By Admin 
Post Office Senior Citizen Savings Scheme: Retirement means rest, fulfilling one’s hobbies and relaxing time with family. But for many people, this period brings worries about how their life will go on. As soon as the regular salary stops, the biggest question is how the expenses will be managed every month. In such a situation, there is a need for a scheme which is safe, reliable and also gives fixed income every month.
The Senior Citizen Savings Scheme of the Post Office has been created keeping this need in mind. This scheme especially keeps retired people in mind. Where there is no tension of market fluctuations and the money remains under government protection. If proper investment is made in this scheme, you can get a monthly income of Rs 20 thousand after retirement. Know the method.
Government security and strong interest
Senior Citizen Savings Scheme is fully supported by the Government of India. That means the risk of losing money in this is almost negligible. At present 8.2 percent annual interest is being given on this scheme. Which is more than the FD of many banks. The best thing is that once the account is opened, the interest rate remains fixed for 5 years.
Even if the races decrease in future, your investment will not be affected. Interest is paid directly into your account every three months. Due to which the elderly continue to get regular income. This is the reason why it is considered one of the most reliable options in retirement planning.
Who can invest?
Generally people of 60 years of age or above can invest in this scheme. If someone has taken VRS then they can invest money in it from the age of 55 years and people retired from defense services can also invest money in it from the age of 50 years. The minimum investment starts from Rs 1000 and the maximum limit is kept up to Rs 30 lakh.
This scheme is also useful for those doing tax planning. Because the money invested in this gets tax exemption up to Rs 1.5 lakh under Section 80C. You can easily open an account in your nearest post office or bank branch.
How to make monthly income of Rs 20500?
In this scheme, interest is given on quarterly basis. If a person invests the maximum limit i.e. Rs 30 lakh. So at the rate of 8.2 percent, the interest amount is around Rs 2,46,000 in a year. This means that every three months approximately Rs 61500 comes directly into the account. When this amount is divided into months.
So on an average the income is around Rs 20500 per month. Its maturity period is 5 years. Which can also be extended for further 3 years. There is also an option for premature withdrawal if needed. However, there is a penalty on that. In case of death of the account holder, the entire amount goes to the nominee.
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