In the current age of inflation, individuals seek to set aside a portion of their income and put it in a secure investment that provides favorable returns. However, certain individuals invest believing they will maintain a steady income during their retirement years. To avoid encountering any form of financial difficulty. In this scenario, the SCSS scheme offered by the post office is highly favored, particularly among senior citizens, as it provides over 8 percent interest annually on investments.
An interest rate of 8.2 percent will be offered
The post office offers various savings schemes tailored for all age groups, ensuring not only a secure investment backed by the government but also often providing higher interest rates than traditional fixed deposits offered by many banks. In addition to this, there are programs designed to guarantee a steady income for senior citizens at the post office. The Post Office Senior Citizen Savings Scheme is a unique program that allows you to earn up to Rs 20,000 monthly through your investments.
Discussing the interest rate in POSSC, the government offers an attractive rate of 8.2 percent to investors.
Begin investing with only Rs 1000
The Post Office Senior Citizen Savings Scheme remains a popular option for consistent income, secure investment, and tax advantages. By creating an account there, you can begin investing with as little as Rs 1,000. Simultaneously, the upper investment cap in this Senior Citizen Savings Scheme has been set at Rs 30 lakhs. This postal service plan can be quite beneficial in maintaining financial stability after retirement.
Maturity period of the scheme is 5 years
In this post office scheme, the investor has to invest for 5 years. On the other hand, if this account is closed before this period, then according to the rules, the account holder has to pay a penalty. You can easily open your SCSS account by visiting any of the nearest post offices. Under this scheme, age limit relaxation has also been given in some cases. For example, the VRS recipient can be above 55 years of age and less than 60 years of age at the time of opening the account, while retired defence employees can invest above 50 years and below 60 years of age. However, some conditions have also been laid for this.
This is how you will earn Rs 20,000 every month
In this post office scheme, an investor can start investing with just Rs 1000 and a maximum of Rs 30 lakh can be invested in it. The deposit amount is fixed in multiples of 1000. Now, if you look at the calculation of earning Rs 20,000 regularly from this scheme, then according to the interest rate of 8.2 percent, if a person invests about Rs 30 lakh, then he will get an interest of Rs 2.46 lakh annually and if this interest is calculated on a monthly basis, then it comes to around Rs 20,000 per month.
