Retirement Scheme: Everyone worries about retirement and how to arrange for a regular income. Regular salaries cease during this time. Savings are the only support during this time. If you want to profit from savings, a fixed income is essential. If you’re looking for an investment scheme that provides monthly income, consider this.
The Post Office is offering a scheme to help people. We’re talking about the Senior Citizen Savings Scheme. This scheme is specifically designed for senior citizens. This scheme has been designed with retirees in mind, ensuring a regular income after retirement and no worries about spending.
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Learn about the Post Office Scheme
For information, this Post Office scheme offers an annual interest rate of 8.2%, which is even higher than bank interest rates. This scheme offers tax benefits under Section 80C of the Income Tax Act. This means you receive a tax benefit of up to ₹1.5 lakh.
If you invest up to ₹30 lakh in this scheme, you receive ₹2.46 lakh in interest at an 8.2% rate. This yields a monthly income of ₹20,500. The amount invested in this scheme matures in 5 years. This amount is deposited directly into your bank account.
Who can invest?
For information, anyone over 60 years of age can invest in this post office scheme. The government will provide an interest rate of 8.2% on this investment. Individuals who have taken the VRS (Voluntary Retirement Scheme) can invest between the ages of 55 and 60. The special feature of this scheme is that you can easily invest as little as ₹1,000, while the maximum investment is up to ₹30 lakh.
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Find out how much return you’re getting
You can invest in this scheme for up to 5 years, and it offers higher returns than fixed deposits and savings accounts. They stated that the total interest on savings under this scheme is 8.2%. Accounts can be opened through post offices.
You must fill out a form to open an account. Required documents include an Aadhaar card, PAN card, age certificate, and two passport-size photographs.