Do you want to get a regular income after retirement, Post Office Senior Citizen Savings Scheme (SCSS) can be a great option for you. By investing in this scheme, you can get a fixed amount every month.
Benefits of the SCSS Scheme
Regular Income: Get a fixed amount every month.
Attractive Interest Rate: The interest rate of the SCSS scheme is higher than other investment options.
Tax Benefits: You can get tax exemption on investment in this scheme.
Safe Investment: Post Office schemes are completely safe.
Flexibility: You can invest in this scheme from a minimum of ₹ 1,000 to a maximum of ₹ 30 lakh.
Maturity Period: The maturity period of the scheme is 5 years, which can be extended once in blocks of 3 years.
How to Invest
To invest in the SCSS scheme, you have to apply by visiting any post office or bank. You have to carry your identity proof, Aadhaar card, and PAN card.
Interest Rate and Returns
The interest rate of the SCSS scheme is revised every quarter. Currently, the interest rate is 8.2%. If you invest ₹30 lakh in this scheme, you will get an income of around ₹20,500 every month.
Eligibility
Indian citizens above 60 years of age can invest in this scheme. If you voluntarily retire at the age of 55 to 60 years, you can also invest in this scheme.
Tax Rules
You will have to pay tax on the income received in the SCSS scheme. However, by investing in this scheme you can reduce your tax liability.
Additional Information
The minimum investment amount of the SCSS scheme is ₹1,000 and the maximum investment limit is ₹30 lakh. The duration of the scheme is 5 years, which can be extended after 5 years. You can invest in this scheme only once.
Take advantage of the SCSS scheme
SCSS scheme is a safe and profitable investment option after your retirement. If you want to invest in this scheme, visit your nearest post office or bank today and find out more.