Senior Citizen Savings Scheme: If you’re considering investing, this Post Office scheme could be a great fit for you. The Post Office is running a special scheme for senior citizens, investing in which will secure their retirement and provide impressive returns.
We’re talking about the Post Office Senior Citizen Savings Scheme, designed specifically for senior citizens. Investing in this scheme will earn ₹20,500 as a monthly pension. This investment is only required for 5 years. This Post Office scheme is proving to be a boon for people. Let’s explore its details.
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Minimum Investment
The unique feature of this Post Office scheme is that you can start investing with as little as ₹1,000. This scheme is ideal for those who expect a fixed income after retirement. By investing in this scheme, you will receive monthly or quarterly interest, making it easier to meet your monthly expenses.
What are the eligibility criteria?
Any citizen over 60 years of age can invest in this post office scheme. Employees who have taken VRS can start investing between the ages of 55 and 60. Individuals who have retired from retirement can invest at the age of 50. You can open a joint account with your wife under this scheme, and both will receive the benefits.
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How to open an account
To open an account under the Senior Citizen Savings Scheme, you can go to a bank or post office. You can invest a minimum of ₹1,000 and a maximum of ₹30 lakh. Investments can be made in multiples of 1,000, but the maximum investment limit is ₹30 lakh.
How much interest is earned?
This Post Office scheme offers senior citizens an interest rate of 8.2%, which is higher than other savings schemes. An individual investing ₹30 lakh in this scheme would earn ₹2.46 lakh in interest. This translates to ₹20,500 per month. This can become a primary source of regular income and provide financial assistance to the investor after retirement.