Senior Citizens Can Get ₹20,000 Monthly Pension with This Post Office Scheme – Check Details
The Post Office Senior Citizen Savings Scheme (SCSS) is one of the best investment options for retirees looking for regular income and financial security. This scheme offers an attractive interest rate of 8.2% per annum, ensuring a stable source of income for senior citizens.
Why Choose the Post Office SCSS?
In today’s times of rising expenses, many people prefer to invest in safe and high-return schemes. For senior citizens, the SCSS provides a secure investment option with a steady income, making it an ideal choice after retirement.
Key Benefits of the SCSS
✅ High Interest Rate of 8.2%
The government-backed scheme provides a higher return than many bank FDs, ensuring stable and reliable earnings.
✅ Start with Just ₹1,000
- Minimum investment: ₹1,000
- Maximum investment: ₹30 lakh
✅ Regular Monthly Income
With an investment of ₹30 lakh, you can earn approximately ₹20,000 per month from interest payouts.
✅ Tax Benefits
Investors can claim up to ₹1.5 lakh tax exemption under Section 80C of the Income Tax Act.
✅ Secure Investment
Since it’s a government-backed scheme, your money remains safe with guaranteed returns.
✅ Joint Account Option
Senior citizens aged 60 years or above can open an individual or joint account with their spouse.
Scheme Maturity & Withdrawal Rules
- The maturity period is 5 years, after which investors can extend the scheme for another 3 years.
- Early withdrawal is allowed, but with a penalty as per government rules.
How to Get ₹20,000 Per Month from SCSS?
If you invest ₹30 lakh in the SCSS at 8.2% annual interest, you will receive:
- ₹2.46 lakh per year in interest earnings
- ₹20,500 per month (interest is paid every quarter)
Interest Payout Schedule:
The interest is credited every three months – on April 1, July 1, October 1, and January 1.
How to Open an SCSS Account?
To open an SCSS account, visit your nearest post office with the required documents. Special age relaxations apply for:
- VRS retirees (ages 55-60 years)
- Defense retirees (ages 50-60 years), subject to conditions
If the account holder passes away before maturity, the full amount is transferred to the nominee mentioned in the account.
Final Thoughts
For retirees looking for financial stability, the Post Office SCSS is a safe and rewarding investment. With a high-interest rate, regular payouts, and tax benefits, this scheme is an excellent choice for senior citizens. If you want steady earnings of ₹20,000 per month, consider investing in SCSS today!
