After retirement, the biggest concern in everyone's mind is how to keep the essential expenses of the family going without any interruption. After the fixed salary received during the job stops, it becomes very important to invest the money in a safe place, where your hard-earned money remains completely safe and a fixed amount also comes into your hands from time to time.
If you also want a similar regular income without any tension after retirement, then a very popular small savings scheme of the government can prove to be of great use to you. In this scheme, you only have to deposit a lump sum and in return you can avail excellent interest every three months.
What is this special Senior Citizen Savings Scheme of Post Office?
The name of the wonderful scheme we are talking about is 'Senior Citizen Savings Scheme' i.e. SCSS. This special scheme of the post office has been specially designed keeping in mind the senior citizens of the country. At present, the annual interest rate on this government scheme is 8.2 percent, and the best thing is that in this you can deposit a maximum of Rs 30 lakh in lump sum.
How much will be the handsome income every quarter if you deposit Rs 30 lakh?
Suppose if a senior citizen invests Rs 30 lakh in this SCSS scheme for full 5 years, and if the current interest rate of 8.2 percent remains the same, then your total annual interest will be Rs 2,46,000. The biggest advantage of this interest is that it is paid every quarter i.e. every three months, which directly means that the entire Rs 61,500 will be directly credited to your bank account every three months.
If you look at this amount on a monthly basis, then on an average it will be equal to a whopping regular income of around Rs 20,500. Your total interest earned in this entire investment cycle will reach ₹ 12,30,000 and on maturity of 5 years, your fund will be around ₹ 42,30,000 while keeping your principal safe. Here it should always be kept in mind that this amount received is the interest received on your original investment, whereas your principal amount of Rs 30 lakh remains completely safe within the scheme, which is returned to you as per the rules on completion of maturity.
You can invest from just Rs 1,000 to Rs 30 lakh
The biggest feature of this scheme is that you can open your account with just Rs 1,000, while the maximum investment limit has been fixed at Rs 30 lakh. The initial lock-in period of the Senior Citizen Savings Scheme is 5 years, and when this period is completed, you also have the great option to extend this account for further 3 years, that is, you can continue this investment as per your need.
Who can open their account in SCSS?
Generally, any citizen of the country who is 60 years of age or older can easily open an account in this scheme. Apart from this, those people in the age group of 55 to 60 years, who have taken retirement from any company under Superannuation or VRS, are also considered fully eligible for this, although for this it is necessary to follow certain conditions and time limits. With some special rules, a special facility has been given to the retired defense employees of the country to invest in SCSS from the age of 50 years. However, this wonderful scheme can be availed only by eligible citizens residing in India.
Know how and where the account of Senior Citizen Savings Scheme will be opened
If you also want to take advantage of this scheme, then this account of Senior Citizen Savings Scheme can be easily opened in your nearest post office or any authorized bank branch. For this, you have to go to the bank or post office and submit the necessary KYC documents along with the application form. While opening an account, you may have to carry your PAN card and valid documents related to identity and address. Apart from this, after submitting passport size photo and other required documents, your account is activated immediately by paying the fixed amount.