Post Office Scheme

Amazing Scheme for Senior Citizens – Earn a Substantial Monthly Income from Home – Read Details

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Post Office Scheme: After retirement, most people want to live a comfortable and peaceful life, but the worry of a monthly income often troubles them. In such a situation, a special scheme from the Post Office, the Senior Citizen Savings Scheme (SCSS), brings good news for senior citizens. Under this scheme, retired senior citizens can earn a fixed monthly income by making a secure investment from the comfort of their homes.

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Learn About the SCSS Scheme

The Senior Citizen Savings Scheme is considered completely safe and risk-free. The government itself guarantees the investment, so investors do not have to take any kind of risk. This scheme offers a higher interest rate compared to a regular bank fixed deposit (FD). Currently, this scheme offers an annual interest rate of 8.02%, which is considered attractive for senior citizens.

Learn About Eligibility for Investment

Individuals aged 60 years or older can invest in this scheme. Spouses can also open a joint account in their names. For those who have taken VRS (Voluntary Retirement Scheme) from government service, the age limit is 55 to 60 years, and for retired defence personnel, this limit is 50 to 60 years. The maturity period of SCSS is five years, after which the investor can withdraw the entire amount or extend it for another three years. If someone closes the account before maturity, they have to pay a small penalty.

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Learn About the Investment Process and Benefits

The minimum investment in this scheme starts from Rs. 1000, and the maximum investment limit is Rs. 30 lakh. For example, if a senior citizen invests Rs. 30 lakh, they will receive Rs. 2,40,000 annually as interest. This means a monthly income of approximately Rs. 20,500, which is equivalent to a regular job salary. Another major benefit of investing in SCSS is that investors can avail of a tax exemption up to Rs. 1.5 lakh under Section 80C.