Earn ₹20,500 every month from Senior Citizens Savings Scheme:From minimum investment to interest – get all details here

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 right for you. This scheme is designed to keep lump sum capital safe after retirement and provide regular income on a quarterly basis. Due to government guarantee, the risk is almost zero. It is currently offering 8.2% annual interest. In this scheme, interest is paid every 3 months. Can invest a maximum of ₹30 lakh An account can be opened in the Post Office Senior Citizens Savings Scheme with just 1,000. You can invest up to a maximum of ₹30 lakh in this scheme. This scheme is offering 8.2% annual interest. If you invest up to ₹30 lakh in this, you will get an annual interest of ₹2,46,000 at the rate of 8.2%. Since interest under this scheme is received on a quarterly basis, if we divide it into 3-3 months period, it will be ₹61,500. That means every 3 months, ₹61,500 will be credited to your account. The maturity period is 5 years The maturity period of this scheme is 5 years. That means you have to invest in this scheme for 5 years. However, you can close the account even before 5 years, but you will have to pay a penalty for doing so. Apart from this, you can extend the account for 3-3 years as long as you want. If you don’t want to do this, you can withdraw your ₹30 lakh. Interest money will be credited to your account Interest is received on a quarterly basis. Which will be credited to your account on 1st April, 1st July, 1st October and 1st January. 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, then compound interest will not be earned on such interest. Benefit of income tax exemption is available By investing in this scheme, you can claim a deduction of ₹1.5 lakh from your total income under Section 80C of the Income Tax Act. In simple language, understand it like this: you can reduce up to 1.5 lakh from your total taxable income through Section 80C. If you don’t withdraw interest every three months, ₹30 lakh will become ₹42 lakh If you invest ₹30 lakh in this scheme and don’t withdraw the interest every 3 months, then after 5 years it will become ₹42 lakh. See here how much money you will get after 5 years on investing different amounts… Any senior citizen can open an account After 60 years of age or more, an account can be opened by visiting the post office. However, a person who has taken VRS and is more than 55 years but less than 60 years can also open this account. Additionally, those who have retired from Defense Department and are more than 50 years old and less than 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 information purposes only. We advise investors to consult with experts before making any investment decisions.