Only ₹1000 Investment; Rs 20,000 Every Month Income; New Government Scheme

Only ₹1000 Investment; Rs 20,000 Every Month Income; New Government Scheme

This is a special scheme for seniors. Post Office Senior Citizen Savings Scheme is its name. 

This scheme, which is backed up by the government, offers higher rates of interest than other savings schemes.

Start Investing As Low As Rs 1000

This scheme has a special feature: people can begin it with as little as Rs 1000. Post Office Senior Citizen Savings Scheme is a good investment option for Indian seniors. 

It is a reliable income source that helps senior citizens meet their financial needs during retirement.

The Scheme Is Open To All Eligible Applicants

People who are over 60 at the time that the account is opened, then can apply to the Post Office Senior Citizen Savings Scheme. 

This scheme is also open to those who have reached retirement age between 55-60 and are retired under the Superannuation Scheme, VRS, or Special VRS.

Those who have retired from the Defense Services, except civilian defense employees, can open a bank account by meeting certain requirements at 50 years of age. 

A depositor may open a joint account with their spouse, either individually or together. 

The only condition is that all the money deposited into the joint account must be credited to the account holder.

How To Apply For The Scheme

Senior citizens may open a Senior Citizen Savings Scheme account in any bank or postal office (How to Apply for the Senior Citizen Savings Scheme). 

Senior citizens must deposit a minimum amount of Rs 1000 to open a savings account. The maximum limit of the account is Rs 30 lakh. 

The deposit amount will be multiplied by Rs 1000. Multiple withdrawals are not permitted.

What Is The Expected Return?

This scheme currently pays an annual interest rate of 8.2 percent (Post Office Senior Citizen Savings Scheme). 

If a person invested around Rs 30 lakh he would get an interest rate of Rs 2.46 lakh per year, or around Rs 20,000 per month.

Disclaimer: Dear readers, we’d like to inform you that we are not authorized by SEBI (Securities and Exchange Board of India). The information on this site is only for informational and educational purposes and shouldn’t be considered financial advice. We are not responsible for any financial loss you might incur through the information on this site. We are here to provide timely updates about the stock market and financial products to help you make better investment choices. Do your own research before any investment.

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