Senior Citizen Savings Scheme is for senior citizens.The same rate at which the investment is made is available for the entire tenure.In this, investors get interest of 8.2 percent.
New Delhi. You can decide today what your life will be like after retirement. To lead a good life, you need money as well as your loved ones. If you want a stable income after retirement, then Post Office Senior Citizen Savings Scheme is perfect for you.
In this scheme, you can start investing from Rs 1000. This scheme is specially designed for senior citizens. A very important eligibility criterion for investing in this scheme is that the age of the account holder should be 60 years or more. However, people taking VRS can invest even after 55 years. Apart from this, military personnel get concession of 5 more years in this. This means that they can start investing from the age of 50.
8.2 percent interest
This is a government scheme whose interest rate is also decided by the government. Currently, the government is giving 8.2 percent annual interest on this. Its interest rate is better than any FD. The higher the investment in this scheme, the higher the return. You can invest a maximum of Rs 30 lakh in this.
How to get 20,000 rupees monthly
If a senior citizen puts Rs 30 lakh in this scheme, he will get an annual interest of Rs 2.46 lakh. If we look at it on a monthly basis, it comes to Rs 20,000. If you want to take this money on a quarterly basis, then you will get Rs 61,500. If a person puts Rs 5 lakh, then he will get Rs 10,250 every quarter. You will also get the benefit of this scheme while paying tax. Under Section 80C of the Income Tax Act, you will get a tax exemption of up to Rs 1.5 lakh. Let us tell you that its interest is deposited in the account every year in the first week of April, July, October and January.
Tags: Senior citizen savings scheme, Small Saving Schemes
FIRST PUBLISHED : February 28, 2024, 06:14 IST