20,000 per month income after retirement, investment starts from just Rs.1000

New Delhi. You can decide today what your life will be like after retirement. Living a good life requires love as well as money. If you want a stable income after retirement, Post Office Senior Citizen Savings Scheme is perfect for you.

You can start investing in this scheme from Rs.1000. This scheme is specially designed for senior citizens only. A very important eligibility criteria for investing in this scheme is that the age of the account holder should be 60 years or above. However, VRS takers can invest even after 55 years. Apart from this, military personnel will be given another 5 years exemption. This means he can start investing from the age of 50.

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8.2 percent interest
It is a government scheme whose interest rate is also fixed by the government. At present, the government is paying 8.2 percent annual interest on it. Its interest rate is better than any FD. The higher the investment in this scheme, the higher the return. In this you can invest a maximum of 30 lakh rupees.

How to get Rs 20,000 per month?
If a senior citizen invests a lump sum of Rs 30 lakh in this scheme, he will get an annual interest of Rs 2.46 lakh. If we look at it on a monthly basis, it works out to Rs 20,000. If you want to withdraw this amount quarterly, you will get Rs 61,500. If a person invests Rs 5 lakh, he will get Rs 10,250 every quarter. You will also get the benefit of this scheme while paying the tax. You will get tax exemption up to Rs 1.5 lakh under Section 80C of the Income Tax Act. Let us tell you that the interest is credited to the account in the first week of April, July, October and January every year.

Tags: Senior Citizen Savings Scheme, Small savings schemes