Post Office Scheme: If you are looking for a scheme that gives a fixed income every month after retirement? You will get Rs 20,500 every month in the Post Office scheme. Post Office’s Senior Citizen Savings Scheme (SCSS) is one such scheme in which you will get a pension of Rs 20,500 every month.
Post Office Scheme: If you are looking for a scheme that gives a fixed income every month after retirement? You will get Rs 20,500 every month in the Post Office scheme. Post Office’s Senior Citizen Savings Scheme (SCSS) is one such scheme in which you will get a pension of Rs 20,500 every month. This scheme has been specially designed for senior citizens, so that even after retirement they do not have to worry about money in any way.
Post Office Scheme
After retirement, if you want an option that gives a fixed income every month and also protects from risk, then Post Office’s Senior Citizen Savings Scheme (SCSS) can be perfect for you. Before investing, read all the terms and conditions of the scheme and take full advantage of the benefits of the scheme.
Income up to Rs 20,500 every month
If you invest a maximum of Rs 30 lakh under the SCSS scheme, you will get an interest of about Rs 2 lakh 46 thousand annually. This means that a regular income of about Rs 20,500 will be deposited in your bank account every month. The interest rate of this scheme is 8.2 percent, which is one of the highest rates available in any government scheme.
How much will have to be invested?
Earlier the investment limit in SCSS was Rs 15 lakh, but now it has been increased to Rs 30 lakh. In this scheme, investment has to be made simultaneously and interest comes to your account every quarter. If you want, you can use it as monthly expenses.
Who can invest?
- Indian citizens aged 60 years or above
- People aged 55 to 60 years who have taken retirement (VRS).
- The account can be opened in the post office or any authorized bank.
What will be the impact on tax?
- Interest income from SCSS is taxable
- However, the investment amount is eligible for tax exemption of up to Rs 1.5 lakh under section 80C
Period of the scheme
- The period of this scheme is 5 years.
- After 5 years, you can extend it for another 3 years.
- Premature withdrawal is also possible, but a penalty will be charged for this.
Why is this scheme special?
- Safe government scheme
- Fixed monthly income
- Benefit of tax exemption
- Best option for regular income after retirement.
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