Post Office Senior Citizen Savings Scheme: Earn up to ₹20,000 every month from home with this scheme
Post Office Senior Citizen Savings Scheme: Everyone wants to set aside a portion of their income in the current inflationary climate and put it in a secure investment that yields a healthy return. However, some individuals invest with the belief that they would have a steady income in their later years, preventing them from experiencing any financial difficulties. In this instance, the Post Office‘s elderly Citizen Saving Scheme, which is specifically for elderly persons, is very well-liked and offers an annual interest rate of over 8%.
You will get Great Interest
The Post Office offers savings plans in a variety of categories for all age groups. In addition to the government’s assurance of a secure investment, these plans provide higher interest rates than FDs offered by many banks. In addition, the Post Office has programs in place to guarantee that elderly people get a consistent income. One such unique program is the Post Office Senior Citizens Savings Scheme, which allows you to invest and earn up to Rs 20,000 every month. Regarding the interest rate offered by POSSC, investors may take advantage of a fantastic 8.2 percent rate from the government.
Start Investing from Rs 1000
A popular option for consistent income, secure investments, and tax exemption is the Post Office Senior Citizen Savings Scheme. You may begin investing with a minimum of Rs 1,000 by creating an account with it. At the same time, Rs 30 lakh has been set as the maximum investment amount in this Senior Citizens Savings Scheme. Maintaining financial stability after retirement may be greatly aided by this post office program. This allows you to create a joint account with your spouse or with anybody who is 60 years of age or older. Section 80C of the Income Tax Act grants an annual tax exemption of up to Rs 1.5 lakh to an individual who invests in SCSS.
Investment will have to be made for 5 years
Those who invest in this Post Office plan must do so for a period of five years. However, the laws stipulate that the account holder must pay a penalty if the account is canceled before this time. You may simply open your SCSS account by visiting the post office that is closest to you. In some instances, the age restriction has also been loosened under this plan. For instance, a person who is on VRS may be older than 55 but younger than 60 at the time of account opening, and retired military personnel may invest at any age between 50 and 60, albeit there are restrictions in place.
20000 Rupees Per Month Income
An investor may begin investing as little as Rs 1000 in this Post Office Scheme and may invest up to Rs 30 lakh. The amount of the deposit is set in multiples of 1000. Now, if we calculate that a person will earn Rs 20,000 per month from this scheme, then he will receive an annual interest of Rs 2.46 lakh if he invests around Rs 30 lakh at an interest rate of 8.2 percent. If we calculate this interest on a monthly basis, it comes to about Rs 20,000 per month.
Let us inform you that this plan has a clause requiring interest to be paid every three months. Interest is paid in this on the first of each of the following months: April, July, October, and January. The account is closed and all funds are transferred to the nominee listed in the documentation if the account holder passes away before the maturity time is over.
