Post Office Scheme – Everyone saves some of their income and plans to invest it in a place where their money is completely safe and offers strong returns. In this regard, Post Office Small Savings Schemes are quite popular, surpassing fixed deposits in terms of interest rates, while the government itself guarantees the safety of investors’ investments.
One such special post office scheme is designed specifically for senior citizens and can prove extremely effective in alleviating financial difficulties in old age. It’s called the Post Office Senior Citizen Scheme. An investment in this scheme can guarantee a monthly income of Rs 20,000, all from the comfort of your home. Let’s find out how.
If you continue to receive a fixed income every month even after retirement, you will not have to face financial problems and your old age can be spent comfortably. For this, investing in a scheme in which a fixed amount reaches your account every month can prove to be a better option. There is a government scheme that guarantees monthly income in lump sum investment.
The Post Office Senior Citizens Savings Scheme is very popular for earning after retirement. While the interest rate is offered by the government in the Post Office Senior Citizens Savings Scheme, higher than the interest rate offered on FDs in many banks, the benefit of income tax exemption (Tax Benefit) is also available.
1. Start investing just Rs 1000 in this scheme.
2. 8.2% interest in Post Office Senior Citizen Scheme.
3. Tax exemption of Rs 1.5 lakh under Section 80C of Income Tax.
The age limit under this scheme as is evident from the name of the scheme itself, is being implemented especially keeping senior citizens in mind. So, let us tell you that in this government scheme, a single or joint account can be opened by any person aged 60 years or above. Under the scheme, persons aged between 55 to 60 years who have taken VRS from government posts in the civil sector or persons from the defence sector (retired from Army, Air Force, Navy and other security forces) between the age of 50 to 60 years can open this post office scheme account.
This is how you can earn Rs 20,000 every month
Now the most important thing is how you can ensure a monthly income of Rs 20,000 every month by investing in this scheme. Its calculation is very easy. In fact, if an investor opens an account in the Senior Citizen Savings Scheme and invests a lump sum of Rs 30 lakh in it, then according to the fixed interest rate of 8.2 percent, he will get an annual interest of Rs 2.46 lakh only. And if seen in this way, then his monthly interest income will be Rs 20,500 while sitting at home.