Secure your future: Earn Rs 20,000 per month with post office senior citizen savings scheme
First Published | Dec 12, 2024, 5:59 PM ISTEarn up to Rs 20,000 per month by investing in the Post Office Senior Citizen Savings Scheme. Find out how.
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Post Office Scheme
Everyone wants to save a portion of their income and invest it securely for good returns. Many also seek investments that provide a steady income in their old age. The Indian Post Office SCSS scheme is very popular for this, especially among senior citizens. It offers an annual interest rate of over 8%.
How much interest?
Post offices offer various savings schemes for all ages, considered safe due to the government guarantee. The interest rates on these schemes are often higher than FD rates in many banks.
SCSS Special Benefits
The Post Office also has schemes to ensure regular income for senior citizens. The Post Office Senior Citizen Savings Scheme is one such scheme, allowing you to earn up to ₹20,000 monthly. The government offers an attractive interest rate of 8.2%.
Invest from just Rs 1000
The Post Office Senior Citizen Savings Scheme is popular for regular income, secure investment, and tax benefits. You can start investing with a minimum of Rs 1,000. The maximum investment limit is Rs 30 lakh.
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SCSS Scheme
This Post Office scheme is helpful for financial stability after retirement. Individuals aged 60 or above, or couples can open a joint account. Investors get a tax deduction of up to Rs 1.5 lakh under Section 80C of the Income Tax Act.
Maturity Period
The investment period is 5 years. Premature closure incurs a penalty. You can easily open an SCSS account at any post office. The age limit is relaxed in certain cases.
SCSS Scheme
For example, VRS takers above 55 but below 60 can invest, as can retired defense personnel above 50 but below 60. However, certain conditions apply.
Earning ₹20,000 with SCSS
How to Earn Rs 20,000 Monthly?
The minimum investment is Rs 1,000, and the maximum is Rs 30 lakh, in multiples of Rs 1,000. At 8.2% interest, a Rs 30 lakh investment yields Rs 2.46 lakh annually, translating to approximately Rs 20,000 monthly.
Interest is paid quarterly on the 1st of April, July, October, and January. If the account holder dies before maturity, the account is closed, and the amount is given to the nominee.
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