Senior Citizen Scheme or Monthly Income, which is more beneficial? see the complete calculation here

Many types of schemes are offered by the post office. Today we are going to compare two schemes of the post office, Senior Citizen and Monthly Income Scheme. In both, income is generated on a monthly basis. In this article, we have compared Senior Citizen Scheme and Monthly Saving Scheme.

New Delhi. Under the post office, investors get many options for safe investment. Under these schemes, you get guaranteed returns. You can choose the scheme according to your choice and need. Today we have compared two famous schemes of post office, Senior Citizen and Monthly Savings Scheme.

But before looking at the calculation, let’s know the basic things about both of them.

Senior Citizen Saving Scheme

  • Under this scheme, investors are being given 8.2 percent return.
  • A minimum of Rs 1000 and a maximum of Rs 30 lakh can be invested in it.
  • Investing in it under section 80C gives a tax benefit of Rs 1 lakh 50 thousand.
  • If investors want, they can extend it for 3 more years after maturity.
  • The age limit to invest in it should be 60 years or more.

Monthly Income Scheme (MIS)

  • Under this scheme, 7.4 percent return is being offered.
  • You can start this scheme with a minimum investment of Rs 1000.
  • The maximum limit for investment in this is Rs 9 lakh.
  • This scheme can also be opened with a joint account. The maximum limit for investment in a joint account is Rs 15 lakh.
  • There is no age limit in this like the Senior Citizen Scheme.

However, if you want to invest in the Senior Citizen Scheme, but the age limit is less than 60 years, then you can also start this scheme in the name of parents or grandparents.

Understand the comparison through calculation

Investment amount – Rs 1 lakh

Duration – 5 years

Senior Citizen Saving Scheme

If you invest Rs 1 lakh in Senior Citizen Saving Scheme for 5 years, then you will earn Rs 2,049 every three months. At the same time, you will get Rs 1,41,000 on maturity. With this, the total interest will be Rs 41,000. The interest amount will be received on 1 April, 1 July, 1 October and 1 January.

Monthly Income Scheme

If you invest Rs 1 lakh in Income Saving Scheme for 5 years, then you will earn Rs 3083 every month. This money will be given to you every month during the entire 5 years.

In this way you can make better comparison through calculation.

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