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Post Office SCSS Scheme Benefits: The Senior Citizen Savings Scheme of the Post Office not only provides good interest but also provides tax benefits under Section 80C of Income Tax on the investment made in it. Post Office SCSS Scheme: Everyone saves some of their income and plans to invest it in a way that ensures safe and high returns. Savings schemes run by the Post Office are particularly popular in this regard. They cover everyone from children to youth, women, and the elderly. The Post Office Senior Citizen Savings Scheme is unique because investing in it can earn up to ₹20,500 per month solely from interest. Tax benefits are also available. Let’s learn more about it… Guaranteed Regular Monthly Income The Post Office Senior Citizen Scheme is among the most popular Post Office savings schemes for its unique feature: it guarantees a monthly income of over ₹20,000 with a lump sum investment. This will ensure financial stability after retirement, ensuring a regular monthly income. Interest Over 8%, Tax Deductions This Post Office scheme also offers excellent interest on deposits from the government. Yes, investors receive an annual interest rate of 8.2%. This ensures a regular monthly income on your investment. The special thing is that it offers a much higher interest rate than fixed deposits offered by many banks. Furthermore, the government also provides income tax benefits on investments made under Section 80C, up to Rs 1.5 lakh. This is the age limit for investment. Investing in this government scheme can ensure a comfortable old age without financial stress. Regarding the age limit, anyone aged 60 or older can open a single or joint account. Additionally, individuals aged 55 to 60 who have taken VRS from civil sector government positions, or individuals aged 50 to 60 who have retired from the defense sector (Army, Air Force, Navy, and other security forces) can open an account. Earn 2.46 lakh rupees from home like this Now let’s discuss the annual interest income and how you can generate a regular monthly income by investing in this post office scheme. For example, suppose you invest a lump sum of 30 lakh rupees. At the government-prescribed interest rate of 8.2 percent, this investment will earn an annual interest of 2.46 lakh rupees. If this is divided monthly, a monthly income of ₹20,500 is guaranteed. The scheme has a maturity period of 5 years. Account Closure Facility An account under the Post Office SCSS Scheme can be opened at any nearby post office branch. Investors are also allowed to close it at any time after opening. However, there are rules in place, which state that if the account is closed within less than one year of opening, no interest will be earned on the investment. If the account is closed after one year or between two years, 1.5% of the interest amount will be deducted. Similarly, if the account is closed between two and five years, 1% of the interest amount will be deducted. Read More: Indigo New Flight: Indigo Airlines starts new international non-stop flights, check flight schedule here
