SCSS is a very good scheme for senior citizens who want a decent risk free return on a corpus fund. At 8.2% p.a. interest rate and an investment amount of Rs.30 lakh, the monthly income is stated to be Rs.20,500 per month for each investor.08-May-2023
Generally we all have a desire to save as much as we can even if we don't save much money. But only half of the people who think like this save money knowing the future need. Most of the people prefer to keep such savings in Post Office schemes. Because people prefer it as it offers more interest and benefits compared to other financial institutions. But there are some things they don't know about it. That is, if one invests and saves in some scheme, one does not know how much the principal amount and the interest amount will be received after a certain period. So today we are going to find out how much total amount you will get if you deposit 2 lakh rupees for a period of 5 years in the post office senior citizen scheme.
Age Relaxation:
All senior citizens above 60 years of age can join this scheme and benefit from this scheme in postal department.
Deposit Amount:
The minimum amount for senior citizens under such a scheme is Rs 1,000 and the maximum amount is Rs 30 lakh. In this you have to decide the amount for yourself before depositing.
Interest Amount:
This scheme at Post Office offers up to 8.2% of the total interest amount.
Maturity Period:
If you join this scheme the maturity period for you is 5 years. And if you want to benefit from the same scheme, there is also an opportunity to do so.
You can save for another 3 years.
Post Office SCSS Scheme Calculator:
Deposit amount is Rs.2,00,000
Interest Rate 8.2%
The interest amount for 3 months is Rs 4,100
The total interest amount is Rs 82,000
The principal amount at maturity is Rs.2,82,000
Best Senior Citizens Investment Plans with High Returns 2023
Investment Option Interest Rates Minimum Investment Amount
Senior Citizens Savings Scheme (SCSS) 8.20% p.a. Rs. 1,000
Post Office Monthly Income Scheme (POMIS) 7.40% p.a. Min Rs. 1,500
Senior Citizen FD 8.20% p.a. Varies between banks
Tax-Free Bond 5.5%-6.5% p.a. NA
Note: Interest amount and principal amount will vary depending on your deposit amount.
How can I save money in post office scheme?
(i) Account can be opened with minimum initial deposit Rs. 250. (ii) Minimum deposit in a FY is Rs. 250 and maximum deposit can be made up to Rs. 1.50 lakh (in multiple of Rs.50) in a FY in lumpsum or in multiple installments. (iii) Deposit can be made maximum up to completion of 15 years from the date of opening.
Most of the Post Office Saving Schemes provide tax rebate under Section 80C of the Income Tax Act 1961 on the amount that the investor deposits. Some schemes such as SCSS, Sukanya Samriddhi Yojana, PPF, etc. as well provide the tax exemption over the interest earned amount.
Best schemes for senior citizens savings schemes
Other schemes
National Savings Monthly Income Account (MIS)
Senior Citizens Savings Scheme Account (SCSS)
Public Provident Fund Account (PPF)
Sukanya Samriddhi Account (SSA)
National Savings Certificates (NSC)
Kisan Vikas Patra(KVP)
PM CARES for Children Scheme, 2021.
4 Best Post Office Investment-Scheme 2023.
You must be logged in to post a comment.