Post Office Superhit Scheme: Zero Risk, Earn Rs 17,000 Per Month – Know How

If one plans to invest keeping in mind safe investments, zero risk and reasonable returns, then post office savings schemes can be effective. They are especially popular for retirement planning.

Retirement means a secure life. Now and then, if the worries of earning money do not leave, the consequences are dire. Why not, then performance decreases. Therefore, everyone saves some part of their income and wants to invest in places that ensure safe and reliable returns. Therefore, government schemes run by post offices are especially popular. To ensure that old age is spent comfortably after retirement, post offices have schemes that guarantee regular income after retirement. One of these schemes is the post office SCSS scheme, where one can invest and earn more than Rs 17,000 per month.

Zero Risk Savings Schemes Investors trust post office small savings schemes because they are zero risk investment schemes. This is because the government itself guarantees the safety of every investment made in it. Talking about the SCSS of the post office, the government is offering an interest rate of 8.2%, which is higher than that of a bank FD.

Start with Rs 1,000, with tax exemption tooInvestment in this government scheme of the post office can be started with just Rs 1,000, with a maximum investment limit of Rs 30 lakh. This means that once invested, one gets tax benefits on regular income and any investment made in it. Under Section 80C of the Income Tax Act, one can claim tax exemption of up to Rs 1.5 lakh annually.

Relaxable age limit for investmentThis post office scheme can be very helpful in staying financially healthy after retirement. Anyone aged 60 years or above can open a joint account with his/her spouse. However, ex+
mptions are available in certain circumstances. A VRS applicant can be above 55 years and below 60 years at the time of opening the account. Retired defence personnel can invest if they are above 50 years and below 60 years.

The maturity period of this scheme is 5 years. The maturity period of investment in Post Office SCSS is 5 years, and the full benefit can be availed only if the account holder invests for the entire maturity period. This government scheme provides for payment of interest on the investment every quarter. However, if the account holder closes the account before this limit, then they will be penalized as per the rules. If the account holder dies before the maturity period ends, then the account will be closed and the entire amount will be transferred to the nominee mentioned in the document.

How to earn Rs 17,000 per month

It can be opened easily by visiting any nearby post office. A maximum of Rs 15 lakh can be invested through a single account and Rs 30 lakh through a joint account. If a person invests Rs 25 lakh in Post Office SCSS under a joint account, he will get interest of only Rs 51,250 and it will continue to accumulate for five years. After five years, the capital of Rs 30 lakh can be withdrawn or extended for another three years. This is calculated based on monthly income –

– One-time investment of Rs 25,00,000- Interest rate on investment is 8.2%- Total interest on investment (5 years) is Rs 10,25,000- Annual interest earned is Rs 2,05,000- Interest only income per year is Rs 51,250- Monthly interest earned is Rs 17,083

This means that once you invest, the same interest rate will be applicable for the tenure of the loan, even if the government changes the interest rate later through revision, there will be no problem.