The average life expectancy of the country’s citizens has increased. But the retirement age has not increased. It is stuck at 60. Now the question is, what will you eat after entering the senior citizen group? Where will the expenses be covered? Especially, this concern is high among those working in the private sector.
However, there is no point in worrying. Rather, you have to take some right steps. Only then will you spend your life laughing and playing even after retirement. And the good news is, the Post Office has one such best scheme. In this case, if you deposit money in the Senior Citizen Savings Scheme, you will not have any worries during your old age. You will get a guaranteed income of Rs. 20,500.
Zero Risk
Many people do not want to take the risk of investing in the share market. Rather, they want to keep their money in a risk-free place even with low returns. And the Post Office has brought such an option for the elderly. They have brought the Senior Citizen Savings Scheme. And you can get 8.2 percent return in this scheme.
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You can start with just Rs 1000
Many people think that investing in this scheme will cost a lot of money. However, it is not like that at once. You can start investing with just Rs 1000. You will get guaranteed income from that. Along with that, you can also get tax deduction of up to Rs 1.5 lakh.
Let me tell you here that you can invest up to Rs 30 lakh in this scheme. You cannot do more than that. In addition, you have to be 60 years of age or older to invest in this scheme. Although those who have taken VRS can invest in this scheme even at the age of 55.
Maturity in 5 years
It should be kept in mind that the maturity period of this scheme of the post office is 5 years. That is, once you invest, the money cannot be withdrawn after 5 years. If you withdraw the money before that, then you will have to pay a penalty.
How to reduce Rs 20,500?
You can go to a post office near you and invest in this scheme. In this case, if a person invests 30 lakh rupees in a joint account in this scheme, then he can withdraw this money after 5 years. Or he can keep the money for another 3 years.
In this case, the money will be received as follows
At 8.2 percent per year, the annual interest on 300000 lakh rupees can be 246000 rupees.
Quarterly, you will get 61500 rupees.
And monthly, you will get 20500 rupees.
