Even after retirement, everyone wants to have some income every month to fulfill their needs. If you are also looking for such a scheme in which you can plan your retirement, then the post office has brought a special scheme for you, named the Senior Citizen Savings Scheme (SCSS).
What is SCSS
The Senior Citizen Savings Scheme of the post office has been started especially for senior citizens. In this scheme, you have to deposit a lump sum amount. It is best for those who want to invest their hard-earned money safely and also want good returns. In this scheme, you have to invest your money for only 5 years.
How much interest do you get
In the Senior Citizen Savings Scheme, you get an annual interest of 8.2% for 5 years, which is much higher than the schemes of other banks.
Who can invest
Any senior citizen of the country whose age is more than 60 years can invest in this scheme. In this scheme, you can invest a minimum of Rs 1000 and the maximum investment can be up to Rs 30 lakh.
Who can open an SCSS account
In the Post Office Senior Citizen Savings Scheme, you can open a single account as well as a joint account for husband and wife. In this scheme, you also get the benefit of tax exemption under Income Tax Section 80C.
How much return will you get on an investment of Rs 13 lakh
Suppose a senior citizen invests Rs 13 lakh in the Post Office Senior Citizen Savings Scheme at the age of 60, then he will get an annual interest of 8.2% for 5 years.
According to this, he will get Rs 5,33,000 as interest only in 5 years, due to which the total return on maturity will be Rs 18,33,000. If you want, you can also withdraw this interest amount from your account every three months, for which you will get Rs 26,650.
So what are you waiting for
If you also want to plan for your retirement and want to invest your money safely, then go to your nearest post office today and invest in the Senior Citizen Savings Scheme. This is a great option through which you can spend your golden years with comfort and security.