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Post Office SCSS Scheme Benefits: The Post Office Senior Citizen Savings Scheme not only offers good interest but also provides income tax relief on investments made in it.
Everyone saves some of their income and plans to invest it in a way that ensures safe and high returns. Savings schemes run by the Post Office are quite popular in this regard. These schemes cover everyone from children to youth, women, and the elderly. The Post Office Senior Citizen Savings Scheme is unique because investing in it can earn up to ₹20,500 per month from interest alone. Tax benefits are also available. Let’s learn more about it…
Guaranteed Regular Monthly Income
The Post Office Senior Citizen Scheme is among the most popular post office savings schemes for its unique feature: a lump-sum investment guarantees a monthly income of over ₹20,000. This ensures a guaranteed monthly income, eliminating financial difficulties after retirement.
Interest Rates of Over 8%, Plus Tax Deductions
This post office scheme also offers excellent interest rates from the government on deposits. Investors receive an annual interest rate of 8.2%. This ensures a regular monthly income on your investment. The special feature is that it offers a much higher interest rate than fixed deposits offered by many banks. Furthermore, investments made under this scheme also receive an income tax benefit from the government, up to ₹1.5 lakh under Section 80C.
This is the age limit for investment.
Investing in this government scheme can ensure a comfortable old age without financial stress. Regarding the age limit, anyone aged 60 or older can open a single or joint account. Additionally, individuals aged 55 to 60 who have taken VRS from civil sector government positions, or individuals aged 50 to 60 who have retired from the defense sector (Army, Air Force, Navy, and other security forces) can open an account.
Earn 2.46 Lakhs from Home
Now let’s discuss the annual interest income and how you can generate a regular monthly income by investing in this post office scheme. For example, suppose you invest 30 lakh rupees in one lump sum. At the government-prescribed interest rate of 8.2%, this investment will generate an annual interest of 2.46 lakh rupees. Divide this amount monthly by a guaranteed monthly income of 20,500 rupees. The maturity period of this scheme is 5 years.
Account Closure Facility
An account under the Post Office SCSS Scheme can be opened at any nearby post office branch. Investors are also given the option to close the account at any time after opening. However, there are rules in place that state that if the account is closed within less than one year of opening, no interest will be earned on the investment amount.
If you close it after completion of 1 year or between 2 years, then 1.5% will be deducted from the interest amount, similarly, if you close it between 2 to 5 years, then 1% of the interest amount will be deducted.
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