SCSS Calculator 2024: Investing in this scheme gives you regular income. Being a government scheme, you get guaranteed returns on it. You can invest up to Rs 30 lakh in it for a tenure of 5 years.
SCSS Calculator 2024: The government offers many excellent schemes for pension every month for senior citizens. One of these is SCSS i.e. Senior Citizens Savings Scheme, a scheme offered by post offices and banks, in which senior citizens can earn good returns by investing. This is a very good scheme for creating a retirement fund. For this quarter, the interest rate in this scheme is running at 8.2%.
Special features of Senior Citizens Savings Schemes
Investing in this scheme gives you regular income. Being a government scheme, you get guaranteed returns on it. You can invest up to 30 lakhs in it for a tenure of 5 years. This scheme can also be extended for the next 3 years. Also, you get tax exemption on it under Section 80C of the Income Tax Act. However, you will have to pay tax on the interest received on it. Also, if the return is more than Rs 50,000, then TDS is levied on the interest.
How much return will you get on a 5-year investment of 5, 10 and 15 lakhs?
1. How much return will you get on an investment of 5 lakhs?
Investment- 5 lakhs
Tenure- 5 years
Interest rate- 8.2%
Return on interest
Per month- 3,416
Every quarter- 10,250
Annual- 41,000
Earning on interest in 5 years- 2,05,000
Total return- 7,05,000
2. How much return will you get on an investment of 10 lakhs?
Investment- 10 lakhs
Period- 5 years
Interest rate- 8.2%
Return on interest
Per month- 6,833
Every quarter- 20,500
Annual- 82,000
Earning on interest in 5 years- 4,10,000
Total return- 14,10,000
3. How much return will you get on an investment of 15 lakhs?
Investment- 15 lakhs
Period- 5 years
Interest rate- 8.2%
Return on interest
Per month- 10,250
Every quarter- 30,750
Annual- 1,23,000
Earning on interest in 5 years- 6,15,000
Total return- 21,15,000
