Post Office Scheme : Are you looking for a scheme that gives you a fixed income every month after retirement? You will get Rs 20,500 every month in the Post Office Scheme.
Post Office’s Senior Citizen Savings Scheme (SCSS) is one such scheme in which you will get a pension of Rs 20,500 every month. This scheme has been specially designed for senior citizens, so that they do not have to worry about money in any way even after retirement.
Post office scheme
If you want an option that gives you a fixed income every month after retirement and also protects you from risk, then Post Office’s Senior Citizen Savings Scheme (SCSS) can be perfect for you. Before investing, read all the terms and conditions of the scheme and take full advantage of the benefits of the scheme.
Income up to Rs 20,500 per month
Under the SCSS scheme, if you invest a maximum of Rs 30 lakh, you will get an interest of about Rs 2 lakh 46 thousand annually. This means that a regular income of about Rs 20,500 will be deposited in your bank account every month. The interest rate of this scheme is 8.2 percent, which is one of the highest rates available in any government scheme.
How much will have to be invested?
Earlier the investment limit in SCSS was Rs 15 lakh, but now it has been increased to Rs 30 lakh. In this scheme, one has to invest in one go and the interest comes into your account every quarter. If you want, you can use it for monthly expenses.
Who can invest?
- Indian citizens who are 60 years of age or above
- Those people between 55 to 60 years of age who have taken retirement (VRS).
- The account can be opened in the post office or any authorized bank.
What will be the impact on taxes?
- Tax is payable on interest income received from SCSS
- However, the investment amount is eligible for tax exemption of up to Rs 1.5 lakh under section 80C
- period of planning
- The period of this scheme is 5 years.
- After 5 years you can extend it for another 3 years.
- It is also possible to withdraw money before time, but there will be a penalty for this.
Why is this scheme special?
- Secure government scheme
- Fixed Monthly Income
- benefit of tax exemption
- Best option for regular income after retirement.
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