If you want an option that gives you a fixed income every month after retirement and also protects you from risk, then the Post Office’s Senior Citizen Savings Scheme is a great option for you. But you must read the terms and conditions before investing.

Post Office Scheme: If you are looking for a scheme that will give you a fixed income every month after retirement, then this news may be of use to you. This scheme is the Post Office’s Senior Citizen Savings Scheme. This is a scheme in which you will get a pension of Rs 20,500 every month. This scheme has been specially designed for senior citizens, so that they do not have to worry about money in any way, even after retirement.

Post Office Scheme

If you want an option after retirement that gives you a fixed income every month and also protects you from risk, then the Post Office’s Senior Citizen Savings Scheme is a great option for you. But you must read the terms and conditions before investing.

There will be an income of Rs 20,500 every month.

If you invest a maximum of Rs 30 lakh in this scheme, then you will get an interest of about Rs 2 lakh 46 thousand annually. This means that Rs 20,500 will be deposited in your bank account every month. The interest rate of this scheme is 8.2 per cent, which is one of the highest rates available in any government scheme.

How much will you have to invest?t

Earlier, er the limit of investment in this scheme was Rs 15 lakh, but now it has been increased to Rs 30 lakh. In this scheme, investment has to be made once, and interest comes to your account every quarter. If you want, you can use it for your monthly expenses. Who can invest? in it

To invest in this, you should be 60 years of age o,r above and you should be an Indian citizen. People aged 55 to 60 years who have retired. You can open this account by going to the post office or bank.

What will be the impact?t on tax

You have to pay tax on the interest income received in this scheme. However, the investment amount is eligible for tax exemption of up to Rs 1.5 lakh under80cction 80c.

What is the period of the scheme?

The period of this scheme is up to 5 years, after 5 years you can extend it for 3 more years. In this, you can withdraw money before time, but there will be a penalty for this.