Earn up to Rs 20,500 every month from Senior Citizens:Offers 8.2% annual interest, understand the complete income calculation from it

The government has not changed the interest rates for Small Savings Schemes for April-June (Q1FY27). This means you will continue to receive the same interest as before. If you are a senior citizen and want to arrange a monthly income for yourself, then the Post Office Senior Citizens Savings Scheme Account (SCSS) will be suitable for you. By investing a lump sum amount in this scheme, you can arrange a regular income for yourself even after retirement. It offers an annual interest rate of 8.2%. Interest is paid every 3 months in this scheme. This means you can earn a maximum interest of up to Rs 61,500 in 3 months, which will be Rs 20,500 on a monthly basis. Maximum Investment of Rs 30 Lakh An account can be opened in the Post Office Senior Citizens Savings Scheme with just Rs 1000. A maximum of Rs 30 lakh can be invested in this scheme. This scheme offers an annual interest rate of 8.2%. If you invest up to 30 lakh rupees in this, you will get an annual interest of 2,46,000 rupees at 8.2%. Since interest under this scheme is paid on a quarterly basis, if we divide it into 3-month periods, it will be 61,500 rupees. This means 61,500 rupees will be credited to your account every 3 months. Maturity Period is 5 Years The maturity period of this scheme is 5 years. This means you have to invest in this scheme for 5 years. However, you can close the account before 5 years, but doing so will incur a penalty. Additionally, you can extend the account for 3-year periods for as long as you wish. If you do not wish to do so, you can withdraw your Rs 30 lakh. Interest money will be credited to your account Interest is paid on a quarterly basis. It will be credited to your account on April 1, July 1, October 1, and January 1. The interest amount will be credited to your savings account located in the same post office. If the account holder does not withdraw the interest amount, no additional interest, i.e., compound interest, will be earned on such interest. Benefit of Income Tax Exemption is available By investing in this scheme, you can claim a deduction of up to Rs 1.5 lakh from your total income under Section 80C of the Income Tax Act. To understand it in simple terms, you can reduce your total taxable income by up to Rs 1.5 lakh through Section 80C. If you don’t withdraw interest every three months, 30 lakh will become 42 lakh If you invest 30 lakh rupees in this scheme and do not withdraw interest every 3 months, it will become 42 lakh rupees after 5 years. See here how much money you will get after 5 years by investing how much money… Any senior citizen can open an account An account can be opened at the post office after the age of 60 years or more. However, a person who has taken VRS and is above 55 years but less than 60 years can also open this account. Additionally, those retired from Defense (Defense Department) who are above 50 years and below 60 years of age can also invest in this scheme. However, in this situation, investment must be made within 1 month of retirement. Disclaimer: This story is for informational purposes only. We advise investors to consult experts before making any investment decisions.