Retirement Scheme: If you’re planning to invest in a secure, risk-free investment, this news could be valuable for you. Currently, a government scheme is being implemented in the country that offers risk-free investments and excellent returns. The Post Office operates several government schemes that offer excellent returns. This scheme is specifically designed for retirement.
Regular income ceases at the time of retirement. Therefore, the Post Office is running the Senior Citizen Savings Scheme to prevent people from begging. If you’re a senior citizen and want to invest safely and avoid taxes, you can invest in the Post Office’s Senior Citizen Savings Scheme.
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Learn how to earn interest
The Post Office Senior Citizen Savings Scheme is a great option for post-retirement income. You must make a lump sum investment in this scheme. After this, you will earn over ₹20,500 monthly. This income will come solely from interest.
Who can invest?
People over 60 years of age can easily invest in this Post Office scheme. Individuals who have taken VRS and are over 55 but under 60 can also open this account. Defense retirees over 50 and under 60 can invest in this scheme. However, in this situation, the investment must be made within one month of retirement.
How long is the maturity period?
This government scheme is 100% safe. The maturity period for this scheme is 5 years. Regarding the maximum investment, each person can invest up to ₹30 lakh. Interest is paid quarterly.
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Interest payments will be received quarterly
The Senior Citizen Savings Scheme offers quarterly interest payments. Currently, this scheme offers an interest rate of 8.2%. A maximum quarterly interest can be earned up to ₹61,500. Monthly interest can be earned up to ₹20,500. If you wish to open an account, you can do so at a post office or bank. There’s a 3-year extension option.