At the same time, the post office is also running many schemes for senior citizens. Here we are going to tell you about one of these schemes, in which excellent interest is also being given. India Post Office offers various schemes specifically to provide financial security to senior citizens during their retirement years. Here we are going to tell about the post office’s popular scheme Senior Citizen Savings Scheme (SCSS) for senior citizens.

Post office Schemes For Senior Citizens

Senior Citizen Savings Scheme (SCSS) is a savings scheme with a tenure of 5 years that offers an interest rate of 8 percent per annum. The minimum investment amount is Rs.1,000 in this and the maximum investment limit is Rs.15 lakh in this. Senior Citizen Savings Scheme is exclusively for investors above the age of 60 years. The government reviews the interest rates on small savings every quarter.

Senior Citizen Savings Scheme

In the last rate revision, the government increased the Senior Citizen Savings Scheme (SCSS) to 8 per cent per annum for the January-March quarter of FY 2022-23. The upper limit of the scheme till March 31, 2023 is Rs 15 lakh. The period of 5 years of this account can be extended for another 3 years.

The tax benefit interest rate is compounded quarterly and is payable along with the principal amount at the time of maturity. Interest is paid on the last day of every quarter i.e. 31st March, 30th June, 30th September and 31st December. Apart from this, there is also a tax benefit in SCSS. Senior citizens can avail income tax deduction of up to Rs 1.5 lakh under section 80C of the Indian Tax Act, 1961.

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In such a situation, if you want that after retirement you do not have to yearn for anything, then you should start thinking about this scheme immediately because in today’s date, pension is the need of every elderly person. If you apply in this scheme in time, then you will not have the tension of expenses after the job because you will continue to get 5 thousand rupees every month from this scheme.

Invest in Pradhan Mantri Vaya Vandana Yojana soon

This scheme is operated by the Government of India company Life Insurance Corporation ie LIC. The full name of this scheme is Pradhan Mantri Vaya Vandana Yojana (PMVVY). Which is considered a very good scheme for senior citizens. Under this scheme, you will continue to get the benefit of pension after retirement. You can invest in it without any tension because the Government of India oversees this scheme. If you invest Rs 7.50 lakh in this scheme once, then you will start getting a pension of Rs 5 thousand every month.

You can invest in post office

If you do not have lump sum amount then you can also invest in post office. The post office runs very famous savings schemes for senior citizens. Similarly, you can apply for Senior Citizen Savings Scheme. Your investment in this scheme also remains completely secure. The advantage of this scheme is that you get interest every three months. This interest is deposited in your post office account. The Finance Ministry changes the rate of interest on this scheme every three months.

Monthly savings scheme

Anyone can apply in this scheme. Monthly Income Scheme is one of the best post office schemes. The advantage of investing in the post office is that the risk of money sinking is negligible. In this, the account holder gets monthly income. If you want to invest in this scheme, then you will have to invest for 5 years. You get returns on completion of the term of this scheme. If you want you can invest again.

Buy tax free bonds

The government issues several types of tax free bonds. You can invest in that too. Such as NTPC Limited, Indian Railway Finance Corporation, NHAI. You have to invest in these bonds for 10 years. On these you are given an interest of 5.5% to 6.5%. However, you will continue to get interest every year. The advantage of investing in this scheme is that the entire amount is tax free.

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