By investing a lump sum amount in Post Office Senior Citizens Savings Scheme Account (SCSS), you can arrange for regular income for yourself even after retirement. Currently, it is getting 8.2% annual interest. In this scheme, interest is given every 3 months. That is, you can get a maximum interest of up to Rs 61,500 in 3 months, which will be Rs 20,500 on a monthly basis. You can invest a maximum of Rs 30 lakh
Under Post Office Senior Citizens Savings Scheme, an account can be opened for just Rs 1000. You can invest a maximum of Rs 30 lakh in this scheme. This scheme is getting 8.2% annual interest. If you invest up to Rs 30 lakh in it, then you will get an annual interest of Rs 2,46,000 at the rate of 8.2%. Since the interest under this scheme is received on a quarterly basis, if we divide it in 3-3 months, it will be Rs 61,500. That is, every 3 months, Rs 61,500 will come in your account. Maturity period is 5 years
The maturity period of this scheme is 5 years. That is, you have to invest in this scheme for 5 years. However, you can close the account even before 5 years, but you 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 do not want to do this, then you can take your 30 lakhs. Interest money will come in your account
Interest is received on a quarterly basis. Which will come in your account on 1 April, 1 July, 1 October and 1 January. The amount of interest will come in your savings account located in the same post office. If the account holder does not withdraw the interest amount, then additional interest i.e. compound interest will not be available on such interest. You get the benefit of income tax exemption
By investing in this scheme, you can claim a deduction of Rs 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 your total taxable income by up to 1.5 lakhs through Section 80C. If you do not withdraw interest every three months, then you will get 42 lakhs instead of 30 lakhs
If you invest Rs 30 lakh in this scheme and do not withdraw interest every 3 months, then after 5 years it will become 42 lakh rupees. See here how much money you will get after 5 years of investing so much money… Any senior citizen can open an account
After 60 years of age or more, the account can be opened by going to the post office. However, a person taking VRS who is more than 55 years but less than 60 years can also open this account. Apart from this, people who have retired from Defence (Defence Department) and are above 50 years and below 60 years of age can also invest in this scheme. However, in this case, the investment has to be made within 1 month of retirement. Disclaimer: This story is for information only. We advise investors to consult experts before taking any investment decision.
