Senior Citizen Saving Scheme (SCSS) is a great scheme of Post Office Schemes. This scheme for senior citizens can give around 20 thousand rupees every month for five years. The government also gives an interest of 8.2 percent under this scheme.
It is not easy for employed people to get income every month after retirement, but if money is invested at the right place during the job, then this task will also become easy and you will continue to get monthly income even after retirement. Today we are going to tell about one such scheme, where you can earn monthly by investing a lump sum. This is a government scheme, which operates under the Small Savings Scheme. This scheme is considered one of the popular schemes for retirement planning.
Senior Citizen Savings Scheme (SCSS) is a great scheme of Post Office Schemes. This scheme can give about 20 thousand rupees every month for five years for senior citizens. The government also provides 8.2 percent interest under this scheme. There is a maturity of 5 years under the SCSS scheme. In this, instead of monthly investment, you can invest money only once.
Who can invest?
Under this Small Saving Scheme of Post Office, senior citizens are given benefits. Only people above 60 years of age can invest in it. Currently, this scheme gives a return of 8.2 percent. Any Indian citizen above 60 years of age can deposit a lump sum amount in this scheme. A maximum of Rs 30 lakh can be invested in this scheme, earlier this amount was Rs 15 lakh.
How to get 20 thousand monthly?
If you invest Rs 30 lakh under Senior Citizen Saving Scheme, then you will get interest of about 2 lakh 46 thousand rupees every year. Now if you calculate this amount on a monthly basis, then this amount will be Rs 20,500. Under this scheme, people taking voluntary retirement between 55 to 60 years can also open an account. This account can be opened by visiting any nearest post office branch.
Tax also has to be paid
Citizens receiving income under this scheme also have to pay tax. However, if the interest on this savings scheme is more than Rs 50 thousand, then TDS will have to be paid on it, but if you have filled Form 15 G / 15H then TDS will not be deducted on interest.
