How good is to Invest in Senior Citizens Saving Scheme?

For what reason would it be a good idea for you to invest in SCSS? 

Investing in SCSS is an opportunity door for senior citizens over 60 years to bring in cash. This is a powerful and long haul sparing alternative which offers security and included highlights that are generally connected with any legislature supported reserve funds or investment scheme. These schemes are accessible through ensured banks and post offices across India. 

Qualification for SCSS 

• The accompanying individuals/bunches are qualified to pick SCSS: 
• Senior citizens of India matured 60 years or above. 
• Retirees who have settled on the Voluntary Retirement Scheme (VRS) or Superannuation in the age section 55-60. Here the investment must be done inside a month of accepting the retirement benefits. 
• Resigned safeguard work force with a base age of 50 years. 
• HUFs and NRIs are not permitted to invest in this scheme. 

Investment Amount 

• An individual can invest a most extreme measure of Rs.15 lakh, independently or mutually in a SCSS account (in products of Rs.1,000). The sum invested in the scheme can't surpass the cash that has been gotten on retirement. Subsequently, the individual can invest either Rs.15 lakh or the sum got as a retirement advantage, whichever is lower. The record can be opened with money for a sum underneath Rs.1 lakh and with a money order for a sum surpassing Rs.1 lakh. 
• Current rate of return: 7.4% (2020)

Advantages of investing in SCSS 

1. Sheltered and Reliable: 

This is an Indian government-supported investment scheme and thus is viewed as one the most secure and most dependable investment alternatives. 

2.Simple and simple cycle:

 The cycle to open a SCSS account is basic and can be opened at any approved bank or any post office in India. It is additionally adaptable across India. 

3.Good returns: 

At 7.4% the return rate is excellent when contrasted with a reserve funds or FD account. 

4. Nomination: 

Nomination office is accessible at the hour of opening a SCSS account by methods for presenting an application as a feature of Form C. This accommodation is likewise joined by the passbook to the Branch. 

5. Tax benefits: 

Tax deduction of up to Rs.1.5 lakh can be asserted under Section 80C of the Indian Tax Act, 1961. 

6. Adaptable: 

The residency of this investment scheme is adaptable with a normal residency of 5 years which can be reached out up to 3 extra years.

Opening a SCSS account 

A SCSS account can be opened in any of the approved banks or post office branch across India with following documents: 

• Form A must be filled for opening a SCSS Account. 
• Character confirmation like PAN card, Passport to be introduced. 
• Address verification, for example, Telephone charge, Aadhar card is obligatory. 
• Archive for confirmation old enough is required. This could be as a Passport, Senior Citizen Card, a Birth authentication gave by the Corporation or Registrar of Births and Deaths, Voter ID card, PAN card and so on. 
• 2 Passport size photographs. 

All the above documents must be self-verified.