It is not easy for employed people to earn income every month after retirement, but if money is invested at the right place during the job, then this task will also become easy and you will continue to get monthly income even after retirement. Today we are going to tell you about one such scheme, where you can earn monthly by investing a lump sum. This is a government scheme, which operates under the Small Savings Scheme. This scheme is considered to be one of the popular schemes for retirement planning.
Senior Citizen Saving Scheme (SCSS) is a great scheme of Post Office. This scheme can give around 20 thousand rupees every month for five years to senior citizens. The government also provides 8.2 percent interest under this scheme. The SCSS scheme has a maturity of 5 years. Instead of monthly investment, you can invest money in it only once.
Who can invest?
Under this Small Saving Scheme of Post Office, senior citizens are given benefits. Only people above 60 years of age can invest in it. Currently, this scheme gives a return of 8.2 percent. Any Indian citizen above 60 years of age can deposit a lump sum amount in this scheme. A maximum of Rs 30 lakh can be invested in this scheme, earlier this amount was Rs 15 lakh.
How to get 20 thousand rupees monthly?
If you invest Rs 30 lakh under the Senior Citizen Saving Scheme, you will get interest of about Rs 2 lakh 46 thousand every year. Now if we calculate this amount on a monthly basis, then this amount will be Rs 20,500. Under this scheme, people who take voluntary retirement between 55 and 60 years can also open an account. This account can be opened by visiting any nearest post office branch.
Tax has to be paid too
Citizens earning income under this scheme also have to pay tax. However, if the interest on this savings scheme is more than Rs 50,000, then TDS will have to be paid on it, but if you have filled Form 15G/15H, then TDS will not be deducted on the interest.
Source (PTI) (NDTV) (HINDUSTANTIMES)