
Post Office Best Scheme: The post office is running many great savings schemes for every age group, and its retirement scheme is also amazing. Not only do you get great returns on investment in these schemes, but the government itself guarantees the safety of the investment.
Post Office Scheme: Everyone saves some amount from their earnings and plans to invest it in such a place where, on the one hand, their money is completely safe and, on the other hand, they get a great return. In this regard, the Post Office Small Saving Schemes run by the post office are quite popular, where they beat fixed deposits in terms of investment interest, while the government itself guarantees the safety of the investors’ investment.
There is one such special post office scheme, which is specially designed for senior citizens, and it can prove to be very effective in removing the shortage of money in old age. Its name is Post Office Senior Citizen Scheme, by investing in which you can earn Rs 20000 every month, that too sitting at home. Let’s know how?
Benefit of tax exemption with great interest
Even after retirement, if there is a fixed income every month, then one will not have to face financial problems, and old age can be spent in fun. For this, investing in such a scheme can prove to be a better option, in which a fixed amount keeps reaching your account every month. There is a government scheme (Govt Scheme) that guarantees a monthly income in a lump sum investment, the Post Office Senior Citizens Saving Scheme, which is very popular in terms of earnings after retirement. In this, while the government offers a higher interest rate (Post Office SCSS Interest Rate) in the Post Office Senior Citizen Saving Scheme than the interest (FD Interest Rate) on FD in all banks, at the same time,, the benefit of income tax exemption (Tax Benefit) is also available.
Start investing in this scheme with just Rs 1000
- 8.2% interest in Post Office Senior Citizen Scheme
- Tax exemption of Rs 1.5 lakh under Income Tax Section 80C
This is the age limit under this scheme
As the name of this scheme suggests, it is being run especially keeping senior citizens in mind. So let us tell you that in this Government Scheme, a single or joint account can be opened for any person aged 60 years or more. Under the scheme, persons aged 55 to 60 years taking VRS from government posts in the civil sector or persons from the defence sector (retired from the Army, Air Force, Navy and other security forces) aged 50 to 60 years can open this post office scheme account.
- The maturity of the Post Office Senior Citizen Saving Scheme is 5 years.
- An investor can invest a lump sum of Rs 30 lakh in this scheme
This way, there will be an income of Rs 20,000 every month
Now, the biggest thing is how you can ensure a monthly income of Rs 20,000 every month by investing in this scheme. So its calculation is very easy. Iff an investor opens an account in Senior Citizen Saving Scheme and invests a lump sum of Rs 30 lakh in it, then according to the fixed interest rate of 8.2 percent, he will get only interest of Rs 2.46 lakh annually and according to this, his interest income will be Rs 20,500 per month while sitting at home.
You can close the account before maturity. In the Post Office SCSS Scheme, you can open an account by going to any nearest post office branch. If we talk about another special thing related to this scheme, then after opening the account, there is also a facility to close it anytime. However, some rules have been fixed for this, under which if an investor closes the account in less than a year after opening it, then no interest will be given on the invested amount. On the other hand, if the account is closed between 1 to 2 years, 1.5% will be deducted from the interest amount, and if such a step is taken between 2 to 5 years, 1 percent will be deducted from the interest amount.
Tax is also on the interest amount.t
While on one hand, this government scheme has many benefits, one of its rules is also a slight shock; in fact, citizens earning income under this scheme also have to pay tax. However, if the interest received on investment under this savings scheme is more than Rs 50 thousand, then TDS has to be paid on it, but if you have filled Form 15 G / 15H, then TDS will not be deducted on the interest.
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