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Post Office Schemes: Senior Citizen Savings Scheme (SCSS) is a scheme started by the post office. Under which you can invest in it in time. This money will help you in the future. Today we will tell you about this scheme, how you can invest in it and after how many days will you get its benefits? This is a government scheme, which is run under the small savings scheme.
What is Senior Citizen Savings Scheme?
Senior Citizen Savings Scheme is a scheme run for senior citizens. Under this, the benefit is to be given to those citizens who have retired. Through this, you can get regular money even after retirement. This scheme is guaranteed by the Government of India. Its benefits can be availed through any authorized bank and post office in India. The interest rate of Senior Citizen Savings Scheme for the third quarter (October-December) of FY 2023-24 is 8.2%.
what are the terms
Some conditions have been imposed to avail the benefit of SCSS. The first condition is that the age of the citizens should be more than 60 years. These are the people who have taken Voluntary Retirement Scheme (VRS). According to the rules, now the spouse of a state/central government employee who dies while on duty can get SCSS benefits. They are allowed death compensation or investment. But the condition is that their age should be more than 50 years.
How much money will I get every month
Now the question arises that how much money is returned by investing in this scheme. Suppose you have deposited Rs 30 lakh in it under Senior Citizen Savings Scheme, then you get interest of about Rs 2 lakh 46 thousand every year. On a monthly basis, this amount is Rs 20,500.
You will need to fill an account opening form, which will have to be submitted along with a copy of the KYC documents. The documents to be submitted include identity card along with 2 passport size photos, address proof and age certificate. This account can be opened by visiting any nearest post office branch.
