SCSS Scheme: When it comes to investing, people often think of investing in fixed deposits. But did you know that the Post Office offers several schemes that offer even higher returns than fixed deposits? Investing in the Post Office ensures your money is completely safe because it is a Government of India-guaranteed scheme. There is no market risk involved. Senior citizens can invest in this scheme without any worries and receive guaranteed returns over time. The Post Office Senior Citizen Scheme is specifically designed for senior citizens.
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When can you invest?
For information, individuals aged 60 and above can invest in the SCSS scheme. If someone wishes to invest after voluntary retirement (VRS), they are eligible even after the age of 55. A maximum of ₹30 lakh can be invested in a single account and ₹60 lakh in a joint account. A minimum investment of ₹1,000 can be made in this scheme.
How much interest is earned?
SCSS currently offers an annual interest rate of 8.2 percent, which is better than fixed deposits. For example, if an individual invests ₹15 lakh, they will receive an annual interest rate of approximately ₹1.23 lakh. This amount is deposited directly into their bank account every quarter, resulting in a regular income of approximately ₹11,750 per month.
Learn about the investment period
The tenure of this post office scheme is five years. Investors can extend it by three more years if they wish. If investors need the money before five years, they can make partial withdrawals, but a small penalty applies.
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Where and how to open an account
An SCSS account can be opened at any nearby post office or bank branch. Aadhaar card, PAN card, and a passport-size photo are required to open an account. The application process is very simple, and an account can be opened in just a few minutes. Interest is deposited into the account every month.
