If you are planning to invest then in few years you can become a millionaire.

Investors get 7.4% interest rate in Post Office Senior Citizen Savings Scheme (SCSS Yojana).

Under the Post Office SCSS scheme, you can earn 14 lakh rupees in just 5 years.

Your age limit should be 60 years or more to open an account in Senior Citizens Savings Scheme.

The minimum amount to open an account in this scheme is Rs 1000 and the maximum can be kept up to Rs 15 lakh.

The maturity period of the SCSS scheme is 5 years, but investors can extend the time limit by 3 years if they wish.

After closing the account after 1 year, 1.5% of the amount will be deducted.

Investment in this scheme is exempted from tax under section 80C of the Income Tax Act.

Under this, you can also open a joint account.