A savings scheme called Senior Citizen Saving Scheme is run in the post office keeping senior citizens in mind. The specialty of this scheme is that it gives interest at the rate of 8.2%. Any Indian who has completed 60 years can invest in this scheme. Apart from this, retired employees above 55 years and below 60 years of age can invest in this scheme. Not only this, retired defense personnel above 50 years and below 60 years of age can also invest in this scheme. However, the condition for both is that they should have invested within 1 month of receiving retirement benefits. Let us know how the post office scheme is safe.
This is why it is considered safe
- It is considered safe because of government guarantee
- The interest rate in this is higher than the FD made in the bank
- Interest is available at the rate of 8.2%
You can invest this much amount
- You can invest from Rs 1,000 to Rs 30 lakh
- Tax deduction of up to Rs 1.5 lakh is available under Section 80C of the Income Tax Act
You can easily open an account
- You can easily open a Senior Citizen Saving Scheme account in any post office
- The investment period is 5 years
- Penalty may be imposed on closing it before time
- Age limit relaxation is given in some cases
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Get a pension of Rs 20,000 this way
The minimum investment in the Senior Citizen Saving Scheme is Rs 1,000, and the maximum is Rs 30 lakh. If you invest Rs 30 lakh, at an interest rate of 8.2%, you will get Rs 2.46 lakh annually. 2.46 lakh which is approximately Rs 20,000 per month. Interest is paid quarterly on 1 April, July, October and January. If the account holder dies before maturity, the account is closed and the amount is given to the nominee.
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