Post Office Senior Citizen Savings Scheme: Various schemes are being run in the post office for every age group. In these, senior citizens get more than 8 percent interest in SCSS Scheme along with regular income every month.
Senior Citizen Savings Scheme: In today’s era of inflation, everyone wants to save some of their income and invest it in a place where their money is safe and also gets a great return on this investment. But there are some people who invest thinking that they will have a regular income in old age, so that they do not have to face any kind of financial problems. In this case, the Post Office SCSS Scheme is quite popular, which is especially for senior citizens and in this, more than 8 percent annual interest is being given on investment.
Excellent interest of 8.2 percent
Savings schemes are being run in different categories for every age group in the Post Office, in which not only the guarantee of safe investment is given by the government, but also interest is more than the interest rate of FD in many banks. Not only this, there are schemes in the post office to ensure regular income of senior citizens. Post Office Senior Citizens Savings Scheme is one such special scheme, in which one can earn up to Rs 20,000 every month by investing. Talking about the interest rate available in POSSC, the government is offering a great interest rate of 8.2 percent to those who invest in it.
Start investing with just Rs 1000
Post Office Senior Citizen Savings Scheme remains a favorite in terms of regular income, safe investment and tax benefits. By opening an account in it, you can start investing with a minimum of Rs 1,000. At the same time, the maximum investment limit in this Senior Citizens Savings Scheme has been fixed at Rs 30 lakh. This post office scheme can prove to be very helpful in staying financially prosperous after retirement. In this, a joint account can be opened with any person aged 60 years or above or with spouse. A person investing in SCSS is given an annual tax exemption of up to Rs 1.5 lakh under Section 80C of the Income Tax Act.
Maturity period of the scheme is 5 years
The investor in this Post Office scheme has to invest for 5 years. On the other hand, if this account is closed before this period, then according to the rules, the account holder has to pay a penalty. You can easily open your SCSS account by going to any nearest post office. Under this scheme, age limit has also been relaxed in some cases. For example, the age of a person taking VRS can be more than 55 years and less than 60 years at the time of opening the account, while retired employees from defense can invest at the age of more than 50 years and less than 60 years, however, some conditions have also been imposed for this.
This is how you will earn Rs 20,000 per month
In this Post Office Scheme, an investor can start investing just Rs 1000 and a maximum of Rs 30 lakh can be invested in it. The deposit amount is fixed in multiples of 1000. Now if we look at the calculation of earning Rs 20,000 regularly from this scheme, then at the rate of 8.2 percent interest, if a person invests about Rs 30 lakh, then he will get an annual interest of Rs 2.46 lakh and if we calculate this interest on a monthly basis, it comes to about Rs 20,000 per month.
Let us tell you that in this scheme there is a provision to pay interest every three months. In this, interest is paid on the first date of every April, July, October and January. If the account holder dies before the maturity period is over, then the account is closed and all its amount is handed over to the nominee mentioned in the documents.
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