As we all know, the post office offers a variety of savings schemes for the benefit of the general public. One such scheme is the Post Office Senior Citizen Savings Scheme (SCSS). This scheme is specifically designed for senior citizens (aged 60 years and above) to provide them with a regular source of income during their retirement years.
Under the SCSS, senior citizens can invest a lump sum amount (up to Rs. 15 lakhs) for a period of 5 years. They will then receive regular interest payments at the rate of 9% p.a. (payable quarterly). After the completion of 5 years, they can choose to either withdraw the entire amount or reinvest it for another 5 years.
The main advantage of the SCSS is that it offers a very high interest rate as compared to other fixed income instruments such as bank fixed deposits. This makes it an ideal investment option for senior citizens who are looking for a regular income stream during their retirement years.
If you are a senior citizen and are looking for a safe and secure investment option, then the Post Office Senior Citizen Savings Scheme is definitely worth considering.
The post office has come up with a unique plan for the senior citizens of the country. Under this plan, a person can get more than 14 lakhs in just 5 years of investment. The best part about this plan is that it is a fixed income plan and the person does not have to worry about the market conditions.
This plan is best suited for those who are looking for a regular income after their retirement. The minimum age for investment in this plan is 60 years and the maximum age is 70 years. The investment amount under this plan is Rs 1.5 lakhs. The interest rate under this plan is 7.4% per annum.
This plan can be availed by investing in any of the post office schemes like the National Savings Certificate (NSC), Kisan Vikas Patra (KVP) or the Public Provident Fund (PPF). The interest earned on these schemes is taxed at 10% and the withdrawal after 5 years is tax free.
So, if you are a senior citizen and are looking for a regular income after your retirement, then this is the best plan for you. Invest in any of the post office schemes and get more than 14 lakhs in just 5 years.