The end of a career brings many worries. The monthly salary stops suddenly, but house expenses, medicines, and daily needs do not stop. In this situation, many retired people look for safe investment options that give regular returns.
One such reliable option is the Post Office Senior Citizen Savings Scheme. If you invest in this government scheme, you will get ₹20,500 every month after retirement.
How Does This Scheme Work?
In this scheme, you can invest a maximum of ₹30 lakh at a time. Currently, the scheme gives interest at a rate of 8.2%. This means, if someone invests the full ₹30 lakh, they will get ₹2,46,000 as interest in a year.
The interest is paid every three months. That is, ₹61,500 is deposited directly into your bank account every quarter. On average, this comes to ₹20,500 per month.
Benefits of the Scheme
The biggest advantage of this scheme is safety. It is a central government savings scheme, so there is no risk to your money. It can be a good option for a stable income after retirement.
You can also choose to let the interest accumulate instead of withdrawing it every three months. After five years, your investment will grow to about ₹42 lakh.
Who Can Invest?
Only people aged 60 years and above can invest in this scheme. Retired government or private employees can also invest if they meet the rules. Husbands and wives can open a joint account too.
How to Open an Account
To join this scheme, go to your nearest post office. Fill the application form and submit your Aadhaar card, PAN card, address proof, and a recent passport-size photo. After verification, your account will be opened. Interest will then be credited to your bank account regularly.