New Delhi1 hour ago
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You can arrange a regular income even after retiring for yourself by applying a lump sum money in the post office Senior Citizens Savings Scheme Account (SCSS). Right now it is getting 8.2% annual interest on it.
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.
Maximum Rs 30 lakh can invest 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 getting 8.2% annual interest.
If you invest up to 30 lakh rupees in it, then you will get interest of Rs 2,46,000 annually at 8.2%. Since interest under this scheme is available on a quarterly basis, it will be Rs 61,500 if we distribute it in 3-3 months. That is, 61,500 rupees will come to your account every 3 months.
Maturity period remains 5 years old The maturity period of this scheme is 5 years old. That is, in this scheme you have to invest for 5 years. Although you can close the account even before 5 years, but by doing so you have to pay a penalty. Apart from this, you can move the account for 3-3 years until you want. If you do not want to do this, then you can take 30 lakhs.
Interest money will come in your account Interest is available 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 on such interest will not be available.
Income tax exemption gets benefits On investing in this scheme, you can claim a cut of Rs 1.5 lakh from your total income under Section 80C of the Income Tax Act. Understand this in easy language, you can reduce your total taxable income by 1.5 lakhs through section 80C.
If you do not withdraw interest every three months, you will get 42 lakhs worth 30 lakhs If you invest 30 lakh rupees in this scheme and do not withdraw interest every 3 months, then it will be 42 lakh rupees after 5 years. See how much money you will get after 5 years on investing here…
Any senior citizen can open an account After 60 years or older, the account can be opened by going to the post office. However, the person taking VRS who is more than 55 years but less than 60 years can also open this account.
Apart from this, people can also invest in this scheme more than 50 years and below 60 years of age. However, in this situation one has to invest within 1 month of retiring.
Disclaimer: This story is only for information. We advise investors to consult experts before taking any investment decision.
