Secure your future with this govt-backed scheme; Get Rs 20,000 monthly after retirement

We often hear stories of people who spend a lifetime trying to earn money, only to be deceived by schemes promising high interest rates. These fraudulent schemes often take our money and vanish. However, with government-backed options, there is no need for such fear. All Post Office Small Savings Schemes are safe and secure.

So what if they also offer better interest rates than bank fixed deposits? Here is such a wonderful scheme. A maximum of Rs 20,000 per month can be availed through the Post Office Senior Citizen Savings Scheme.

You can join this scheme by paying just Rs 1000. Post Office Senior Citizen Savings Scheme is open to those above 60 years of age. Retired civilian employees between the age of 55 and 60 years can also become members. First investment should be made within one month of receiving the retirement benefit.

Retirees aged between 50 and 60 who have worked in the defence sector can also join the scheme. They should also make the first deposit within one month of receiving the retirement benefit. It is possible to join the scheme individually or with a partner. The first account holder can withdraw the money.

One can invest from Rs 1000 to a maximum of Rs 30 lakhs. The maturity period is five years. If the account is closed before this, a small penalty will be charged from the account holder. According to 80 C of the Income Tax Act, annual exemption of up to one and a half lakh rupees is available to those who join this scheme. Interest is paid in the months of April, July, October and January. If the account holder dies before the maturity, the account will be closed and the amount will be transferred to the nominee. The account can also be extended for another three years after the maturity date if sufficient documentation is provided.