The government has not changed the interest rates of small savings schemes for July-September (Q2FY26). That is, you will continue to get the same interest as before. If you want to arrange monthly income for yourself after or before retirement, then Post Office Senior Citizens Savings Scheme Account (SCSS) will be right. By investing a lump sum in Post Office Senior Citizens Savings Scheme Account (SCSS), you can arrange regular income for yourself even after retirement. Currently, it is getting 8.2% annual interest. Interest is paid every 3 months in this scheme. 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
An account can be opened for just Rs 1000 under the Post Office Senior Citizens Savings Scheme. You can invest up to 30 lakh rupees in this scheme. This scheme is giving 8.2% annual interest. If you invest up to 30 lakh rupees in it, then you will get an annual interest of 2,46,000 rupees at the rate of 8.2%. Since interest is given under this scheme on a quarterly basis, if we divide it in 3-3 months, then it will be 61,500 rupees. That is, 61,500 rupees will come in your account every 3 months. The 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 your 30 lakh can be taken by yourself. Interest money will come in your account
Interest is given on a quarterly basis. Which will come to your account on 1 April, 1 July, 1 October and 1 January. The interest amount will come to 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. Income tax exemption benefit is available
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 for 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 on investing how 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 above 55 years but below 60 years can also open this account. Apart from this, people who have retired from Defense (Defense Department) and are above 50 years and below 60 years of age can also invest in this scheme. However, in this situation, 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.
