Many people worry about life after retirement. Pensions are a common concern, but the good news is that a Post Office scheme can help. Today we are talking about the Senior Citizen Savings Scheme (SCSS). By investing in this scheme, you can earn up to ₹20,500 per month. This scheme is made for people aged 60 and above. If you are planning for retirement, this could be a good option for you.
Earn Regular Income After Retirement
This scheme offers an annual interest rate of 8.2%. For example, if you invest ₹30 lakh, you will earn ₹2.46 lakh in interest in a year. Divided over 12 months, about ₹20,500 will be credited to your bank account each month.
This money can help you meet daily needs. After retirement, when your salary stops, it will act as a monthly income like a pension. Life becomes easier when you get this money every month without any hassle.
Investment Limit and Eligibility
Earlier, the maximum investment limit was ₹15 lakh. Now, it has increased to ₹30 lakh, so you can earn more interest. The scheme is for people aged 60 and above. If you retired between 55 and 60, you can also invest.
You can open an account at a post office or an authorized bank. The principal is tax-free, but interest is taxable. If you are over 80, TDS rules are slightly different. Overall, this scheme is safe and reliable because it is government-funded.
Scheme Duration and Benefits
The scheme lasts for five years and can be extended for three more years. You can withdraw the principal if needed, but a penalty may apply. Many senior citizens look for safe investments that give regular income. SCSS is perfect for this. There is no market risk because it is a government scheme.
Millions of senior citizens use this scheme. If you have just retired or are about to, visit a post office to start. You need simple documents like your Aadhaar card, PAN card, and a photo.