Post Office: Making life financially secure and stress-free after retirement is the priority of every elderly person. In such a situation, the government-run Post Office Senior Citizen Savings Scheme (SCSS) comes out as a reliable and attractive investment option. This scheme is specially designed for people aged 60 years or above, for whom good interest and tax exemption are available.

Citizens aged 60 years or above can invest in this scheme. Apart from this, government employees aged 55-60 years who have taken VRS (voluntary retirement) and defense personnel aged 50-60 years can also avail this benefit with certain conditions. There is also a facility to open a single or joint account in the name of a husband and wife.

Maximum 30 lakh rupees can be invested.

A minimum of Rs 1,000 and a maximum of Rs 30 lakh can be invested in the SCSS scheme. Earlier, this limit was Rs 15 lakh, which has now been doubled. In this scheme, 8.2% annual interest is being given, which is much higher than the FD of banks. This interest is given every quarter. If a person invests Rs 30 lakh in it, then he will get an annual interest of Rs 2.46 lakh, i.e., about Rs 20,000 monthly.

Exemption of this much lakh is available under 80C

Under this scheme, investment gets tax exemption of up to Rs 1.5 lakh under Section 80C of the Income Tax Act. That is, it not only gives regular income, but is also helpful in saving tax. The tenure of SCSS is 5 years, and it can be extended for 3 years if needed. If an investor wants to withdraw money before time, then withdrawal is possible with some conditions. No interest is given on closing the account before 1 year, while 1.5% interest is deducted on closing it between 1-2 years and 1% interest is deducted on closing it between 2-5 years.

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