Financial Planning: If you are planning to invest for retirement life, then two post office schemes can be the right option for you. One of these is the Post Office Monthly Income Scheme or POMIS and the other is the Senior Citizen Saving SCSS Scheme. Know about these two schemes: –
After retirement, in order not to face any kind of financial trouble, one should start investing during the job itself. This is the reason why any person wants to invest money in such investment options for retirement, which gives high returns and there is no risk of losing money. Both these schemes meet these criteria. Know about these two schemes: –
Monthly Income Scheme
- This is a savings scheme run by the Government of India through the post office.
- On investing in it, you get a fixed amount every month.
- In this, tax exemption of up to Rs 5 lakh is also available.
- The maximum investment limit is Rs 50 lakh for single account and Rs 9 lakh for joint account.
- Minimum investment limit is Rs 1500.
- At present the interest rate is 60 percent.
- One thing to keep in mind is that deposits are not taxed but interest earned during the maturity period of 5 years is taxable.
- You can transfer the return to the savings account.
- The biggest advantage of this scheme is the fixed returns which are not affected by the market rates at all.
Senior Citizen Saving Scheme
- Senior citizens of 60 years or more can invest in this scheme to get regular interest income.
- Minimum investment amount is Rs 1,000 and maximum investment amount is Rs 15 lakh.
- It has a lock-in period of five years.
- At present, interest is being given at the rate of 40 percent.
- There is no tax on deposits up to Rs 5 lakh.