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 schemeoffers 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. 

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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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