Senior Citizen Savings Scheme (SCSS) provides fixed returns to retired people. Also, you can invest in this scheme without any risk. This scheme run by the government gives the highest interest among the small savings schemes.
Senior Citizen Savings Scheme: For the last few months, investors are facing losses in the stock market, due to which many people are adopting the path of safe investment. In such a situation, we are also going to give you information about the calculation of a scheme, so that you will also have lakhs of rupees. This government scheme is Senior Citizen Savings Scheme (SCSS). This scheme is considered to be one of the best investments for planning safe and stable income after retirement.
Senior Citizen Savings Scheme (SCSS) provides fixed returns to retired people. Also, you can invest in this scheme without risk. This scheme run by the government gives the highest interest among small savings schemes. This makes it an attractive option for those retired people who want to increase their savings.
How much interest is available?
8.2% annual interest is given under the Senior Citizen Savings Scheme. SCSS enables senior citizens to safeguard their retirement funds as well as receive a steady income. Here is a detailed description of how the scheme works and its potential benefits.
How does this scheme work?
Senior citizens can open SCSS accounts individually or jointly with their spouses. Under this scheme, a maximum of Rs 30 lakh can be deposited in each account, with a minimum investment of Rs 1,000. Deposits up to Rs 1 lakh can be made in cash, while amounts above Rs 1 lakh must be paid by cheque.
How to earn 24 lakhs
Retired couples can get maximum benefit by opening separate SCSS accounts, which will double their investment limit to ₹60 lakhs. This will give ₹1,20,300 as quarterly interest. At the same time, the interest income on an annual basis will be ₹4,81,200. Similarly, on maturity after five years, a total interest of ₹24,06,000 will be received. That is, after investing Rs 60 lakh under two accounts, you can get Rs 24 lakh as interest after five years.
Features of this scheme
High returns: Senior Citizen Savings Scheme offers an annual interest rate of 8.2%, making it the highest interest paying small savings scheme along with Sukanya Samriddhi Yojana.
Tax benefits: The deposits are eligible for tax benefits under Section 80C of the Income Tax Act, providing extra savings to the account holders.
Safety: This government-backed scheme ensures 100% safety of the deposits.
How much will be the profit on investing up to 30 lakh in a single account?
Quarterly interest: ₹60,150
Annual interest: ₹2,40,600
Total interest in five years: ₹12,03,000
Total maturity amount: ₹42,03,000
Senior Citizen Savings Scheme is an ideal option for those who want stable income and financial security after retirement. With the option of renewal after five years of maturity, it remains a reliable way to protect your financial future.
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