Post Office Scheme: Many great saving schemes are being run in the post office for every age group and its retirement scheme is also amazing. Not only do you get great returns on investment in these schemes, but the government itself guarantees the safety of the investment.
Post Office Scheme: Everyone saves some amount from his earnings and plans to invest it in such a place where on one hand his money is completely safe and on the other hand he gets a strong return. In this regard, the Small Saving Schemes run by the post office are quite popular, where they leave fixed deposits behind in terms of interest on investment, while the government itself guarantees the safety of the investors’ investment.
There is one such special post office scheme, which is specially designed for senior citizens and it can prove to be very effective in removing the shortage of money in old age. Its name is Post Office Senior Citizen Scheme, by investing in which you can earn a guaranteed income of Rs 20,000 every month, that too while sitting at home. Let’s know how?
Benefit of tax exemption along with amazing interest
If there is a fixed income every month even after retirement, then you will not have to face financial problems and old age can be spent in fun. For this, investing in such a scheme can prove to be a better option, in which a fixed amount keeps reaching your account every month. There is a Government Scheme (Govt Scheme) that guarantees monthly income in lump sum investment, Post Office Senior Citizens Saving Scheme, which is very popular in terms of earning after retirement. In this, while the government offers higher interest rate (Post Office SCSS Interest Rate) in Post Office Senior Citizen Saving Scheme than the interest (FD Interest Rate) on FD in all the banks, at the same time, the benefit of income tax exemption (Tax Benefit) is also available.
- Starting investment in this scheme is just Rs. 1000
- 8.2% interest in Post Office Senior Citizen Scheme
- Tax exemption of Rs. 1.5 lakh under Section 80C of Income Tax
This is the age limit under this scheme
As is clear from the name of this scheme, it is being run especially keeping in mind the senior citizens. So let us tell you that in this Government Scheme, a single or joint account can be opened for any person of 60 years or more. Under the scheme, persons aged 55 to 60 years taking VRS from government posts in the civil sector or persons from the defense sector (retired from Army, Air Force, Navy and other security forces) can open this Post Office Scheme account at the age of 50 to 60 years.
- Maturity of Post Office Senior Citizen Saving Scheme is 5 years
- An investor can invest a lump sum of Rs 30 lakh in this scheme
This way you will earn Rs 20,000 every month
Now the biggest thing is how you can ensure a monthly income of Rs 20,000 every month by investing in this scheme. So its calculation is very easy. Actually, if an investor invests a lump sum of Rs 30 lakh in Senior Citizen Saving Scheme by opening an account in it, then according to the fixed interest rate of 8.2 percent, he will get only interest of Rs 2.46 lakh annually and according to this, his interest income will be Rs 20,500 per month while sitting at home.
You can close the account before maturity
In Post Office SCSS Scheme, you can open an account by going to any nearest post office branch. Talking about another special thing related to this scheme, it also provides the facility to close the account anytime after opening it. However, some rules have been set for this, under which if an investor closes the account in less than a year after opening it, then no interest will be given on the invested amount. On the other hand, if the account is closed between 1 to 2 years, 1.5% will be deducted from the interest amount and if such a step is taken between 2 to 5 years, 1 percent will be deducted from the interest amount.
Tax on interest amount too
While on one hand this government scheme has many benefits, one of its rules is also a slight shock, in fact, citizens earning income under this scheme also have to pay tax. However, if the interest received on investment on this savings scheme is more than Rs 50 thousand, then TDS has to be paid on it, but if you have filled Form 15 G / 15H, then TDS will not be deducted on interest.
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