Post Office Scheme : Regular income is a major concern after retirement, as salaries have ceased by then. Are you also looking for an investment scheme that will provide monthly income like a salary? This Post Office scheme could be useful for you. The Post Office Senior Citizen Savings Scheme (SCSS) could be a good option for you. This scheme was specifically designed with retirees in mind, so that they can receive regular income after retirement and not have to worry about expenses.
Earning up to Rs 20,500 per month
Investors in this scheme earn an annual interest rate of 8.2%. An investor investing up to Rs 30 lakh will receive approximately Rs 2.46 lakh in interest annually. This means approximately Rs 20,500 will be deposited directly into their bank account each month. This amount will be crucial for meeting their post-retirement needs.
Investment time and limit
The maximum investment limit for this scheme was previously Rs 15 lakh, which has now been increased to Rs 30 lakh. The maturity period of this scheme is 5 years. However, investors can extend this period if they wish. This scheme is completely safe as it is guaranteed by the government.
Who can invest?
Individuals aged 60 and older can invest in this scheme. Those who voluntarily retire between the ages of 55 and 60 can also open an account. Account opening can be easily done by visiting the nearest post office or bank.
Tax rules
Income earned through this scheme is taxable. However, it also offers tax-saving benefits, which can reduce your tax liability somewhat. Therefore, it’s important to understand all the terms and conditions before investing. It ensures safe investment, fixed interest rates, and monthly income.
Desclaimer: For any financial invest anywhere on your own responsibility, Times Bull will not be responsible for it.