Senior Citizen Savings Scheme: You will get Rs 20,000 every month after retirement, invest in this government scheme

SCSS: If you have a fixed income every month after retirement, life seems more relaxed. At such a time, schemes that provide safe investment and guaranteed returns become very important. Post Office Senior Citizen Savings Scheme is one such government scheme

SCSS: If you have a fixed income every month after retirement, life seems more relaxed. At such times, schemes that provide safe investment and guaranteed returns become very important. Post Office Senior Citizen Savings Scheme is one such government scheme, which not only gives a good interest rate, but also assures tax savings and regular income. This scheme is specially designed for those senior citizens who want a fixed income every month on their savings without any risk after retirement.

What is SCSS?

SCSS is a safe savings scheme in which currently 8.2% annual interest is being given, which is more than the fixed deposit of many banks. You can start investing in it with just Rs 1,000, and can deposit a maximum of Rs 30 lakh.

Who can invest?

Any person aged 60 years or above can invest in this scheme.

If a government employee has taken voluntary retirement between the ages of 55 and 60, he is also eligible.

Retired defense personnel can invest between the ages of 50 and 60.

You can also open a joint account with your wife/husband.

How much will you earn every month?

If a person invests Rs 30 lakh in this scheme as a lump sum, he will get an interest of about Rs 2.46 lakh every year. This money comes into the account every three months, that is, a regular income of about Rs 20,500 per month is assured.

If you invest Rs 20 lakh, then the total return including interest will be around Rs 28.2 lakh in five years. During this period, the income will be around Rs 41,000 every three months i.e. Rs 13,666 per month.

Tax relief too

Through SCSS, you can also get a tax exemption of up to Rs 1.5 lakh annually under section 80C.

Time and rules

This scheme is for 5 years, which can be extended to 3 years.

If you close the account before one year, then no interest will be given.

If closed between 2 to 5 years, 1% interest will be deducted.

Why is SCSS a good option?

Government guarantee, good interest rates, tax savings and fixed income make SCSS a reliable and profitable deal for retired people. If you want a stable income after retirement, this is the best option for you.

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