Everyone dreams of a comfortable life after retirement. In such a situation, people want to invest in a place where their money is safe and they also get good returns. India Post's Senior Citizens Savings Scheme (SCSS) is very popular for this reason.
The biggest feature of this scheme is its security. The money deposited in it is completely protected by the government. At present, this scheme is offering 8.2% annual interest, which is more than the common bank FD.
In this scheme, you can open an account with ₹ 1,000 and invest up to a maximum of ₹ 30 lakh. Besides, tax exemption of up to ₹ 1.5 lakh is also available under Section 80C of the Income Tax Act.
People aged 60 years or above can invest in this scheme. Husband and wife can also open a joint account. At the same time, VRS takers (55+ age) and defense personnel (50+ age) are also allowed to invest in it.
The maturity of this scheme is 5 years, which can later be extended for 3 years. In this, interest is received every three months, due to which regular income is maintained.
If you withdraw money before 5 years, you have to pay penalty. In case of death of the account holder, the entire amount goes to the nominee.
If you invest around ₹25 lakh in this scheme, you will get around ₹51,250 interest every three months. That means on an average there can be a regular income of around ₹ 17,000 every month. Post Office SCSS Scheme is a good option for regular income with safe investments, especially for financial stability after retirement.
