If you or your parents want to invest in terms of their retirement and also want the investment to be safe and the returns are also good, then the senior citizen saving scheme of the post office can prove to be useful for you.
If there is no source of regular income after retirement from the job, then there is a search for a scheme that can give the fixed income every month. This requirement meets the post office Senior Citizen Saving Scheme. By investing in this scheme, you can get regular income of up to Rs 20,000 every month, that too without any risk.
Who can invest in the scheme?
This government scheme is specially made for senior citizens. In this scheme, people aged 60 years or older can open an account. If government employees take VRS at the age of 55 to 60 years, then they can also take advantage of this scheme. At the same time, people retired from Defense Sector (Army, Air Force, Navy) can join this scheme from the age of 50.
Government guarantee and tremendous interest rate
Post office SCSS is currently being given 8.2% annual interest, which is much better than most banks of banks. In this, there is a complete guarantee of investment security by the government, so this scheme is completely reliable. On the investment made in this scheme, you get a discount of up to ₹ 1.5 lakh under Section 80C of Income Tax. However, the interest amount is taxable.
You will get ₹ 20,000 every month
If an investor invests a lump sum of Rs 30 lakh in this scheme, then he will get an interest of ₹ 2.46 lakh annually according to 8.2% interest. This means that the income of about ₹ 20,500 will be only in the form of interest every month. That is, even after retirement, you can easily meet your needs.
The minimum investment in this scheme is 1,000 and maximum investment is up to Rs 30 lakh (single or joint account). The maturity period of the scheme is 5 years, which can be extended by 3 years.