After retirement, it is beneficial to invest the amount received from EPFO in the right place. Post Office Senior Citizen Savings Scheme gives 8.2% interest for 5 years. A maximum of Rs 30 lakh can be invested in this scheme.
After retirement, you get a lump sum amount from EPFO. There is no benefit in depositing it in the bank, because the value of your money will gradually decrease. It is wise to invest it in the right place, so that you can get maximum interest.
The post office has come up with a great scheme for senior citizens. By taking advantage of this, you can get maximum interest. The name of this scheme is (Post Office Senior Citizen Savings Scheme). In this, you will get more interest than other schemes.
8.2 percent interest
In Senior Citizen Scheme, you have to deposit a fixed amount. Its duration is up to 5 years. You can fix a maximum of 30 rupees for 5 years. In this, you get 8.2 percent interest on investment.
Now understand with a simple example, suppose you have invested 30 lakh rupees in Senior Citizen Savings Scheme for 5 years. You will get 8.2 percent interest on investment. This interest will become 12 lakh 30 thousand rupees in 5 years. When you withdraw your money, you will have 42 lakh 30 thousand rupees.
The scheme is for senior citizens
The name of the scheme itself is Senior Citizen. In such a situation, this scheme is for people above 60 years of age. Only they can invest in it and take advantage. Civil sector and defense employees are exempted, but some conditions apply in that too.