Post Office Scheme : Explosive offer of Post Office! Senior citizens will get more than Rs 17,000 interest per month

Post Office Scheme : Every senior citizen wants to get a fixed and secure income every month after retirement. Recognizing this need, India Post Office’s Senior Citizen Savings Scheme (SCSS) is currently proving very beneficial for investors. 100% security guarantee and higher returns than bank term deposits make this scheme very popular. As per the current rules, it is easy for investors to earn indirect interest income of more than Rs.17,000/- per month if properly invested in this scheme.

What is the complete math of the plan?

Under this scheme, the government is currently offering 8.2% annual interest rate. As per rules, the interest of this scheme is credited to the investor’s account every 3 months. If an investor invests a lump sum of Rs 25 lakh in this scheme, the total interest earned in one year at 8.2% would be Rs 2,05,000. This interest is divided every three months as Rs. 51,250 directly into the bank account. If we convert this quarterly interest into monthly, the average guaranteed income is Rs 17,083 per month. Post Office Scheme

Investment Limits and Eligibility

The investor must be 60 years or above to invest in this post office scheme. The age limit is 50 years for retired Defense Force personnel and 55 years for VRS recipients. Currently, an individual is allowed to invest up to a maximum of Rs 30 lakh in this scheme. If husband and wife jointly open separate accounts, they can invest a total of up to Rs 60 lakh and earn double the monthly income. Post Office Scheme

Tax exemptions and other important regulations

The main advantage of this scheme is that the amount deposited in it gets tax relief up to 1.5 lakhs under Section 80C of the Income Tax Act. The total tenure of the scheme is 5 years, extendable for another 3 years after maturity. As per the Central Government’s revised rules in the Union Budget, the TDS limit for senior citizens has been raised from Rs 50,000 to Rs 1 lakh. So TDS is deducted as per rules if the annual interest is more than 1 lakh. Post Office Scheme

How to invest?

Senior citizens can open this account very easily by visiting any authorized post office or nationalized bank near them. Aadhaar card, PAN card, passport size photo and age proof documents are required to open the account. This scheme is proving to be the best option nowadays for all the retired citizens who are looking for a secure and regular source of income. Post Office Scheme