Post Office: This is an amazing saving scheme of Post Office, invest and get a fixed monthly pension of Rs 20,000

The investment period in SCSS is 5 years. There is a penalty for premature closure. You can easily open a SCSS account in any post office. Age limit is relaxed in some cases.

Post Office has many great saving schemes for common investors. One of those investment schemes is Senior Citizen Savings Scheme (SCSS). This is the best saving scheme for senior citizens. Any Indian citizen above 60 years of age can invest in this scheme. At the same time, retired employees above 55 years and below 60 years of age can invest in this scheme. At the same time, retired defense personnel above 50 years and below 60 years of age can invest in this scheme. However, the condition for both of them 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 fixed pension of Rs 20 thousand

The minimum investment in SCSS scheme is Rs 1,000 and the maximum is Rs 30 lakh. If you invest Rs 30 lakh at an interest rate of 8.2%, you will get Rs 2.46 lakh annually, which is about Rs 20,000 per month. Interest is paid on a quarterly basis on 1 April, July, October and January. If the account holder dies before maturity, the account is closed and the amount is given to the nominee.

Higher returns than FD

There is no risk in investing in post office as it is guaranteed by the government. Along with this, it is a good thing that by investing in SCSS scheme, you get higher returns than bank FD. After the RBI reduced the repo rate, most banks have reduced interest on FD. In the meantime, SCSS scheme is a great option. Senior citizens can get fixed returns by investing in this scheme. Post Office Senior Citizen Savings Scheme offers tax deduction of up to Rs 1.5 lakh under Section 80C of the Income Tax Act.

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