Post Office Senior Citizen Saving Scheme: After retirement, people are very concerned about their financial security. While a person’s salary stops after retirement, their needs and responsibilities remain. In this context, today we’re going to tell you about a wonderful post office scheme. This scheme is called the Senior Citizen Savings Scheme.
It is operated by the Post Office. This is a reliable scheme of the Post Office, run especially for senior citizens aged 60 years and above. You can arrange for monthly income by investing the funds you have received after retirement in this Post Office scheme. Investing in the Post Office Senior Citizen Savings Scheme offers an interest rate of 8.2 percent. You can open an account in this scheme by investing just Rs 1,000. You can invest a maximum of Rs 30 lakh in this scheme.
If you apply for this scheme and invest Rs 30 lakh in one lump sum, you will receive Rs 2,46,000 in annual interest. The Senior Citizens Savings Scheme’s interest rate is paid quarterly. If you divide the amount of Rs 246,000 over three months, it would amount to Rs 61,500. Consequently, you will receive Rs 61,500 in interest every three months.
In this situation, you will receive Rs 20,500 per month. If you invest in this scheme and don’t withdraw the interest every three months, your fund will grow to approximately Rs 4.2 million after five years. The Post Office Senior Citizen Savings Scheme has a maturity period of 5 years. However, you can extend it for a further 3 years after the maturity period. Investing in this scheme also entitles you to tax exemption under Section 80C of the Income Tax Act.
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