Senior Citizen Savings Scheme: Many people opt for retirement funds to ensure a financially stable post-retirement life, allowing them independence in covering daily expenses, including essentials and medical needs. These funds serve as crucial support during a period when earning through office jobs, running businesses, or performing blue-collar work may not be feasible. To secure this financial future, it’s imperative to invest in a retirement fund, enabling returns through interest rates and continued growth of invested capital. The Senior Citizen Savings Scheme (SCSS) has been specifically introduced to cater to the needs of such individuals.
Senior Citizen Savings Scheme Details
Individuals aged 60 years or older are eligible to earn an attractive interest rate of 8.2 percent through the SCSS. Additionally, those in the age group of 55–60 years who have opted for Voluntary Retirement Scheme (VRS) and retired defense personnel aged at least 60 years can also participate in this scheme.
Senior Citizen Savings Scheme Maximum Investment
Investment in the SCSS can commence with as little as Rs 1,000, offering the flexibility to invest up to a maximum of Rs 30 lakh. Notably, the maximum investment limit has been increased from its previous cap of Rs 15 lakh. The deposited amount matures after a 5-year period from the date of account opening, and interest is disbursed on a quarterly basis. Additionally, the scheme offers tax benefits to senior citizens.
What are the returns in Senior Citizen Savings Scheme?
We’ve provided a comprehensive calculation for you to determine the returns on investments ranging from Rs 1 lakh to Rs 15 lakh.
- If you invest Rs 1,00,000, you will get Rs 1,41,000 on maturity.
- If you invest Rs 2,00,000, you will get Rs 2,82,000 on maturity.
- If you invest Rs 3,00,000, you will get Rs 4,23,000 on maturity.
- If you invest Rs 4,00,000, you will get Rs 5,64,000 on maturity.
- If you invest Rs 5,00,000, you will get Rs 7,05,000 on maturity.
- If you invest Rs 6,00,000, you will get Rs 8,46,000 on maturity.
- If you invest Rs 7,00,000, you will get Rs 9,87,000 on maturity.
- If you invest Rs 8,00,000, you will get Rs 11,28,000 on maturity.
- If you invest Rs 9,00,000, you will get Rs 12,69,000 on maturity.
- If you invest Rs 10,00,000, you will get Rs 14,10,000 on maturity.
- If you invest Rs 11,00,000, you will get Rs 15,51,000 on maturity.
- If you invest Rs 12,00,000, you will get Rs 16,92,000 on maturity.
- If you invest Rs 13,00,000, you will get Rs 18,33,000 on maturity.
- If you invest Rs 14,00,000, you will get Rs 19,74,000 on maturity.
- If you invest Rs 15,00,000, you will get Rs 21,15,000 on maturity.
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