Senior Citizen Schemes: If you’re looking for a regular income after retirement, this Post Office scheme can help. This scheme offers guaranteed returns without any risk, along with regular income. This Post Office scheme is designed for seniors, ensuring a comfortable old age without any problems.
This Post Office scheme provides age relaxation for civil sector government employees taking VRS. It also provides tax benefits of up to 1.5 lakh rupees under Section 80C. Anyone aged 60 or older can open a joint account, providing secure returns.
Learn Who Can Invest
Anyone aged 60 or older can easily invest in the Senior Citizen Scheme. With this, a person who has taken VRS can open an account between the ages of 55 and 60. The maturity amount is received in five years. Single and joint accounts are open between the ages of 50 and 60. Tax benefits are also available under Section 80C for investments up to ₹1.5 lakh.
How much interest is earned?
In this scheme, an elderly person can invest a minimum of ₹1,000 and a maximum of ₹30 lakh. Previously, the maximum investment limit was ₹15 lakh. Investors receive an interest rate of 8.2%. Typically, banks offer 6 to 7% interest to senior citizens.
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Accordingly, this scheme offers higher interest rates than fixed deposits. If a person invests ₹30 lakh in a post office, they will earn ₹2.46 lakh annually from interest alone. This interest is approximately Rs 20 thousand per month.