This scheme will give 12 lakh rupees interest on maturity, SCSS scheme is great for your parents, also provides facility of regular income

Senior Citizens Savings Scheme Account (SCSS) :Senior Citizens Savings Scheme (SCSS) is a government scheme, which is seen as a retirement benefit program. Senior citizens can invest lump sum in this scheme individually or jointly. By investing in this scheme, regular income can also be obtained along with tax benefits. An account under Senior Citizens Savings Scheme can be opened at any branch of Post Office Savings. This is the highest interest paying small savings scheme of the post office.

The Post Office Small Savings Scheme has the sovereign guarantee of the government, so there is no worry about safety and returns. The interest amount is paid on a quarterly basis. But if you do not touch it till maturity and go up to the maximum limit of deposit in this scheme, then you can get interest of Rs 12 lakh on maturity. The maturity in the scheme is 5 years.

Extend NPS by 5 years, monthly pension will increase by more than 50%, old age will be spent comfortably

SCSS: Interest of Rs 2,40,600 per year

The maximum limit of deposit in the Senior Citizen Savings Scheme of the Post Office has been increased to Rs 30 lakh. The interest received in this scheme is 8.02 percent per annum. Its maturity period is 5 years.

Maximum deposit: Rs 30 lakh
Interest rate: 8.2% per annum
Maturity period: 5 years
Monthly interest: Rs 20,050
Quarterly interest: Rs 60,150
Annual interest: Rs 2,40,600
Total interest in 5 years: Rs 12,03,000
Total amount on maturity: Rs 42,03,000 lakh (Rs 30,00,000 principal + Rs 12,03,000 interest)

While in 1 year, through this scheme, interest of Rs 2,40,600 is being received, in 5 years i.e. on maturity, the interest will be Rs 12,03,000.

Are you ready to deposit 1 lakh every year in Sukanya Yojana, how much interest will you get on maturity

Deposit rules

There is a facility to invest a minimum of Rs 1000 in Senior Citizens Savings Scheme. The maximum investment limit is Rs 30,00,000. Whereas if you want two separate accounts with your spouse, then you can deposit Rs 60 lakh in both the accounts separately. In this scheme, tax benefits are also available on investment up to Rs 1.5 lakh under Section 80C of the Income Tax Act.

On retirement, you need 1.5 crore fund and more than 1 lakh pension, how much investment will be required in pension scheme NPS

Double benefit on 2 different accounts

Maximum deposit in 2 different accounts: Rs 60 lakh
Interest rate: 8.2% per annum
Maturity period: 5 years
Monthly interest: Rs 40,100
Quarterly Interest: Rs 1,20,300
Annual interest: Rs 4,81,200
Total interest in 5 years: Rs 24,06,000
Total Return: Rs 84,06,000 lakh (Rs 60,00,000 principal + Rs 24,06,000 interest)

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How much loss will you incur on premature withdrawal?

• There is a penalty for closing the SCSS account before the 5-year lock-in period. This penalty depends on how long you have been opening the account.
• If the account is closed before one year, no interest is paid on the deposited amount. If interest has been paid, it will be deducted from the principal.
• If the account is closed after 1 year but before 2 years, then 1.5 percent of the amount is deducted from the balance in the account at the time of payment.
• If the account is closed after 2 years but before 5 years, 1 percent of the principal amount is deducted.
• If your SCSS account is an extended account, there will be no penalty if you close the account after one year of extension.