Post Office Senior Citizen Saving Scheme: As people grow up and reach retirement age, they usually live off their savings. People need money when they retire to live a good and comfortable life. Today we are going to talk about a scheme which has been specially designed for senior citizens.
Post Office Senior Citizen Saving Scheme: As people grow up and reach retirement age, they usually live off their savings. People need money when they retire to live a good and comfortable life. Today we are going to talk about a scheme which has been specially designed for senior citizens. This scheme is Post Office Senior Citizen Saving Account. This scheme is being run by the government. In this, higher interest is available as compared to other saving schemes.
You can start investing from Rs 1000
The special thing about Post Office Senior Citizen Scheme is that you can start your investment in it from Rs 1,000. This is the safest investment option for senior citizens. This will give you regular income and your money needs will also be fulfilled after retirement.
Eligibility of Post Office Senior Citizen Saving Scheme
Post Office Senior Citizen Savings Scheme is for those who are above 60 years of age. Or those who have taken retirement at the age of 55 but their age is less than 60 years. He can open an account under special VRS. Apart from this, retired defense service employees can open an account even at the age of 50 years. You can also open this account with your spouse.
How to apply
Senior citizens can open SCSS account in any bank or post office. To open an account, senior citizens will have to deposit a minimum of Rs 1,000 and a maximum of Rs 30 lakh. Money can be deposited in the account in multiples of Rs 1,000. It cannot exceed Rs 30 lakh.
Return
This scheme SCSS is giving an annual interest of 8.2 percent. If a person invests around Rs 30 lakh, he will get an annual interest of Rs 2.46 lakh, which is around Rs 20,000 per month.
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