Post Office SCSS Scheme: Everyone receives a regular income after retirement. So, if you’re looking for a scheme to generate regular income, this news may be important for you. Currently, the Post Office operates numerous schemes that offer excellent returns, but there’s one that provides a regular income after retirement.
We’re talking about the Post Office Senior Citizen Savings Scheme. This scheme offers senior citizens excellent returns along with regular income. Currently, the Senior Citizen Scheme offers an interest rate of 8.2%. You have to deposit a lump sum amount in this scheme, and then receive quarterly interest.
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Who can open an account?
Anyone over the age of 60 can open an account under this Post Office scheme. Age relaxation is also available for those who have taken VRS. Retirees over 55 and under 60 can invest in this scheme. Defence sector employees over 50 and 60 can open an account under this scheme. A joint account can also be opened with a husband and wife.
How much can you invest?
You can invest a minimum of ₹1,000 in the Post Office Senior Citizen Savings Scheme. You can deposit a maximum of ₹30 lakh in this scheme. This scheme requires a single deposit. Interest is then accrued quarterly. It also offers tax benefits under Section 80C of the Income Tax Act.
If you invest in this scheme for 5 years, you can extend it for 3 years. Under the premature closure option, the account can be closed at any time after opening. If you close your account within 1 year, you won’t receive any interest. If you close your account after 1 year or before 2 years, 1.5% of the principal amount is deducted. If you close your account between 1 and 5 years, 1% of the principal amount is deducted.
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Invest ₹22 lakh with your wife
If you invest in this scheme together with your wife, you invest ₹11 lakh each, or ₹22 lakh. If your wife is also working, this much money can easily be accumulated for retirement. An investment of ₹22 lakh earns ₹45,100 as interest every three months. This means you’ll earn ₹15,000 every month. This amount will prove to be very helpful after retirement.
