Any senior citizen couple can earn regular income by investing up to Rs 60 lakh in a bank or post office under this scheme. This is a great plan for those individuals who want to earn regular income from their total invested amount.
New Delhi. Finance Minister Nirmala Sitharaman announced in the Union Budget 2023-24 to increase the investment limit in Senior Citizen Savings Scheme from Rs 15 lakh to Rs 30 lakh. Along with this, the government has increased the interest rates of small savings schemes by up to 70 bps for the April-June 2023 quarter.
These schemes include schemes like Senior Citizen Savings Scheme, Monthly Income Savings Scheme, National Savings Certificate, Kisan Vikas Patra, All Post Office Fixed Deposits and Sukanya Samriddhi Account Scheme, whose interest rates have been increased.
Know what is Senior Citizen Savings Scheme
Explain that any person alone i.e. individually or jointly with his/her spouse can open an account under this scheme with a minimum deposit of one thousand rupees or any amount in multiple of one thousand rupees. This account can be closed after the expiry of 5 years from the date of opening. At the same time, it can also be extended for a further period of 3 years.
How to take advantage of the scheme?
Senior Citizen Savings Scheme is a great plan for those individuals who want to earn regular income from their total invested amount. Under this scheme, a senior citizen couple can earn regular income by investing up to Rs 60 lakh in a bank or post office.
What is the interest rate on Senior Citizen Savings Scheme
The interest rate of Senior Citizen Savings Scheme (SCSS) for the first quarter of the financial year 2023-24 (April-June) is 8.2 percent per annum. Interest is payable quarterly on the invested amount. Let us tell you that the Senior Citizen Savings Scheme interest rate 2023 for the April-June quarter is one of the highest interest rates available in fixed income small savings schemes.
Senior Citizen Savings Scheme 2023 Calculator
Senior Citizen Couple Investment Amount – Rs 60 lakh (i.e Rs 30 lakh each individually)
Quarterly interest earned – Rs 1,23,000
Tenure – 5 years
SCSS interest rate – 8.2%
Maturity amount – Rs 60 lakh
Total interest – Rs 24,60,000
You can also invest in the name of parents
On the other hand, if a person wants to invest Rs 60 lakh in a safe and secure government-backed scheme, he can choose to invest the entire amount in the Senior Citizens Savings Scheme in the name of his parents and enroll himself in the scheme. Can do. Explain that the regular income generated through this scheme can be used to maintain the daily expenses of your elderly parents, while you can also use a part of it for yourself if you wish. Also, on maturity of the scheme, that is, on completion of the tenure, your entire amount of Rs 60 lakh will be returned.
You can invest maximum
Let us tell you that Senior Citizen Savings Scheme can be opened in banks or post offices. Investments made under this scheme are eligible for tax exemption provided under section 80C of the Income Tax Act of 1961. At the same time, any person investing in this scheme can open a Senior Citizen Savings Scheme account by depositing a minimum of one thousand rupees. At the same time, the maximum investment limit under this scheme for an individual has been increased to Rs 30 lakh.
