If you are planning for a steady monthly income after retirement, here’s some great news. The Post Office Senior Citizen Savings Scheme could be the perfect option for you. This scheme offers guaranteed monthly income along with a safe investment opportunity. If you are looking for financial security after retirement, this scheme can be highly beneficial.
Income of ₹20,500 per Month
The current annual interest rate for the Post Office Senior Citizen Savings Scheme is 8.2%. If you invest the maximum amount of ₹30 lakh in this scheme, you will earn a yearly interest of ₹2,46,000. This means ₹20,500 will be deposited into your bank account every month, ensuring guaranteed monthly income for life with a one-time investment.
Investment Limit and Tenure
Earlier, the maximum investment limit was ₹15 lakh, but it has now been increased to ₹30 lakh. The tenure of the scheme is 5 years, which can be extended by another 3 years.
Who Can Invest?
- Only Indian citizens can invest in this scheme.
- Individuals aged 60 years or above are eligible.
- Employees who have opted for voluntary retirement between the ages of 55 and 60 can also invest.
- You can apply for this scheme easily by visiting the nearest post office or authorized bank.
Why Invest in This Scheme?
- Zero Risk: The scheme is backed by the central government, ensuring complete safety.
- Guaranteed Income: It provides a regular monthly income to cover expenses after retirement.
- Attractive Interest Rate: The scheme offers an 8.2% interest rate, the highest among government-backed savings schemes.
- Flexible Tenure Extension: After the initial 5 years, the tenure can be extended for 3 more years.
Is Tax Applicable?
As per government regulations, the income earned from this scheme is taxable. However, certain tax exemptions can reduce your tax liability.
Secure Your Future
If you want a safe and reliable income after retirement, this scheme is an excellent choice. It not only guarantees financial stability but also offers peace of mind for your golden years.