Post Office Scheme : After retirement, many people worry about having a regular source of income. If you are one of them, then you must know about the Post Office Senior Citizen Savings Scheme (SCSS). Through this scheme, senior citizens can earn up to ₹2,46,000 per year. Apart from this, the scheme offers several other benefits as well. Read below to know all the details
What Do You Need to Do to Earn?
SCSS is specially designed for senior citizens. To earn income through this scheme, you need to deposit a fixed amount. Your earnings come from the interest on this deposit. Generally, the investment is made for 5 years, but if you wish, you can extend it for another 3 years.
Post Office Scheme : Three Major Benefits of the Scheme
Investing in this Post Office scheme offers three major benefits.
First, it provides an attractive interest rate, helping you earn a good income.
Second, the deposited amount is completely safe and is returned to you after maturity.
Third, the scheme also offers tax benefits
How Much Can You Invest?
Under SCSS, you can invest a maximum of ₹30,00,000, while the minimum investment amount is ₹1,000. Currently, the scheme offers an interest rate of 8.2% per annum.
How to Earn ₹2,46,000 Annually
As mentioned earlier, you can deposit up to ₹30,00,000 in this scheme. Most retirees receive a lump sum amount at the time of retirement. If you invest ₹30,00,000 in SCSS at an interest rate of 8.2% for 5 years, you will earn ₹12,30,000 as total interest over five years.
₹12,30,000 ÷ 5 = ₹2,46,000 per year
This way, you can earn ₹2,46,000 annually
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