Comfort and Income in Retirement, Earn ₹20,500 with Post Office SCSS
Post Office SCSS Scheme: To make life comfortable and stress-free after retirement, everyone wants their savings to be secure and provide a regular income. In this regard, the Post Office Senior Citizen Savings Scheme (SCSS) emerges as a reliable option. This scheme is specifically designed for individuals aged 60 and above, ensuring a regular and guaranteed income from their investment.
Attractive Interest Rate on Investment
Investors trust SCSS because it is a government-backed and completely secure scheme. The government guarantees the safety of every rupee invested. This scheme offers an attractive interest rate of 8.2 percent, which is better than bank fixed deposits. Through this scheme, investors can not only make a secure investment but also earn good returns.
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Minimum Investment Amount
Investment in this scheme can be started with just ₹1000. Individuals investing in the Senior Citizen Savings Scheme also receive an annual tax exemption of up to ₹1.5 lakh under Section 80C of the Income Tax Act. The maximum investment limit in this scheme is ₹15 lakh for a single account and ₹30 lakh for a joint account.
Age Limit and Special Rules
It is important to note that the minimum age for this scheme is 60 years, but individuals who have taken VRS (Voluntary Retirement Scheme) can invest between 55 and 60 years of age, and retired defense personnel can invest between 50 and 60 years of age. Spouses can also invest in a joint account.
Maturity Period and Interest Payment
The maturity period of SCSS is five years. A penalty is applicable if the account is closed before maturity. Interest is paid quarterly. If the account holder dies before the maturity period, the investment amount is given to the nominee.
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Monthly income will be Rs 20,500.
If a person invests Rs 30 lakh in a joint account, the annual interest at 8.2 percent will be Rs 2,46,000. Every quarter, this amounts to Rs 61,500, and every month, it ensures an income of approximately Rs 20,500 per month. Upon maturity, the principal amount can also be withdrawn, or the scheme can be extended further.