Post Office Senior Citizen Savings Scheme 2024: Get Rs 12,300 interest every quarter on Rs 6 lakh investment in this guaranteed return investment scheme
Post Office Senior Citizen Savings Scheme (SCSS) 2024 interest rate: Investment of Rs 10,000 in this government-guaranteed small savings scheme grows investment of every Rs 10,000 into Rs 10,820 in a year. Confused? Read on to know the exact calculation and rate of return.
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Post office Senior Citizen Savings Scheme (SCSS) 2024: Did you know that the Senior Citizen Savings Scheme (SCSS)—a government-backed, guaranteed return, small savings scheme—offers interest rate of 8.2 per cent per annum, compounded quarterly? For the quarter ending March 31, 2024, the small savings scheme pays interest of Rs 205 every quarter (which amounts to Rs 820 on an investment of Rs 10,000, according to the India Post website, indiapost.gov.in.
Individuals above 60 years of age, and retired civilian employees, as well as retired defence employees in the age brackets of 55-60 and 50-60 years, qualify to invest in the Senior Citizen Savings Scheme, which permits deposits in multiples of Rs 1,000 up to a maximum of Rs 30 lakh in one deposit.
Read more on Post Office Senior Citizen Savings Scheme 2024
At the current interest rate, a return of Rs 205 every quarter on an investment of Rs 10,000 essentially translates into a return of Rs 12,300 on an investment of Rs 6,00,000.
Senior Citizen Savings Scheme (SCSS): Here are some examples to illustrate how your one-time investment in the small savings scheme will grow every quarter:
| Principle | Interest per quarter | Total interest every year |
| Rs 10,000 | Rs 205 | Rs 820 |
| Rs 20,000 | Rs 410 | Rs 1,640 |
| Rs 30,000 | Rs 615 | Rs 2,460 |
| Rs 40,000 | Rs 820 | Rs 3,280 |
| Rs 50,000 | Rs 1,025 | Rs 4,100 |
| Rs 60,000 | Rs 1,230 | Rs 4,920 |
| Rs 70,000 | Rs 1,435 | Rs 5,740 |
| Rs 80,000 | Rs 1,640 | Rs 6,560 |
| Rs 90,000 | Rs 1,845 | Rs 7,380 |
| Rs 1,00,000 | Rs 2,050 | Rs 8,200 |
| Rs 1,10,000 | Rs 2,255 | Rs 9,020 |
| Rs 1,20,000 | Rs 2,460 | Rs 9,840 |
| Rs 1,30,000 | Rs 2,665 | Rs 10,660 |
| Rs 1,40,000 | Rs 2,870 | Rs 11,480 |
| Rs 1,50,000 | Rs 3,075 | Rs 12,300 |
| Rs 5,00,000 | Rs 10,250 | Rs 41,000 |
| Rs 6,00,000 | Rs 12,300 | Rs 49,200 |
| Rs 7,00,000 | Rs 14,350 | Rs 57,400 |
| Rs 8,00,000 | Rs 16,400 | Rs 65,600 |
| Rs 9,00,000 | Rs 18,450 | Rs 73,800 |
| Rs 10,00,000 | Rs 20,500 | Rs 82,000 |
| Rs 20,00,000 | Rs 41,000 | Rs 1,64,000 |
| Rs 30,00,000 | Rs 61,500 | Rs 2,46,000 |
Meanwhile, did you know that the Senior Citizen Savings Scheme and the Sukanya Samriddhi Account offer the highest returns among the various small savings schemes?
Here's the complete list of interest rates offered by various small savings schemes available at post offices:
| Instrument | Interest rate | Compounding Frequency |
| Post office savings account | 4% | Annually |
| One-year time deposit | 6.9% | Quarterly |
| Two-year time deposit | 7.0% | Quarterly |
| Three-year time deposit | 7.1% | Quarterly |
| Five-year time deposit | 7.5% | Quarterly |
| Five-year recurring deposit scheme | 6.7% | Quarterly |
| Senior Citizen Savings Scheme | 8.2% | Quarterly and Paid |
| Monthly Income Account | 7.4% | Monthly and paid |
| National Savings Certificate (VIII Issue) | 7.7% | Annually |
| Public Provident Fund (PPF) Scheme | 7.1% | Annually |
| Kisan Vikas Patra | 7.5% | Annually |
| Mahila Samman Savings Certificate | 7.5% | Quarterly |
| Sukanya Samriddhi account | 8.2% | Annually |
| (Source: indiapost.gov.in) | ||
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