCHEME for Senior CItizens

POST OFFICE SENIOR CITIZEN SAVING SCHEME:

This is one of the best option available for people who are above 60 years and want to invest some fixed amount for around 5 years to earn decent fixed interest.

Features:

Who can open:
People who are aged 60 or above
People who are voluantary retired and are aged above 55 years
No age limit for defense personnel.

Minimum amount to be invested : 1000
Maximum amount to be invested : 15 lakhs
Interest offered per year is 9.2 % which is added to your account on quarterly basis.At the end you will get overall interest rate of 11.5%.

Investment is eligible for tax exemption under 80C.

Amount to be invested for 5 years.It can be extended for another 3 years.

Premature withdrawl available but with some penalty
1 ½ % of the deposit as penalty if withdrawn just after 1 year
1% of the deposit as penalty if withdrawn after 2 years.

If 5 Lakhs is invested for 5 years then you can earn interest amount of 2,87,921 approximately.Please confirm at post office before opening the account.

HAPPY SAVINGS!!!!!!

Also Read
RD-For-Longterm

POMIS

Post office monthly income scheme is one of the best plan available in the segment where people want to receive regular monthly income no matter what happens.

Best suited plan for retired people or for people who don't have any kind of returns and want to have some regular kind of income to help their daily life

Features:
Interest offered : 8.4%
Maturity period - 5 years
Minimum amount to be invested: 1500
Maximum amount to be invested per single account : 4,50,000
Maximum amount to be invested per joint account  : 9,00,000

If 4,50,000 is invested, then you will get monthly income of 3150 with the current interest rate of 8.4%

If 9,00,000 is invested, then you will get monthly income of 6300 with the current interest rate of 8.4%

HAPPY SAVING!!!!!!