Post offices offer several popular schemes, including significant benefits for senior citizens. One such scheme allows you to receive a monthly income of 20,000 rupees or more.
This guaranteed fixed income is substantial for retirees to cover their basic expenses. The scheme, known as the Senior Citizen Savings Scheme, is available specifically for individuals over 60.
Those who have taken voluntary retirement can join between the ages of 55 and 60, while retirees from defense services can enroll at 50. Additionally, both spouses can open a joint account under this scheme.
You can invest a minimum of 1,000 rupees in this scheme and possibly receive as much as 20,500 rupees every month for five years. The scheme is also available in banks, with a minimum account opening of 1,000 rupees and a maximum cap of 30 lakh rupees.
Currently, the central government provides an interest rate of 8.2 percent on this scheme, significantly higher than other savings options.
For example, if you invest 30 lakhs, you would receive an annual interest of 2.46 lakhs, equivalent to 20,500 monthly rupees.
The Post Office Senior Citizens Savings Scheme is not just a lucrative opportunity but also a secure one. It offers substantial returns with minimal risk due to its guaranteed investment and higher interest rates, providing a reliable source of post-retirement income.