Senior Citizens: Earn More Than FD with Post Office SCSS – ₹22,550 Quarterly on ₹11 Lakh Investment
In today’s era, inflation is skyrocketing, and in such a situation, financial security of old age has become a big concern for everyone. Especially for those elderly people who are not able to take advantage of government pension schemes, it becomes even more important for them to have some arrangement so that their old age passes comfortably. The government has started a great scheme in the post office for such senior citizens – Senior Citizen Saving Scheme, also known as SCSS.
Post Office SCSS Scheme 2025: Support for Old Age
The government has created the Senior Citizen Saving Scheme (SCSS) of the post office especially keeping in mind the elderly of the country. Its purpose is that after retirement, senior citizens can get pension-like benefits every month from their deposits. The best thing is that this scheme has been started in the post office, so your money remains absolutely safe.
If you are a senior citizen and want to invest in a place where you get guaranteed returns on your money, then the Post Office SCSS scheme can be very beneficial for you. In this, you invest your hard-earned money under the supervision of the government and earn more interest on it than a bank FD! Isn’t it amazing?
What is SCSS scheme?
Post Office Senior Citizen Saving Scheme is a savings scheme. Any Indian citizen aged 60 years or above can invest in it. By investing your deposits in this scheme, you can earn good money in the form of interest every three months.
In the SCSS scheme, you have to deposit your money for 5 years. And if you feel that it should be extended further, then you can extend it for another 3 years after maturity.
How to invest in SCSS scheme?
If you are also a senior citizen and are thinking of investing in the Senior Citizen Saving Scheme of the post office, then it is very easy. In this scheme, you have to start investing with a minimum of Rs 1,000, and you can deposit up to a maximum of Rs 30 lakh. You have to deposit the entire amount at once for 5 years.
To invest, first of all you have to go to the post office and open your SCSS account. For this, your age should be more than 60 years.
After opening the account, you have to deposit your deposit for 5 years. The government will give you 8.2 percent annual interest on this, which will be deposited in your account every three months. With this, you will keep getting a good income from interest every three months.
Who can open SCSS account?
Any Indian senior citizen above 60 years of age can open an account in the Post Office Senior Citizen Saving Scheme. You can open your account alone or you can open a joint account as a husband and wife. Moreover, the government also gives you tax exemption under Section 80C of Income Tax!
How much return will you get on an investment of Rs 11 lakh?
The interest you get every three months in the Post Office Senior Citizen Saving Scheme will be something like this:
Suppose you have deposited Rs 11 lakh together in this scheme for 5 years. The government will give you 8.2 percent annual interest. According to this, in 5 years you will get a total of Rs 4,51,000 only in interest! And you can get this interest in your account in the form of Rs 22,550 every three months.
So you see, Senior Citizen Savings Scheme is a great way to stay financially secure in old age!
