Post Office Scheme: Invest in this great scheme of post office today and you will become rich
Post Office Scheme: Earning a passive income every month after retirement is a challenging task for individuals already on the job. However, if the money is well invested while still in employment, then such a task will also become simpler and the individual will still have funds to earn to pay monthly allowances even in retirement age. One such program which we would cover now is such that investing a huge sum of amount can get you net earnings every month. This is a government plan based on the basic savings scheme. This scheme is popularly accepted as one of the best solution for retirement preparedness.
The Senior Citizen Savings Scheme is one of the most progressive ideas proposed by the Post Office. Under this financial scheme, older persons are able to get around 20,000 rupees per month for a period of five years. Together with this system, there is also an interest attached where the government pays 8.2 percent. The maturity period of the SCSS scheme is of five years. There is no restriction on the investment of capital through the medium of a single time investment instead of calls or instalments.
People who are a bit older are entitled to allowances in this post office saving schemes. The eligibility to participate requires one to be over 60 years. Currently, this plan earns 8.2% return. Any Indian who is at least 60 years is permitted under this plan to make such one time investment. This project encourages investment of up to Rs 30 lakh which was earlier Rs 15 lakh only.
How to get money every month
In Senior Citizen Savings Scheme Rs 30 lakh can be invested wherein you may receive as much as an interest of Rs 2 lakh 46 thousand per annum. This if computed into months amounts to 20, 500. Anyone between the ages of 55 and 60 who is on voluntary retirement, may also apply for an account, under the scheme. You may get deposit this post office account by visiting the nearest post office which is identified to you.
Will have to pay this much tax
With regard to the income obtained under this program, taxes also apply. TDS will not be deducted from the interest if Form 15G/15H has been submitted, but it will be deducted if the interest in this savings scheme goes beyond Rs 50,000.
