Post Office Senior Citizens Savings Scheme : If you want to save your money and plan for retirement, then worry no more. The Post Office has brought you a scheme that will completely eliminate your retirement stress. After depositing money in this scheme, you will spend your old age comfortably.
We are going to talk about the Post Office Senior Citizens Savings Scheme, which offers an annual interest rate of up to 8.2%. This government-backed investment option provides you with a safe and secure income after the age of 60. Under this scheme, you can invest from ₹1,000 to ₹30 lakh after the age of 60, with interest payments quarterly. This scheme is for 5 years, and if you wish, you can extend it by 3 years. Let’s learn more about this scheme in detail.
What is Post Office Senior Citizens Savings Scheme?
Post Office Senior Citizens Savings Scheme ( SCSS ) is a government-backed scheme that provides you with a suitable investment option. Senior citizens aged 60 years and above can apply for this scheme, and retired employees aged 55 years can also apply. You can invest a minimum of Rs 1000 to a maximum of Rs 30 lakh, offering an annual interest rate of 8.2% per annum.
Interest is paid quarterly, and the tenure of this scheme is for 5 years, which can be extended for 3 years. You can also open a joint account, and you also get tax exemption under Section 80C of the Income Tax Act.
How much can be invested in this scheme?
A minimum investment of ₹1000 to up to ₹30 lakh can be made in the Post Office Senior Citizens Savings Scheme. Earlier, only ₹15 lakh could be invested in it, which has now been increased to ₹30 lakh. You can take this scheme after retirement or people aged 60 years and above can invest in it and people who have retired at the age of 55 can also invest in it, in which an interest rate of 8.2% is given annually.
Benefits of the Post Office Senior Citizens Savings Scheme
The Post Office Senior Citizens Savings Scheme has many benefits. Let’s learn more about it-
- Investing in this scheme is a safe option because it is government-backed, so your money is protected and you receive high returns.
- This scheme benefits senior citizens, meaning those above 60 years of age can access a steady source of income.
- Retired employees can also choose this option for a stable income.
- This scheme offers attractive interest rates, up to 8.2% per annum, which is much better than any other scheme.
- You can open a joint account with your husband and wife under this scheme.
- You also get the benefit of tax exemption under Section 80C.
How to open an account
Opening an account in Post Office Senior Citizens Savings Scheme is very easy. You can go to your nearest post office or any authorized bank branch and take the application form of this scheme and attach all your necessary information and photocopies of all the necessary documents with it and you can apply for it by submitting it in the post office.
