Post Office Scheme: The biggest question in life after retirement is how to manage monthly expenses. Many elderly people want to receive a fixed amount every month without any tension, so they can comfortably meet their needs. For such people, the Post Office Senior Citizen Savings Scheme (SCSS) is a very reliable option. This scheme is fully government-guaranteed, meaning your money is 100% safe and you will continue to receive income at a fixed interest rate.
Read Here: Khatu Shyam Birthday: Visit the Temple and Do This Ritual to Fulfill Every Wish
Details of the Senior Citizen Savings Scheme
SCSS is a savings scheme of the Government of India specifically designed for senior citizens. People aged 60 and above can invest under this scheme. Those who retire between the ages of 55 and 60 can also invest within one month of retirement. Additionally, individuals over the age of 50 who have taken VRS can benefit from this scheme.
The minimum investment in this scheme is ₹1,000, and the maximum limit is ₹30 lakh for a single account. For a husband and wife, the limit is ₹60 lakh for a joint account. The scheme’s tenure is 5 years, which can be extended by another 3 years.
How much interest is earned?
The Post Office SCSS offers an annual interest rate of 8.2 percent. This interest rate is reviewed by the government every quarter. The interest is credited to the account every three months.
Read Here: Best Hairstyles For Women In 2025 – Short, Medium & Long Hair Trends You’ll Love
How much monthly pension will you receive?
If you invest ₹15 lakh in the scheme, you will earn an annual interest rate of 8.2 percent. At an interest rate of 8.1 percent on ₹10 lakh, the total will be ₹14 lakh 10 thousand. Divide this monthly by ₹11,750.
How much tax will be charged?
Investments under SCSS are tax-deductible up to Rs 1.5 lakh under Section 80C. Interest income is taxable, but TDS is deducted if your total interest income exceeds Rs 50,000.