Looking for a regular income after retirement? The Post Office Senior Citizen Savings Scheme (SCSS) could be an ideal choice. Earn up to Rs. 10,500 per month. Learn how to invest in this scheme.
The Post Office Senior Citizen Savings Scheme (SCSS) provides guaranteed income for senior citizens. It's an excellent choice for regular income post-retirement. Invest once and earn continuously until maturity. Your deposit remains secure, and you receive the lump sum upon maturity.
The Senior Citizens Savings Scheme (SCSS) is a government-backed retirement benefit scheme. Senior citizens can invest individually or jointly and receive regular income with tax benefits.
The Senior Citizens Savings Scheme (SCSS) is a high-interest savings scheme offered by the post office. Earn 8.2% annual interest, paid quarterly. This is the highest interest rate available for a government-backed scheme. Start saving at your nearest post office.
The Senior Citizens Savings Scheme has a 5-year maturity period. Invest a minimum of Rs. 1,000 and a maximum of Rs. 30,00,000. Investments are eligible for tax benefits up to Rs. 1.5 lakh under Section 80C of the Income Tax Act. Premature closure is available with penalties.
The maximum investment allowed in the Post Office Senior Citizens Savings Scheme is Rs. 30 lakh, earning 8.2% annual interest paid quarterly. This translates to Rs. 30,750 every 3 months, totaling Rs. 1,23,000 annually and Rs. 6,15,000 over 5 years.
If you are above 60 or a retired employee between 55-60, you can open an SCSS account. Premature closure before 5 years incurs a penalty based on the investment duration.
Closing a Post Office SCSS account before one year forfeits interest and deducts paid interest. Closure between 1-2 years incurs a 1.5% penalty on the deposit, and between 2-5 years, a 1% penalty.
Extend your SCSS investment for another 3 years after the initial 5-year maturity. No penalty applies for closure after one year of extension.
subscribe to Asianet Newsable WhatsApp channel by clicking here. For more reliable and latest news
subscribe to Asianet Newsable Telegram channel by clicking here.