There are many great saving schemes available in the post office for common investors, out of which the Senior Citizen Savings Scheme (SCSS) is a major option. This scheme is designed for Indian citizens above 60 years of age. Apart from this, retired employees above 55 years and below 60 years of age are also allowed to invest in it. This scheme offers safe and attractive interest rates.

At the same time, retired defense personnel above 50 years of age and below 60 years of age can invest in this scheme. However, the condition for both of them is that they have invested within 1 month of receiving retirement benefits. This saving scheme is currently getting interest at the rate of 8.2%.

How to get a fixed pension of Rs 20 thousand-

The minimum investment in the SCSS 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, which is about Rs 20,000 per month. Interest is paid every quarter on April 1, July, October and January. If the account holder dies before maturity, the account is closed and the amount is given to the nominee.

Higher returns than FD-
Investing in post office is safe, as it is guaranteed by the government. Apart from this, by investing in Senior Citizen Savings Scheme (SCSS), you get higher returns than bank fixed deposits (FD). After the recent reduction in repo rate by RBI, most banks have reduced interest rates on FD. In the meantime, the SCSS scheme is a great option. Senior citizens can get fixed returns by investing in this scheme. Post Office Senior Citizen Savings Scheme offers a tax deduction of up to Rs 1.5 lakh under Section 80C of the Income Tax Act.

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