Government Scheme Senior Citizen Saving Scheme: After retirement, everyone wants that their savings give them a permanent and safe income. The Post Office Senior Citizen Saving Scheme (SCSS) is a great opportunity to fulfill this need. Through this scheme, senior citizens can earn up to Rs 20,500 every month. They will get this income regularly for five years.
How does the SCSS scheme work?
You need a minimum of Rs 1,000 to start investing in Senior Citizen Savings Scheme (SCSS). A maximum investment of up to Rs 30 lakh can be made in this scheme. In return, you get the benefit of interest rate of 8.2% every year. This interest is much better than other saving plans.
How much interest will you get on how much investment?
If a person invests Rs 30 lakh in this scheme, he will get Rs 2.46 lakh annually as interest. This amount will be equal to approximately Rs 20,500 every month. In this way, this scheme can become a strong source of secure income after retirement.
Who can invest in SCSS
This scheme is for those citizens who are 60 years of age or above.
People aged between 55 to 60 years, who have taken voluntary retirement (VRS), can also invest in this scheme.
Retired personnel from Defense Services, who have retired at the age of 50 years. They can also take advantage of this scheme.
This account can be opened as a personal or joint account. In a joint account, the spouse also gets the benefit of this scheme.
How to open SCSS account
Senior citizens can open their SCSS account by visiting the post office or any bank. It is mandatory to deposit at least Rs 1,000 to open an account. After this you can invest in multiples of Rs 1,000, but the maximum limit is Rs 30 lakh.
How to get the benefit of interest?
Under the scheme, 8.2% interest is available annually.
This interest can be given to you on monthly or quarterly basis.
For example, if you invest Rs 30 lakh, you will get interest of around Rs 20,500 every month.
Benefits of SCSS
high interest rates: This scheme offers higher interest compared to other savings schemes.
Investment Security: Your money remains completely safe because this is a government scheme.
Source of regular income: Fixed income received every month helps in meeting the expenses after retirement.
Benefits of joint account: By opening an account with the spouse, both people can avail the benefits of this scheme.
Why invest in this scheme?
Post Office Senior Citizen Saving Scheme is a reliable and safe option. This scheme not only offers higher interest rates but also simplifies the post-retirement expenses of the senior citizen. If you want stable and regular income after retirement, then this plan can be a great option for you.
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