Post Office Scheme: Post Office has many schemes which can give you monthly income. The name of one such scheme of Post Office is Senior Citizen Saving Scheme. This post office scheme gives a fixed income every month to senior citizens.
Post Office Scheme: Post Office has many schemes which can give you monthly income. The name of one such scheme of Post Office is Senior Citizen Saving Scheme. This post office scheme gives a fixed income every month to senior citizens. However, this scheme has some terms and conditions. Know here how much money you will get on how much investment in the Post Office Monthly Scheme.
Senior Citizen Saving Scheme
You can start investing a minimum of Rs 1000 in the Post Office Senior Citizen Saving Scheme. Investors can invest a maximum of Rs 30 lakh in it. The money you get every month in this scheme will depend on your investment. By investing in this scheme you will get exemption under 80C.
This scheme will be useful for the elderly
This scheme of the post office has been made keeping in mind the people of 60 years of age so that they can get regular income after retirement. This scheme is also for those who have taken VRS. The government is currently giving interest at the rate of 8.2 percent on this scheme. In this scheme, if senior citizens deposit Rs 15 lakh together, they can earn Rs 10,250 every quarter. In 5 years you will earn up to Rs 2 lakh just from interest. If you invest your retirement money i.e. maximum Rs 30 lakh in this, then you will get interest of Rs 2,46,000 annually. That means you will get Rs 20,500 on monthly basis and Rs 61,500 on quarterly basis.
Calculation of Senior Citizen Saving Scheme
Money deposited together: Rs 30 lakh
Period: 5 years
Interest Rate: 8.2%
Money on maturity: Rs 42,30,000
Interest income: Rs 12,30,000
Quarterly Income: Rs 61,500
Monthly income: Rs 20,500
Annual interest – 2,46,000
Benefits of SCSS Scheme
This savings scheme is a small savings scheme run by the Government of India. In this, under Income Tax Act section 80C, investors get the benefit of tax exemption up to Rs 1.5 lakh every year. Interest is available at the rate of 8.2% every year. In this, interest money is received every 3 months. Interest is credited to the account on the first day of April, July, October and January every year.
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