Post Office Scheme: Are you also looking for such a scheme in which you get income every month. Post Office is offering such a scheme in which you get income every month. To get rid of the worry of regular monthly income after retirement, Post Office’s Senior Citizen Savings Scheme (SCSS) is the best option.
Post Office Scheme: Are you also looking for such a scheme in which you get income every month. Post Office is offering such a scheme in which you get income every month. To get rid of the worry of regular monthly income after retirement, Post Office’s Senior Citizen Savings Scheme (SCSS) is the best option. This scheme assures senior citizens of safe and fixed monthly income. If you have retired and want to invest your money in a safe place, then this scheme can be beneficial.
You will get an income of Rs 20,500 every month
The current interest rate in SCSS is 8.2%, which is the highest among government schemes. If you invest a maximum of ₹ 30 lakh in it, you will get interest of about ₹ 2,46,000 every year. You will continue to get this amount every month in the form of about ₹ 20,500. This money will be transferred directly to your bank account.
Investment limit and period
Earlier the maximum investment limit in this scheme was ₹ 15 lakh, which has been increased to ₹ 30 lakh.
The maturity period of the scheme is 5 years. After maturity it can be extended for another 3 years.
Who can invest?
- Indian citizens aged 60 years and above can invest in this scheme.
- Those who have voluntarily retired at the age of 55 to 60 years can also take advantage of it.
- To open an account in the scheme, one can apply at the nearest post office or bank.
Tax and benefits
Tax has to be paid on the income received from this scheme. However, some tax saving facility is also available under SCSS, which can reduce your tax liability.
Benefits of this scheme
- Safe investment: The government has started this scheme, so it is completely safe.
- Fixed monthly income: After retirement, you will get income every month for regular expenses.
- Interest rate: You will get interest of 8.2%.
- Flexibility: You can extend the investment period after five years.
Terms and conditions
Before investing in the scheme, it is important to understand all its terms and conditions. This scheme assures to secure your retirement financially. If you want a comfortable and secure life after your retirement, then investing in this scheme can be a right decision.
