Senior Citizens Benefit: Life becomes very difficult after retirement. The main reason is that the source of regular income ends after retirement. To help people in such situations, the Post Office is running a special scheme. With the help of this scheme, you can maintain a source of regular income after retirement.
We are talking about the Post Office Senior Citizen Scheme. Investing in this scheme provides a regular income without any risk. Currently, this scheme offers an interest rate of 8.2 percent. This interest is credited to the account every quarter. With this scheme, you can earn ₹61,500 in interest every three months. Every month, you can earn up to ₹20,500. Additionally, you get a tax benefit of ₹1.5 lakh under Section 80C of the Income Tax Act.
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How much can you invest?
Regarding the maximum investment, you can invest up to ₹30 lakh. The special feature of this scheme is that you can open an account with an investment of just ₹1000. If you invest ₹30 lakh in the scheme, you will receive an annual interest of ₹2,46,000 at an interest rate of 8.2 percent. Under this scheme, interest is received on a quarterly basis.
How many years does it take to receive the maturity amount?
The maturity period for this scheme is set at 5 years. This means you have to invest the money for 5 years. There is also a facility to close the account after 5 years, but doing so will incur a penalty. You can also extend the account for 3 years at a time. If you do not want to extend the account, you can withdraw the ₹30 lakh.
However, if you do not withdraw the interest every month, you will receive ₹42 lakh instead of ₹30 lakh. Let’s say you invest ₹30 lakh in the scheme and do not withdraw the interest every quarter; you will receive ₹42 lakh after 5 years.
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Who can invest?
This Post Office scheme is specifically designed for senior citizens. People aged 60 years or older can invest in this scheme. However, individuals who have taken voluntary retirement and are between 55 and 60 years of age can also open an account. Additionally, retired defense personnel aged between 50 and 60 years can also invest in this scheme.