Kashmir Student Updates
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Senior Citizen Super Scheme: Senior citizens should invest in these schemes in the year 2023, will get bumper returns

Senior Citizen Saving Scheme: Everyone wants to keep their old age safe. So that you don’t have to face any kind of difficulties. They want financial and physical strength as well.

If you are also looking for a safe investment, then we are telling about some schemes for you. At present, there are many such schemes for senior citizens. In which excellent returns are being received. For people who have crossed the age of 60 years, the benefit of these schemes can prove to be a stick of old age. There are many such schemes government and private schemes. From whom you can earn big money.

Post Office Monthly Income Scheme (POMIS)

Senior citizens need money to meet their daily needs. If you want, you can invest some part of the monthly income in the Post Office Monthly Income Scheme (POMIS) to maintain cash flow in life. At present, the POMIS scheme is getting the benefit of 6.7% returns annually. Tax is applicable on the interest received on this scheme according to the slab rate.

Senior Citizen Saving Scheme (SCSS)

Senior Citizen Saving Scheme (SCSS) is a scheme of Govt. If you have crossed the age of 60 years. You can invest in this scheme. This saving scheme is getting 7.4% returns annually. In this, the benefit of tax exemption is also available under Section 80C of Income Tax on investment. The maturity time of this scheme is 5 years. It means to say that investors have to keep their savings for 5 years. The maturity time of this scheme can be extended for an additional 3 years. An investor can deposit a maximum of Rs 15 lakh in SCSS.

Bank FD

Bank Fixed Deposit ie FD is quite popular among senior citizen customers. Most banks offer .25% to 1% more interest on FDs to their senior citizens as compared to general customers. Under Section 80TTB of Income Tax, senior citizens can claim a tax deduction of up to Rs 50,000 on the interest income received on FD. Under this rule, tax deduction can be claimed on the interest received on bank FD, co-operative bank FD and post office FD. At present, some banks are offering about 8.75 per cent return to their senior citizen customers.

Annuity Schemes

If you are looking for a scheme for regular income, then Annuity Schemes can prove to be a better option. In this, the investor gets 5.5% to 6.5% annual return on the investment amount.

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