Post Office Scheme: If you are retired and want to live your post-retirement life comfortably without any financial worries, a special government scheme from the Post Office can be very useful for you. This scheme is specially designed for senior citizens, providing a guaranteed and secure monthly income. This scheme is called the Senior Citizen Saving Scheme (SCSS). Investing in this scheme can secure your old age.
What is the Post Office SCSS scheme?
The Post Office Senior Citizen Saving Scheme is considered one of the safest investment options. The money invested in it is completely safe because it is guaranteed by the government. The interest offered in this scheme is even higher than that of regular bank fixed deposits. Currently, SCSS offers an annual interest rate of 8.02%, which is considered quite beneficial for senior citizens.
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Who can invest?
Any person aged 60 years or older can invest in this scheme. The facility to open a joint account in the name of husband and wife is also available.
Government employees who have taken the VRS (Voluntary Retirement Scheme) can invest between the ages of 55 and 60 years. Similarly, retired defence personnel can avail of this scheme between the ages of 50 and 60 years.
The maturity period of the SCSS account is 5 years. After 5 years, you can either withdraw the money or extend it for another 3 years. However, closing the account prematurely may incur some penalties.
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How much will you earn on your investment?
You can start investing in the Senior Citizen Saving Scheme with just Rs. 1000. The maximum investment limit is Rs. 30 lakh.
If a senior citizen deposits the full Rs. 30 lakh in this scheme, they will receive approximately Rs. 2.4 lakh in interest annually. This means a guaranteed monthly income of approximately Rs. 20,500, which is comparable to a job salary.
Learn about the tax benefits
Investing in the SCSS scheme also offers tax benefits. You can avail of a tax deduction of up to ₹1.5 lakh under Section 80C of the Income Tax Act.
