Post Office Scheme: The Post Office Senior Citizen Savings Scheme offers senior citizens a good investment with fixed interest. You can earn around 20,000 rupees per month.

Financial planning becomes a major issue after retirement. Active income stops, and expenses remain the same. Therefore, people need a scheme that provides enough money to cover their monthly expenses.

After retirement, there is less scope for taking on high risk. Therefore, most senior citizens prefer government-backed options. If you are also looking for such a scheme, the Post Office Senior Citizen Savings Scheme can be very useful for you.

This is a scheme specifically designed for retired people. The investment is guaranteed by the government. This means your money is completely safe and the returns are predetermined. The special feature of this scheme is its predictable returns. There are no fluctuations like the stock market.

Once an account is opened, the applicable interest rate is locked in until maturity. Therefore, there is no worry about future rate reductions. This is why many people consider it a better option than bank FDs.

Currently, this scheme offers an annual interest rate of 8.2 percent. This rate is higher than many bank fixed deposits. Interest is credited to your account on a quarterly basis, ensuring a regular income flow. This feature proves very useful for retired individuals.

Any Indian citizen aged 60 years or above can invest in this scheme. A husband and wife can also open a joint account. Age relaxation is also available in some cases, such as for VRS applicants or defense retirees. This allows more people to benefit from this scheme.

If a senior citizen invests a maximum of Rs 30 lakh through a joint account. So, at 8.2%, the annual interest rate is ₹246,000. This is paid quarterly as ₹61,500. This means an average, stable monthly income of approximately ₹20,500, all without risk.