SCSS Calculator 2023: SCSS i.e. Senior Citizens Savings Scheme is such a scheme offered by the post office and banks, in which senior citizens can earn good returns by investing.
This is a very good scheme to create retirement fund. The interest rates in this scheme have also been increased to 8.2% for this quarter.
Important things about Senior Citizens Savings Schemes that you should know
By investing in this scheme, you get regular income. Being a government scheme, you get guaranteed returns on it. You can invest up to 30 lakhs in this for a tenure of 5 years. This scheme can also be extended for the next 3 years. Along with this, you also get tax exemption on this under section 80C of the Income Tax Act. However, tax will have to be paid on the interest earned on it. Also, if the return is more than Rs 50,000, then TDS is applicable on the interest.
How much will be the return on investment of 5, 10 and 15 lakhs for 5 years?
1. How much will be the return on investment of five lakhs?
Investment – 5 lakh
Tenure – 5 years
Interest rate – 8.2%
Return on interest
Monthly – 3,416
Quarterly – 10,250
Yearly – 41,000
Earning on interest in 5 years – 2,05,000
Total return – 7,05,000
2. How much will be the return on investment of 10 lakhs?
Investment – 10 lakh
Tenure – 5 years
Interest rate – 8.2%
Return on interest
Monthly – 6,833
Quarterly – 20,500
Yearly – 82,000
Earning on interest in 5 years – 4,10,000
Total return – 14,10,000
3. What will be the return on investment of 15 lakhs?
Investment – 15 lakh
Tenure – 5 years
Interest rate – 8.2%
return on interest
Monthly – 10,250
Quarterly – 30,750
Yearly – 1,23,000
Earning on interest in 5 years – 6,15,000
Total return – 21,15,000
