After retirement, a lump sum amount is received through EPFO ​​or other schemes. If this money is left in the bank account, it will gradually end and we will not get much interest on it. In such a situation, we should invest this money to get more interest.

Post Office Senior Citizen Savings Scheme is a very good investment option for senior citizens . This scheme also offers higher interest rates than other schemes.

8.2 percent interest

Post Office Senior Citizen Scheme is a deposit scheme. In this, a fixed amount has to be deposited for 5 years. A maximum of Rs 30 lakh can be invested in this scheme. Currently, this scheme is giving an interest of 8.2 percent.

Now understand that if you have invested Rs 30 lakh for 5 years, then after 5 years you will get an interest of Rs 12,30,000 at the rate of 8.2 percent. This means that on maturity you will get Rs 42,30,000.

Only senior citizens can invest

As the name of the scheme suggests, only senior citizens, i.e., people above 60 years of age, can invest in this scheme. However, employees of the civil sector and defense sector are exempted with certain conditions.

Although this scheme matures in 5 years, but if you want to take advantage of this scheme even after 5 years, then you can extend it for three years. The interest rate on the extended account will be applicable from the date of maturity. Another feature of this scheme is that it provides the benefit of tax exemption under section 80C of the Income Tax Act.