Senior Citizen Savings Scheme (SCSS) is a safe investment option with an interest rate of 8.2%. Investment of ₹5 lakh, ₹10 lakh and ₹15 lakh gives an annual return of ₹41,000, ₹82,000 and ₹1,23,000 respectively. This scheme is great for retirement planning with government guarantee and monthly income option.
Senior Citizens Savings Scheme (SCSS) is a safe and reliable option for senior citizens. This government scheme offers guaranteed returns and is suitable for building a retirement fund. With an attractive interest rate of 8.2% for the current quarter, this scheme assures regular income to senior citizens.
This scheme is not only safe but also offers guaranteed returns to investors as it is backed by the government. With an attractive interest rate of 8.2% and the option of monthly income, it is an excellent means of ensuring financial stability for senior citizens.
Key Features of SCSS Scheme
Guaranteed Returns: The scheme is backed by the government, which ensures safety and reliability.
Investment Limit: Up to ₹30 lakh can be invested in this scheme, with a tenure of 5 years (extendable by 3 years).
Tax Benefits: The investment is tax-exempt under Section 80C. However, the interest income is taxable, and TDS will also be applicable if the annual return exceeds ₹50,000.
Regular Income: This scheme is ideal for generating monthly, quarterly or annual returns.
Investment and Earning Analysis on SCSS
On an investment of ₹5 lakh
Monthly Earning: ₹3,416
Quarterly Earning: ₹10,250
Annual Earning: ₹41,000
Interest Earning in 5 years: ₹2,05,000
Maturity Amount: ₹7,05,000
On an investment of ₹10 lakh
Monthly income: ₹6,833
Quarterly income: ₹20,500
Annual income: ₹82,000
Interest income in 5 years: ₹4,10,000
Maturity amount: ₹14,10,000
On an investment of ₹15 lakh
Monthly income: ₹10,250
Quarterly income: ₹30,750
Annual income: ₹1,23,000
Interest income in 5 years: ₹6,15,000
Maturity amount: ₹21,15,000
Why is SCSS scheme special?
With government guarantee and high interest rate, SCSS scheme is a safe and beneficial option to get regular income after retirement. This scheme not only provides financial security but also makes senior citizens self-reliant for their future plans.
