Senior citizens will get interest of ₹ 20,000 every month – know in which scheme, how much will have to be invested

India The government is running various financial schemes keeping in mind the needs of all sections of the country. The government runs Senior Citizen Savings Scheme (SCSS) for senior citizens above 60 years of age. SCSS is a small savings scheme. This is one of the most popular investment options for senior citizens who want regular fixed income after retirement. Under the SCSS scheme interest is paid every 3 months. Currently, this scheme is giving an annual interest of 8.2 percent.

Account matures in 5 years

Under the Senior Citizen Savings Scheme, an account opened for senior citizens matures in 5 years. In this scheme you have to invest lump sum. In Senior Citizen Savings Scheme, you can deposit a minimum of Rs 1000 and a maximum of Rs 30,00,000. To open an account in this scheme, your age should be 60 years or more. Employees taking VRS from government jobs can start investing in it even at the age of 55 to 60 years. If you are a defense personnel then you can open an account even at the age of 50 to 60.

How much money will have to be invested every month for Rs 20,000?

If you want to arrange an income of Rs 20,000 every month under this scheme, then you will have to invest Rs 29,30,000 in this scheme. If you deposit Rs 29,30,000 in the Senior Citizen Savings Scheme, you will get a total interest of Rs 60,064 every 3 months. According to this, you will be able to arrange Rs 20,021 every month. Let us tell you that in this way you will continue to get interest payment of Rs 20,021 every 3 months for 5 years.

Image Source : INDIA POSTInformation related to SCSS

Extension facility for 3 years after maturity

After completion of maturity period of 5 years, if you wish, you can extend this scheme for next 3 years. This is a government scheme, so there is no financial risk of any kind in it. Your money is completely safe in this scheme. To open an account under Senior Citizen Savings Scheme, you can go to any major government bank. Apart from this, you can also open an account in your nearest post office.

Disclaimer: This article has been written for information purposes only. Always consult your financial advisor before making any kind of investment or taking any financial risk. India TV will not be liable for any kind of risk.