SCSS Features and Benefits :Senior Citizens Savings Scheme (SCSS) is a government scheme (Post Office Savings Scheme) which can be used for regular income after retirement. This scheme is especially for senior citizens, which gives the opportunity of regular income with highest safety and tax savings benefits. Through this, you can earn a maximum monthly income of Rs 40100. At the same time, after maturity, you get your entire deposited capital back safely. If you do not withdraw a single penny till the full maturity, then you can get interest of Rs 12 lakh.
Banking Scheme: Investment of 1 lakh in banking scheme became 54 lakhs, got 1.50 crores on monthly SIP of Rs 5000, was launched 21 years ago
Special features of SCSS
Maturity period : 5 years
Interest Rate: 8.2% p.a.
Minimum investment: Rs 1,000
Maximum investment: Rs 30,00,000
Maximum investment from 2 accounts: Rs 60,00,000
Tax benefit: Tax exemption on investment of Rs 1.5 lakh under section 80C of Income Tax
Premature Closure : Available
Nomination Facility : Available
LIC MF SIP: LIC introduced 3 schemes 30 years ago, those who deposited only 2000 rupees monthly got 50 to 60 lakh rupees
How many accounts can be opened
In Senior Citizens Savings Scheme, you can open a single account or a joint account with your wife. Apart from this, if both husband and wife are eligible for this, then 2 separate accounts can also be opened. A maximum of Rs 30 lakh can be deposited in a single account or a joint account with wife and a maximum of Rs 60 lakh can be deposited in 2 separate accounts. You can extend this account for another 3 years after the maturity of 5 years.
SCSS : Interest Calculator (Single Account)
Maximum deposit in one account: Rs 30 lakh
Interest rate: 8.2% per annum
Maturity period: 5 years
Annual interest: Rs 2,40,600
Quarterly interest: Rs 60,150
Monthly interest: Rs 20,050
Total interest in 5 years: Rs 12,03,000
Total return: Rs 42,03,000 lakh
Losing Money in SIP: Mutual Funds are losing money in SIP, these 6 investment strategies will bring the returns back on track
SCSS : Interest Calculator (2 different accounts)
Maximum deposit in 2 different accounts: Rs 60 lakh
Interest rate: 8.2% per annum
Maturity period: 5 years
Annual interest: Rs 2,81,200
Quarterly interest: Rs 1,20,300
Monthly interest: Rs 40,100
Total interest in 5 years: Rs 24,06,000
Total return: Rs 84,06,000 lakh
LIC Best Scheme: 7 schemes of LIC giving 50 to 74% return in 1 year, giving competition to the stock market
What is the eligibility for the scheme
If you are above 60 years of age or retired employees in the age group of 55-60 years who have opted for Voluntary Retirement Scheme (VRS) can open an account. Retired defense personnel who are at least 60 years of age can open an account. HUF and NRI are not eligible to invest in SCSS.
(Source: India Post)
