Post Office SCSS Scheme: Zero risk and lifetime security, senior citizens will get assured income of ₹ 17,000 every month; Know everything about this government scheme here
Post Office SCSS Scheme: Many people like to save some part of their income and invest it in a safe policy. Government schemes of post office are popular because they give secure returns. One scheme, Post Office Senior Citizen Savings Scheme (SCSS), can give you a regular monthly income of more than Rs 17,000 after retirement.
People post office Trust savings schemes because they are zero-risk investments guaranteed by the government. SCSS currently offers an interest rate of 8.2%, which is higher than most bank fixed deposits.
You can start investing with a minimum of Rs 1,000, and the maximum limit is Rs 30 lakh. Investments in this scheme also qualify for tax benefits under Section 80C, which provides tax exemption up to Rs 1.5 lakh annually.
Who can invest?
-Any person of 60 years of age or above can open an account.
-Joint accounts can be opened with spouse.
-People taking Voluntary Retirement Scheme (VRS) at the age of 55-60 years and retired defense persons at the age of 50-60 years can also invest.
Scheme time and interest
-This scheme matures in 5 years, and interest is paid every three months.
-Penalty may be imposed for early closure of account.
-On the death of the account holder, the money goes to the nominee.
How much can YOU earn?
If you invest Rs 25 lakh in a joint account:
Interest Rate: 8.2%
Total interest in 5 years: Rs 10,25,000
Annual interest: Rs 2,05,000
Quarterly interest: Rs 51,250
Monthly interest: Rs 17,083
You can withdraw your investment after 5 years or extend it for 3 more years. The interest rate remains the same for the entire period, even if the government changes the rates later. This scheme is a safe and reliable way for retired people to earn regular income without any risk.
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The post Post Office SCSS Scheme: Zero risk and lifetime security, senior citizens will get assured income of ₹ 17,000 every month; Know everything about this government scheme here appeared first on Latest.
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