Post Office Scheme: Invest once in this superhit scheme, and you will get more than Rs 20,000 every month
Post Office Scheme: The government operates a number of programs via the post office, including tax benefits and substantial returns. The majority of people in the nation participate in these post office-sponsored modest savings plans since they are regarded as secure options for investments. These schemes provide a variety of earning streams in addition to large returns.
We’re going to tell you about one such post office plan today that will provide you with a monthly salary. You will get the money as monthly income after making your first investment in this system. In actuality, we are discussing the post office’s Senior Citizen Savings Plan. With this plan, you will get a set monthly income when you retire. You have five years to get Rs 20,500 per month.
What is the Current Interest Rate?
Seniors who invest in the Senior Citizens Savings Scheme may get a monthly income of up to Rs 20,000. The interest rate under this plan is 8.2 percent, and it is adjusted quarterly. On the other hand, this interest rate is determined annually. In all government schemes, this is the maximum interest rate offered. It takes five years to reach adulthood. Additionally, it might be increased after five years. Over 60-year-old Indian nationals are eligible to invest a flat sum in this initiative.
How much can you invest?
The maximum investment amount under this plan, which was previously set at Rs 15 lakh, has now been raised to Rs 30 lakh. You may expect to get around Rs 2,46,000 in interest per year if you invest Rs 30 lakh. Under such circumstances, your monthly income would be Rs 20,500. It ensures consistent monthly income upon retirement.
Who is eligible to invest?
You may get in touch with the local bank and post office to invest under this initiative. Investors in the SCSS program must be at least 60 years old. Additionally, a person may start an account there if they want to voluntarily retire at the age of 55 to 60.
How much tax will have to be paid?
Participants in this plan are required to pay income tax. Additionally, the SCSS plan offers the tax-saving option, allowing you to lower your tax obligation. For further details about this program, go to the post office’s official website. Contacting the post office agent is another option.
