• Source:JND
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Post Office Scheme:  The Post Office has various savings schemes that provide monthly income. Senior Citizen Savings Scheme is one such scheme, which ensures a fixed monthly income to the senior citizens. However, there are some terms and conditions for this monthly income. Below are the details on the amount that has to be invested to earn monthly income through the Post Office Monthly Scheme.

Senior Citizen Savings Scheme - A citizen can start investing a minimum of Rs 1000 in the Post Office Senior Citizen Savings Scheme and investors can invest a maximum of Rs 30 lakhs in it. The amount that you get every month in this scheme will depend on your investment. By investing in this scheme you will get an exemption under 80C.

This scheme is beneficial for the elderly

This scheme is designed for senior citizens i.e. those above the age of 60, so they can have regular income after retirement. The government is currently offering interest at 8.2 percent on investments in senior citizen savings schemes. In this scheme, if senior citizens deposit Rs 15 lakh together, they can earn Rs 10,250 every quarter. If a citizen invests his retirement money i.e. maximum of Rs 30 lakh in the scheme, he will get an interest of Rs 2,46,000 annually. That means he will get Rs 20,500 every month and Rs 61,500 quarterly.

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Calculation

Money deposited together- Rs 30 lakh

Period- 5 years

Interest Rate- 8.2%

Money on maturity- Rs 42,30,000

Interest income- Rs 12,30,000

Quarterly Income- Rs 61,500

Monthly income- Rs 20,500

Annual interest – 2,46,000

Benefits of the SCSS Scheme

This savings scheme is a small savings scheme operated by the Government of India. Under this scheme, as per the Income Tax Act, the investors get tax benefits up to Rs. 1.5 lakhs per annum. An 8.2% rate of interest is available on this investment. This plan has the facility of receiving interest money after every three months. The interest gets credited to the account on the first day of April, July, October, and January every year.

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