Monthly Income Plan: Getting a regular monthly income after retirement is not easy. However, if you invest wisely during your working years, it can be possible.
If you start investing in the right scheme, you can get a monthly income even after retirement. Senior Citizen Savings Scheme (SCSS) under the post office is a small savings scheme. It is a great option for planning your retirement.
Benefits of Senior Citizen Savings Scheme
If you are a senior citizen, you can deposit money in it at once. You can get up to Rs 20,000 every month. You can earn 8.2 percent interest in this scheme. The maturity period of SCSS scheme is five years. Any Indian citizen above 60 years of age can deposit money in this scheme at once. The maximum investment limit in this scheme is Rs 30 lakh, which was earlier Rs 15 lakh.
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You can invest this much
If you invest Rs 30 lakh in Senior Citizen Savings Scheme, you will get interest of about Rs 2,46,000 every year. Now if we calculate this money monthly, then we will get about Rs 20,500 every month.
Who can invest
Under this scheme, people who retire voluntarily and are between 55 and 60 years of age can also open this account. Those who want to join this scheme can go to the nearest post office and open an account. Tax will also have to be paid on the money received under this scheme. Senior Citizen Savings Scheme can be a safe and beneficial option for regular monthly income after retirement. You should invest in it after understanding all the terms and conditions of the scheme.
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