This senior citizen scheme can provide your Rs 50,000 in quarterly, but what should be your investment amount?

Retirement Planning: What can be the sources of income when you grow old. It can be the retirement corpus from schemes such as Employees' Provident Fund (EPF) and National Pension System (NPS), it can be the rental income, or it can be return from long-term investment schemes such as fixed deposit (FD), National Savings Certificate (NSC), where you get guaranteed returns. In whichever way your income comes, it should come from your own investments or income sources. That's the truest way to achieve financial freedom, where, as a senior citizen, you don't have to depend on others to run your monthly expenses. With the same aim, Post Office also runs Senior Citizen Savings Scheme (SCSS), where one-time investment in the scheme provides you income in the form of quarterly interest for 5 years. Get to know more about this scheme; how much maximum quarterly income you can generate from this scheme; and what should be your investment amount to get Rs 50,000 quarterly income.

What is Senior Citizen Savings Scheme?
The scheme provides 8.2 per cent per annum interest. The minimum one-time investment in the scheme is Rs 1000, while the maximum is Rs 30 lakh. An individual above 60 years of age, a retired civilian employee above 55 years of age and below 60 years of age, and retired defence employee above 50 years of age and below 60 years of age can open an individual or a joint account (with spouse only). Senior citizen investors get interest from their investments on April 1, July 1, October 1, and January 1 during a financial year. 
Investment in SCSS qualifies for tax benefits under Section 80C of the Income Tax Act.  
The SCSS accountholder can close the account on maturity, but they can also extend it for another 3 years.

How to get maximum quarterly income from SCSS?
For that, you need to invest Rs 30 lakh in the account. That amount will help you get Rs 61,500 in a quarter, or Rs 2,46,000 a year, or Rs 12,30,000 in 5 years.

How to get Rs 50,000 quarterly income from SCSS?
For that, you need to invest Rs 24,40,000 in the SCSS account. It will give you an estimated Rs 50,020 in a quarter, or Rs 2,00,080 a year, or Rs 10,00,400 in 5 years.