The Post Office Senior Citizen Savings Scheme is designed to provide regular income to individuals aged 60
and above, including those who have opted for Voluntary Retirement Scheme (VRS). It offers a fixed monthly income to senior citizens, ensuring financial stability post-retirement.
Scheme Details and Benefits
Guaranteed Income and Interest Rates
The scheme currently offers an attractive interest rate of 8.2% per annum, paid quarterly. For instance, depositing a lump sum of Rs 15 lakh yields Rs 10,250 every quarter, accumulating to Rs 2 lakh in interest over 5 years.
With a maximum investment limit of Rs 30 lakh, investors can earn up to Rs 2,46,000 annually, providing a monthly income of Rs 20,500 and a quarterly income of Rs 61,500.
Tax Exemption and Investment Options
Investors can start with a minimum investment of Rs 1,000 and enjoy tax benefits under Section 80C of the Income Tax Act.
The scheme offers a secure investment option backed by the Government of India, ensuring the safety of invested capital and guaranteed returns.
The Post Office Senior Citizen Savings Scheme not only provides financial security but also ensures regular income through a simple
and reliable investment avenue. It remains a preferred choice for senior citizens looking to manage their retirement funds effectively.
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