If you want secure and regular income after retirement, then Post Office Senior Citizen Saving Scheme (SCSS) can be a great option for you. This scheme has been specially designed for people of 60 years of age and above, so that they can get stable income without any worries.
Completely safe investment, government guarantee
This scheme is run through post offices and authorized banks. In this, your money remains completely safe, because it is guaranteed by the government. At present, it is offering 8.2% annual interest, which is more than a normal fixed deposit (FD).
Start investing with small amount
There is no need of huge amount to open an account in this scheme. You can start with just Rs 1,000 and invest up to a maximum of Rs 30 lakh. Besides, tax exemption of up to Rs 1.5 lakh is also available every year under Section 80C of Income Tax.
Who can open an account
Any person aged 60 years or above can invest in this scheme. Husband and wife can also open a joint account. Apart from this, people taking VRS (55+ age) and retired from defense sector (50+ age) are also eligible to invest in it.
Benefit of maturity and interest
The duration of this scheme is 5 years. In this, interest is transferred to your account every three months (quarters). If needed, after maturity it can be extended for another 3 years.
How to get ₹51,250 every 3 months
If you invest Rs 25 lakh in this scheme, then you will get Rs 51,250 every quarter at 8.2% interest. That means around Rs 17,000 can become a regular income every month. After 5 years, your entire principal amount is safely returned. Overall, this scheme is an excellent source of secure, stable and reliable income for senior citizens.