All you need to know about Post Office Interest Scheme for senior citizens

Under this scheme, investors can avail good returns every quarter by depositing a lump sum amount. The scheme offers an attractive interest rate of 8.2%, which is determined on a quarterly basis.

New Delhi: Post Office Senior Citizen Savings Scheme has been launched by the Government for senior citizens, so that they can get better returns from their savings in their old age. Under this scheme, investors can avail good returns every quarter by depositing a lump sum amount, reports Dynamite News correspondent.

This scheme offers an attractive interest rate of 8.2%, which is determined on a quarterly basis. By investing in this scheme, the investor will receive interest every three months. This scheme is for 5 years, although if the investor wishes, he can extend it for three more years.

How Much Amount Can Be Invested

A minimum investment of Rs 1000 has to be made in this scheme, while the maximum investment limit is up to Rs 30 lakh. This means that any person can invest in this scheme according to his financial position.

Who Can Avail Scheme?

Post Office Senior Citizen Savings Scheme Citizens aged 60 years and above can avail the benefit. Both single and joint accounts can be opened in this scheme. Retired employees above 55 years and below 60 years can also become a part of this scheme, provided they invest within 1 month of retirement.

Account Closed Prematurely

If a person wants to close his account prematurely, then he has to follow certain conditions. If the account is closed before 1 year, then no interest will be received and the amount of interest will be deducted from the principal amount to the investor.

If the account is closed between 1 to 2 years, then an amount of 1.5% will be deducted and if the account is closed between 2 to 5 years, then an amount of 1% will be deducted.

Earn Rs 82,000 From Interest

If a person invests a lump sum of Rs 20,000 in this scheme, then he will get 82 thousand rupees after maturity of 5 years. At the rate of 8.2% interest, you will earn around Rs 82,000. With the help of this scheme, the investor will get a total of Rs 2,82,000 on maturity. The income received every quarter will be Rs 4,099, which is an additional benefit.