Senior Citizen Saving Scheme: After retirement, everyone wants that their savings give them a permanent and safe income. Post Office’s Senior Citizen Saving Scheme (SCSS) is a great opportunity to fulfill this need. Through this scheme, senior citizens can earn up to Rs 20,500 every month

Sarkari Yojana Senior Citizen Saving Scheme: After retirement, everyone wants that their savings give them a permanent and safe income. Post Office’s Senior Citizen Saving Scheme (SCSS) is a great opportunity to fulfill this need. Through this scheme, senior citizens can earn up to Rs 20,500 every month. They will get this income regularly for five years.

How does SCSS scheme work?

You need a minimum of Rs 1,000 to start investing in Senior Citizen Saving Scheme (SCSS). A maximum of Rs 30 lakh can be invested in this scheme. In return, you get the benefit of an interest rate of 8.2% every year. This interest is much better than other savings schemes.

How much interest will be received on how much investment

If a person invests Rs 30 lakh in this scheme, he will get Rs 2.46 lakh annually as interest. This amount will be equal to about Rs 20,500 every month. In this way, this scheme can become a strong source of secure income after retirement.

Who can invest in SCSS

This scheme is for those citizens whose age is 60 years or more.

People aged 55 to 60 years, who have taken voluntary retirement (VRS), can also invest in this scheme.

Retired employees from defense services, who have retired at the age of 50. They can also take advantage of this scheme.

This account can be opened as a personal or joint account. In a joint account, the spouse also gets the benefit of this scheme.

How to open SCSS account

Senior citizens can open their SCSS account by going to the post office or any bank. It is mandatory to deposit a minimum of Rs 1,000 to open an account. After this, you can invest in multiples of 1,000, but the maximum limit is Rs 30 lakh.

How will you get the benefit of interest?

Under the scheme, 8.2% interest is available annually.

This interest can be given to you on a monthly or quarterly basis.

For example, if you invest Rs 30 lakh, you will get interest of about Rs 20,500 every month.

Benefits of SCSS

High interest rate: This scheme offers higher interest than other savings schemes.

Security of investment: Your money is completely safe as it is a government scheme.

Source of regular income: The fixed income received every month helps in meeting the expenses after retirement.

Benefit of joint account: Both people can avail the benefits of this scheme by opening an account with the spouse.

Why invest in this scheme?

Post Office Senior Citizen Savings Scheme is a reliable and safe option. This scheme not only offers high interest rates but also makes the post-retirement expenses of senior citizens easier. If you want stable and regular income after retirement, then this plan can be a great option for you.