Post Office Senior Citizen Savings Scheme: Earn ₹20,500 Monthly After Retirement, Know Benefits & Interest Rate

After retirement, people are often very worried about their financial security. Salary stops coming, but needs and responsibilities remain. In such a situation, today we are going to tell you about a great scheme of the Post Office, named Senior Citizen Savings Scheme (SCSS). This scheme is specially designed for senior citizens who want a regular and secure source of income even after retirement.

Reliable SCSS of Post Office

This is a reliable scheme of the Post Office, which is being run especially for senior citizens aged 60 years or above. Whatever funds you get after retirement, you can arrange a good income every month by investing them in this scheme of the Post Office. In the Senior Citizen Savings Scheme of the Post Office, you are getting an attractive interest rate of 8.2 percent. This rate is much better than many other options available in the market.

How much to invest and how much income will you get

You can invest in this scheme according to your capacity and need. You can open your account with a small amount of ₹1 thousand. At the same time, you can invest a maximum of ₹30 lakh in this scheme.

Understand it as an example

If you apply for this scheme and invest a lump sum of ₹30 lakh, then you will get an annual interest of ₹2,46,000. Under the Senior Citizen Savings Scheme, the interest rate is given on a quarterly basis. If you divide the amount of ₹2,46,000 in three months, it will become ₹61,500. According to this, you will get an interest of ₹61,500 every three months. If you look at this amount every month, you will get a regular income of ₹ 20,500 every month.

If you do not withdraw interest

On the other hand, if you do not withdraw the interest amount every three months after investing in this scheme, then after 5 years, your fund will grow to about ₹ 42 lakhs. This shows the power of investment.

Maturity period and tax exemption

There are many other benefits of investing in the Senior Citizen Savings Scheme. The maturity period of the Post Office Senior Citizen Savings Scheme is 5 years. However, after the maturity period is over, you can extend it for another 3 years. This gives you the option to continue your income for a long time. By investing in this scheme, you also get the benefit of tax exemption under section 80C of the Income Tax, which increases your savings even more.

Who can open a SCSS account

Any Indian citizen aged 60 years or above can open an account in this scheme. Defense personnel receiving retirement benefits can open this account even after the age of 50. Individuals taking the Voluntary Retirement Scheme (VRS) can also invest in it with certain conditions.