Post Office Senior Citizen Saving Scheme : Do you also want to earn Rs 20,500 every month? This superhit scheme of the post office can be useful for you. This Rs 20,500 will be available for five years.
As people move towards retirement age, they need to live a safe and comfortable life through their savings. Keeping in mind these needs of senior citizens, the government is running the Senior Citizen Savings Scheme (SCSS). In this, senior citizens can earn monthly money. In the Senior Citizen Savings Scheme, people get a maximum of Rs 20,500 every month. This money will be available for five years.
Minimum investment required is Rs 1,000
The specialty of the Post Office Senior Citizen Scheme is that you can start investing in it with a minimum of Rs 1,000. This scheme is suitable for those senior citizens who want a fixed income every month after their retirement. By investing in it, you will get interest every month or every quarter, which will make it easier to meet your monthly expenses.
Qualification and Eligibility
This scheme is for citizens above 60 years of age. Apart from this, people who have taken voluntary retirement (VRS) between the ages of 55 and 60 can also avail the benefits of this scheme. Retired employees from defense services can also invest in this scheme at the age of 50. The special thing is that you can also open this account as a joint account with your spouse, so that both will get the benefit of this scheme.
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SCSS account will be opened in post office
Senior citizens can open their SCSS account by visiting any bank or post office. To open an account, a minimum amount of Rs 1,000 and a maximum amount of Rs 30 lakh has to be deposited. In this, you can invest in multiples of Rs 1,000, but the maximum limit of investment cannot exceed Rs 30 lakh.
This is interest
This scheme offers an annual interest rate of 8.2 percent to senior citizens, which is quite high compared to other savings schemes. If a person invests Rs 30 lakh in this scheme, he will get an interest of Rs 2.46 lakh annually, which works out to around Rs 20,500 per month. This can become a strong source of regular income, which will help financially even after retirement.
Benefits of the scheme
Post Office Senior Citizen Savings Scheme is an excellent option for safe and profitable investment after retirement. This scheme not only gives high interest rates to the investors but also keeps their money safe. Therefore, those who are planning for a stable income after retirement can consider investing in this scheme.
