Post office
Post Office for common investors has many great savings schemes. One of the same investment schemes is Senior Citizen Savings Scheme (SCSS). This is a great savings scheme for senior citizens. An Indian citizen above 60 years of age can invest in this scheme. At the same time, retired employees over 55 years and below 60 years can invest in this scheme. At the same time, retired defense personnel over the age of 50 years and below 60 years can invest in this scheme. However, the condition for these two is that they have invested within 1 month of receiving retirement benefits. This saving scheme is currently getting interest at the rate of 8.2%.
How to get a fixed pension of 20 thousand rupees
The minimum investment in the SCSS scheme is Rs 1,000 and a maximum of Rs 30 lakh. If you invest Rs 30 lakh at an interest rate of 8.2%, then you will get Rs 2.46 lakh annually, which is about Rs 20,000 per month. Interest is paid on a quarterly basis in April 1, July, October and January. If the account holder dies before maturity, the account is closed and the amount is given to the nominee.
More returns than FD
There is no risk on investment in post office as the government takes it guarantee. Along with this, it is a good thing that by investing in the SCSS scheme, you get more returns than the bank FD. Most banks have reduced interest on FD after RBI reduced the repo rate. In the middle, the SCSS scheme is a great option. Senior citizens can get fix returns by investing in this scheme. Post Office Senior Citizen Savings Scheme provides tax deduction of up to Rs 1.5 lakh under Section 80C of the Income Tax Act.
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