Senior Citizen Savings Scheme: Everyone wants a steady income after retirement. If you also desire a monthly income after retirement, this Post Office scheme can help. This Post Office scheme offers guaranteed returns along with secure investments. This Post Office scheme is offering excellent returns to investors. Investing in this scheme could prove to be a great fit for you. Investors are offered an interest rate of 8.2%. Let’s learn more about this scheme.
Learn about the Senior Citizen Scheme.
The Senior Citizen Savings Scheme is a government investment scheme specifically designed for retired and senior citizens. The objective of this scheme is to provide a regular income after retirement so that they can remain financially independent. Investors deposit a lump sum, and the interest earned is directly credited to their Post Office savings account every three months.
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Income of more than ₹20,000 per month
However, this scheme offers an annual interest rate of 8.2 percent. Interest payments are made quarterly. If an investor invests up to ₹30 lakh in this scheme, they will receive an annual interest rate of approximately ₹246,000. This interest will be paid as ₹61,500 every three months. If calculated monthly, this translates to a regular monthly income of approximately ₹20,500.
Learn the investment limit
The minimum investment amount in the Senior Citizen Savings Scheme is ₹1,000, while the maximum investment limit is ₹30 lakh. This scheme is valid for a period of 5 years. After completing 5 years, the investor can extend it for 3 years each year. This means your income will continue uninterrupted.
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Who can open an SCSS account?
To benefit from this scheme, a person must be at least 60 years old. Those between the ages of 55 and 60 who retired under VRS can also invest. Furthermore, those who retired from the defense services between the ages of 50 and 60 can also benefit from this scheme.