PO Scheme: Post Office Senior Citizen Scheme is a money-making option; learn about its 5 major benefits..

After retirement, people's biggest concern is how to arrange money for their future. While salary stops, expenses and responsibilities remain the same. So, today we're telling you about a wonderful Post Office scheme specifically designed for senior citizens. This scheme is called the Senior Citizen Savings Scheme (SCSS).

Yes, this scheme is exclusively run by the Post Office and is available to people aged 60 and above. By investing the amount received after retirement in this scheme, you can secure a steady monthly income.

Interest Rate and Investment Limit

This scheme offers an annual interest rate of approximately 8.2%.

You can open an account with a minimum of ₹1,000.

The maximum investment in this scheme is up to ₹30 lakh.

How much income will you receive if you invest ₹30 lakh?

If you deposit a lump sum of ₹30 lakh in this scheme, you can earn approximately ₹246,000 in interest annually.

This interest is credited to your account every three months (quarterly).

Dividing ₹246,000 into four quarters,
Each quarter = ₹61,500
That is, an average monthly income of approximately ₹20,500.

This way, senior citizens can earn a regular monthly income without any risk.

Tenure and Tax Benefits
The maturity tenure of this scheme is 5 years.

It can be extended by another 3 years after maturity.

Upon maturity, you also receive a tax deduction under Section 80C of the Income Tax Act.

Importantly, if you allow the interest to remain in this scheme instead of withdrawing it quarterly, your investment will grow stronger over time. (Note: This article is for informational purposes only and should not be construed as investment advice. Consult a financial advisor before making any investment decisions.)

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