Post Office Scheme: Are you also looking for a scheme that provides you with a regular income every month? The Post Office is offering a scheme that ensures a steady income every month. The Post Office Senior Citizens Savings Scheme (SCSS) is the best option to escape the worries of regular monthly income after retirement. This scheme offers senior citizens a secure and guaranteed monthly income. If you are retired and want to invest your money in a safe place, this scheme can be beneficial.
Earn ₹20,500 Every Month The current interest rate for SCSS is 8.2%, which is the highest among government schemes. If you invest the maximum amount of ₹30 lakh in this scheme, you will receive approximately ₹2,46,000 in interest every year. This amount will be paid to you every month as ₹20,500, and it will be directly transferred to your bank account.
Investment Limit and Term Initially, the maximum investment limit for this scheme was ₹15 lakh, but it has now been increased to ₹30 lakh. The scheme’s duration is 5 years, but it can be extended for an additional 3 years after maturity.
Who Can Invest: Indian citizens aged 60 years or above can invest in this scheme. People between the ages of 55 and 60 who have voluntarily retired can also avail of the benefits of this scheme. To open an account under this scheme, an application can be submitted at the nearest post office or bank.
Tax and Benefits Income from this scheme is subject to tax. However, some tax savings are also available under SCSS, which can help reduce your tax liability.
Benefits of this Scheme:
- Safe Investment: Since the government launched this scheme, it is completely safe.
- Steady Monthly Income: After retirement, you will receive a regular monthly income to cover your expenses.
- Interest Rate of 8.2% is offered.
- Flexibility: The investment term can be extended after five years. Before investing in the scheme, it is important to understand all its terms and conditions. This scheme assures you of a financially secure retirement. If you want a comfortable and secure life after retirement, investing in this scheme can be the right decision.