Post Office's great scheme: You will get 20,000 rupees every month, you have to invest this much..

If you or your parents want to invest for their retirement and also want the investment to be completely safe and the returns to be good, then the Post Office Senior Citizen Saving Scheme can prove to be useful for you.

If there is no source of regular income after retirement from the job, then one looks for a scheme that can give a fixed income every month. The Post Office Senior Citizen Saving Scheme fulfills this need. By investing in this scheme, you can get a regular income of up to Rs 20,000 every month, that too without any risk.

Who can invest in the scheme?

This government scheme has been specially made for senior citizens. Persons aged 60 years or above can open an account in this scheme. If government employees take VRS at the age of 55 to 60 years, then they can also take advantage of this scheme. On the other hand, people retired from the defense sector (Army, Air Force, Navy) can join this scheme from the age of 50 years.

Government guarantee and great interest rate

Post Office SCSS is currently paying 8.2% annual interest, which is much better than the fixed deposit scheme of most banks. There is a complete guarantee of security of investment by the government, so this scheme is completely reliable. On the investment made in this scheme, you get a rebate of up to ₹ 1.5 lakh under Section 80C of Income Tax. However, the interest amount is taxable.

This is how you will get ₹ 20,000 every month.

If an investor invests a lump sum of Rs 30 lakh in this scheme, then at the rate of 8.2% interest, he will get an annual interest of ₹ 2.46 lakh. This means that every month, an income of about ₹ 20,500 will be only in the form of interest. That is, even after retirement, you can easily fulfill your needs.

The minimum investment in this scheme is Rs 1,000 and the maximum investment is up to Rs 30 lakh (single or joint account). The maturity period of the scheme is 5 years, which can be extended by 3 more years.

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