The government has not changed the interest rates on small savings schemes for April-June (Q1FY27). That means you will continue to get the same interest as before. If you are a senior citizen and want to arrange income for yourself every month, then Post Office Senior Citizens Savings Scheme Account (SCSS) will be right for you. By investing a lump sum in this scheme, you can arrange regular income for yourself even after retirement. It is giving 8.2% annual interest. In this scheme interest is paid every 3 months. That means you can get maximum interest up to Rs 61,500 in 3 months, which will be Rs 20,500 on monthly basis. You can invest a maximum of Rs 30 lakh. An account can be opened in Post Office Senior Citizens Savings Scheme for just Rs 1000. You can invest a maximum of Rs 30 lakh in this scheme. This scheme is giving 8.2% annual interest. If you invest up to Rs 30 lakh in this, you will get an annual interest of Rs 2,46,000 at the rate of 8.2%. Since the interest under this scheme is given on quarterly basis, if we distribute it in 3-3 months then it will be Rs 61,500. That means, every 3 months Rs 61,500 will come to your account. The maturity period of this scheme is 5 years. That means you have to invest in this scheme for 5 years. Although you can close the account even before 5 years, but for doing so you have to pay a penalty. Apart from this, you can extend the account for 3-3 years as long as you want. If you don’t want to do this, you can take your Rs 30 lakh among yourself. Interest money will come to your account. Interest is paid on quarterly basis. Which will come to your account on 1st April, 1st July, 1st October and 1st January. The interest amount will be deposited in your savings account located in the same post office. If the account holder does not withdraw the interest amount, then additional interest i.e. compound interest will not be available on such interest. You get the benefit of income tax exemption. By investing in this scheme, you can claim a deduction of Rs 1.5 lakh from your total income under Section 80C of the Income Tax Act. Understand it in simple language, you can reduce up to Rs 1.5 lakh from your total taxable income through Section 80C. If you do not withdraw interest every three months, then Rs 30 lakh will get Rs 42 lakh. If you invest Rs 30 lakh in this scheme and do not withdraw interest every three months, then after 5 years it will become Rs 42 lakh. See here how much money you will get after 5 years by investing how much money… Any senior citizen can open an account. After 60 years of age or above, the account can be opened by going to the post office. However, a person taking VRS who is more than 55 years but less than 60 years can also open this account. Apart from this, people above 50 years of age and below 60 years of age who have retired from Defense Department can also invest in this scheme. However, in this situation the investment has to be made within 1 month of retirement. Disclaimer: This story is for information only. We advise investors to consult experts before taking any investment decision.
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Earning up to ₹ 20,500 every month from Senior Citizens Scheme: 8.2% interest is being given annually, understand the complete mathematics of income from this.
