Post Office Scheme: Invest once, get guaranteed income of ₹20,000 every month..

Post Office Scheme: The post office located a short distance from your house is not just for sending letters, but you can invest in many post office schemes. Senior Citizen Savings Scheme (SCSS) of the post office is considered a safe and reliable option. In this scheme, interest is available at the rate of 8.2% per annum with the guarantee of the government, which is now much better than the FD rate of banks.

This scheme is very beneficial for those who want a regular income every month after retirement. The most special thing about SCSS is that it comes with a government guarantee. Investment can be started with just ₹ 1,000, and the maximum investment limit can be up to ₹ 30 lakh. People investing in this scheme also get the benefit of tax savings under Section 80C, which gives a rebate of up to ₹ 1.5 lakh annually.

Up to what age can one invest in this scheme?
Under this scheme, people aged 60 years or above can invest directly, while civil employees receiving VRS aged 55–60 years and retired defense personnel aged 50–60 years can also join it. Also, a person can open a joint account with their spouse.

The duration of SCSS is five years, which can be extended for an additional three years. If the investor closes this account within a year, then interest is not received. If closed between two and five years, the interest amount is reduced by 1% and a slightly higher penalty is applicable if closed before that.

A monthly income of Rs 20,000 is assured.
If a senior citizen invests Rs 30 lakh in a lump sum, then he gets an income of about Rs 2.46 lakh annually i.e., about ₹20,500 per month. This regular income is transferred directly to the account in the form of interest every three months.

At the same time, suppose you invest a lump sum of Rs 20 lakh in this post office scheme, then in 5 years at an interest rate of 8.2 percent, your maturity amount will be Rs 28,20,000. This will include interest of Rs 41,000 every quarter and the total interest in 5 years will be Rs 8,20,000. In such a situation, you will get a regular income of about Rs 13,666 every month.

So if you or someone in your family is a senior citizen and is looking for regular income, then SCSS can prove to be a reliable and safe option. While the interest rate is excellent, tax savings and government guarantee make it even stronger. This scheme is a great friend to ensure financial security after retirement.

Disclaimer: This content has been sourced and edited from News 18 hindi. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.