New Delhi: Investment in India in today's time is an uphill battle. One should always want to invest in the scheme from where they can get secure and maximum return on their assets. The majority of people invest their hard-earned money to sustain their retired life.
Post Office schemes are one of them. The conglomerate offers a range of schemes. But here is the detail of the senior citizen saving scheme. The scheme offers an interest rate of 7.14 per cent. Read on to find out how you can get Rs 14 lakh in 5 years. (Also Read: Short of funds? LIC is offering personal loans at low-interest rates compared to banks: check EMI calculator, loan terms & more)
Age criteria
- One who has completed 60 years or above is eligible to invest in the scheme.
- One who has taken VRS, can invest in the plan.
How to get Rs 14 lakh in 5 years
You have to invest a lumpsum amount of Rs 10 lakh. The plan offers an interest rate of 7.4 per cent compounding annually, resulting in Rs 14,28,964 at the time of maturity.
Minimum investment amount
One should start investing from Rs 1000 and end up to Rs 15 lakh. If you are investing below Rs 1 lakh, you can use cash but after the defined limit you have to give a cheque to open the account.
Maturity tenure
The maturity tenure is 5 years. The timeframe can be exceeded by 3 years as per the investor's want.
