Senior Citizens Savings Scheme: If you deposit in Senior Citizens Savings Scheme (SCSS) account, you get interest on your deposit as decided by the government. Interest is paid on quarterly basis.
SCC Account Retirement Benefits Scheme: If you have retired and want to arrange for regular income in old age, then you can take advantage of the special facility of Senior Citizens Savings Scheme. In this scheme, you can arrange for your regular income through safe investment of your retirement fund. According to the maximum deposit limit in this scheme, you can get 60 thousand interest every 3 months. On the other hand, if you are a retired couple, then in that condition also open a separate account for yourself or for your spouse, that is, you can get double benefit from 2 accounts.
SCC: Retirement Benefit Program
Senior Citizens Savings Scheme is a government retirement benefit program. Senior citizens can invest in this account. If you deposit in Senior Citizens Savings Scheme (SCSS) account, then you get interest fixed by the government on your deposit. Interest is paid on quarterly basis. This interest can be used for regular income. At the same time, the entire amount deposited by you will be returned after maturity. After which you can open this account again and avail the benefit of regular income.
Highest interest paying small savings
SCSS is the highest interest paying small savings scheme of the post office. This scheme is giving 8.2 percent annual interest. Apart from this, only Sukanya scheme gives this much interest. In case of money deposited in the post office, 100 percent of the money is safe. Senior citizens living in India can invest lump sum in this scheme individually or jointly and can also get regular income with tax benefits.
SCC: Deposit rules
A maximum of Rs 30 lakh can be invested through a single account in Senior Citizen Savings Scheme. While it is necessary to deposit at least Rs 1000 in this account. If the amount is less than Rs 1 lakh, a person can deposit money in cash. When the deposit amount is more than Rs 1 lakh, the investor should make payment by cheque.
SCC: 2 accounts in one house is also possible
In Senior Citizens Savings Scheme, you can open a single account or a joint account with wife. Apart from this, if both husband and wife are eligible for this, then 2 separate accounts can also be opened. A maximum of 30 lakhs can be deposited in a single account or a joint account with wife and a maximum of 60 lakh rupees can be deposited in 2 separate accounts.
SCC: Calculation of annual interest
Maximum deposit in single account: Rs 30 lakh
Interest rate: 8.2 percent per annum
Maturity period: 5 years
Quarterly interest: Rs 60,150
Annual interest: Rs 2,40,600
Total interest in 5 years: 12,03,000
Total return: Rs 42,03,000 lakh
SCC: How much profit from 2 different accounts
Maximum deposit in 2 accounts: Rs 60 lakh
Interest rate: 8.2 percent per annum
Maturity period: 5 years
Quarterly interest: Rs 1,20,300
Annual interest: Rs 4,81,200
Total interest in 5 years: 24,06,000
Total return: Rs 84,06,000 lakh
