SCSS: The government has recently increased the interest rates of many of its small saving schemes. Now SCSS scheme will get 8.00 percent interest rate instead of 7.60 percent.
SCSS Calculator: Senior Citizen Savings Scheme is one of the great post office schemes. The post office keeps coming up with various schemes from time to time for its customers. These schemes are specially issued to meet the financial needs of the common people. Recently, before the beginning of the new year, the central government has increased the interest rates of many small savings schemes of the post office.
The name of Post Office Scheme is also included in this. These rates have been implemented from January 1, 2023. In such a situation, now customers will get 8.00 percent interest instead of 7.60 percent on Senior Citizen Savings Scheme. In such a situation, instead of earlier, 40 basis points more interest rate will be available on this scheme. You can invest money in this scheme for a total of 5 years. Let us know about the details of this scheme and the interest received-
Know the details of SCSS-
- This scheme is specially designed for senior citizens, in which only people above 60 years of age can invest.
- Under this scheme, you can open an account in the post office or any authorized bank.
- Under this scheme, an investment of Rs 1,000 to a maximum of Rs 15 lakh can be made.
- In this scheme, the government transfers interest on a quarterly basis.
- Post office gives nomination facility in this scheme.
- You can extend this account for three more years after maturity.
- If after opening the account you close it within 1 year, then 1.5% of your total deposit will be deducted. On the other hand, if the account is closed within 2 years, 2 percent amount will be deducted.
Know how much return will be available on SCSS scheme-
Let us tell you that if you invest a total of Rs 5 lakh in the Senior Citizen Savings Scheme for 10 years, then you will get a total interest of Rs 4 lakh at a compounding interest rate of 8 percent. In this case, you will get a total return of 14 lakhs on maturity. In this case, on an annual basis, you will get Rs 80,000 as interest. At the same time, the total interest on every quarter will be Rs 20,000.
Tax benefits
Like some other schemes, you can deduct investment in Senior Citizen Savings Scheme from your taxable income but the maximum limit is Rs. 1.5 lakh and all these deductions are given under section 80C of the Income Tax Act. And all investments under this Act do not exceed this amount.
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