Senior Citizen Saving Scheme: As people grow old and reach retirement age, they need savings to meet their expenses. Today we will talk about a scheme which is especially for the elderly.
This scheme is Post Office Senior Citizen Saving Scheme (SCSS). This scheme is being run by the government and it gives higher interest than other savings schemes. Here you can get regular income every month by investing your retirement money.
Start investing from Rs 1000
The most special thing about the Post Office Senior Citizen Savings Scheme is that you can start investing in it with just Rs 1000. This scheme is the safest option for the elderly. This will give you regular income and you will not have to worry about money after retirement. This scheme is available for 5 years.
Also Read: Bank Account Deposit Rules- How much money can you keep in a savings account limits interest and tax rules explained
Who can open this account?
People who are 60 years or older can take advantage of this scheme. If you have retired under VRS (Voluntary Retirement Scheme) at the age of 55 to 60 years, you can still open this account. Employees retired from defense service can also take advantage of this scheme at the age of 50. You can also open this account with your spouse.
How to open an account?
Senior citizens can open an SCSS account by visiting any bank or post office. To open an account, you have to deposit at least Rs 1000. You can deposit a maximum of Rs 30 lakh. Money can be deposited in multiples of Rs 1000.
Return
In this scheme, you get an interest of 8.2 percent annually. If a person deposits Rs 30 lakh, he will get an interest of Rs 2.46 lakh annually, which is about Rs 20,000 per month. Post Office Senior Citizen Savings Scheme (SCSS) is an excellent option for the elderly. This gives them regular income after retirement and fulfills their financial needs. This scheme provides financial security and stability to the elderly, so that they can enjoy their life.
