Senior Citizens Savings Scheme – Get 24 lakh rupees in 5 years, See the complete calculation

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.

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 too will have lakhs of rupees. This government scheme is Senior Citizen Savings Scheme (SCSS). This scheme is considered 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 any risk. This scheme run by the government offers the highest interest among small savings schemes. This makes it an attractive option for retired people who want to increase their savings.

How much interest is given?

Under the Senior Citizen Savings Scheme, 8.2% annual interest is given. SCSS enables senior citizens to keep their retirement funds safe and also get a steady income. Here is a detailed information about how this 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. 

The specialty of this plan

• 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 Rs 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 a stable income and financial security after retirement. With the option of renewal after five years of maturity, it remains a reliable way to safeguard your financial future.