Post Office Scheme: If you are looking for a plan that gives a fixed income every month after retirement? The post office scheme will get Rs 20,500 every month. The Senior Citizen Savings Scheme (SCSS) of Post Office is a similar scheme in which Rs 20,500 will be pensioned every month. This scheme is specially made for senior citizens, so that even after retirement they do not worry about money in any way.
Post office scheme
After retirement, if you want an option that gives a fixed income every month and also protects against the risk, then the post office Senior Citizen Savings Scheme (SCSS) may be perfect for you. Be sure to read all the conditions of the scheme before investing and take full advantage of the benefits of the scheme.
Income up to Rs 20,500 every month
If you invest a maximum of 30 lakh rupees under the SCSS scheme, then you will get an interest of about 2 lakh 46 thousand rupees annually. This means that regular income of about 20,500 rupees will be deposited in your bank account every month. The interest rate of this scheme is 8.2 percent, which is one of the highest rates available in any government scheme.
How much will you have to invest?
Earlier the investment limit in SCSS was Rs 15 lakh, but now it has been increased to Rs 30 lakh. This scheme has to invest together and interest comes to your account every quarter. If you want, you can use it as monthly expenses.
Who can invest?
Indian citizen aged 60 years or older
People between 55 and 60 years of age have taken retirement (VRS).
The account can be opened in a post office or an authorized bank.
What will be the effect on tax?
Taxes have to be paid on interest income from SCSS
However, the investment amount is eligible for tax exemption of up to Rs 1.5 lakh under Section 80C.
Plan period
The period of this scheme is 5 years old.
After 5 years you can increase it for 3 years.
It is also possible to withdraw money ahead of time, but it will be fined.
Why is this plan special?
Safe government scheme
Fixed monthly income
Tax exemption advantage
Best option for regular income after retirement.
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