Are you a senior citizen and want to get Rs 20,500 monthly from post-office? Here's how

Looking for a monthly income scheme? Your money is safe. The post office offers a great plan. In this scheme, you receive Rs 20,500 monthly. Getting a regular monthly income after retirement is challenging.

The Senior Citizens Savings Scheme (SCSS) provides a fixed monthly income after retirement. You can withdraw Rs 20,500 every month for five years.

Senior citizens investing in this scheme can earn up to Rs 20,500 per month. The interest rate is 8.2%, the highest offered in any government scheme.

The maturity period is 5 years, with an option to extend. Indian citizens above 60 can invest.

The maximum investment limit was Rs 15 lakh, now increased to Rs 30 lakh. Investing Rs 30 lakh yields approximately Rs 2,46,000 in annual interest, translating to about Rs 20,500 monthly.

This amount is directly credited to your bank account, helpful for regular post-retirement expenses.

Those aged 60 and above can invest. Self-retired individuals between 55 and 60 can also open an account. Visit your nearest post office to open an account.

The income earned is taxable. However, the scheme offers tax benefits, potentially saving a significant amount on taxes.

The Post Office Senior Citizen Savings Scheme (SCSS) is a secure investment for a stable monthly income post-retirement, ensuring financial security.