How much investment do you need in this senior citizen scheme to get over Rs 60,000 quarterly interest? Know here
Retirement Planning: One can open a single or a joint account in SCSS. An individual above 60 years of age, a retired civilian employee above 55 years of age and below 60 years of age, or a retired defence employee above 50 years of age and below 60 years of age can open the SCSS account. The scheme provides 8.2 per cent annual interest. The interest is payable from the date of deposit to March 31/September 30/December 31 in the first instance and thereafter, on April 1, July 1, October 1, and January 1.
Senior Citizen Savings Scheme (SCSS): We need money to run our daily expenses in every stage of our life. We may be young or old, expenses never stop. In old age, there are high chances that you don't have a job or some source of a regular income. But that's the reason senior citizens invest in a scheme that helps them earn a fixed, regular income every month. It ensures that their minimum necessities are met. With the same purpose, post office runs Senior Citizen Savings Scheme (SCSS), where with a one-time investment, they can get quarterly income. Know what it is; how does it work; what are the eligibility criteria; and how much investment you need to make quarterly incomes of Rs 50,000 and Rs 60,000.
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What is Senior Citizen Savings Scheme (SCSS)?
One can open a single or a joint account in SCSS. An individual above 60 years of age, a retired civilian employee above 55 years of age and below 60 years of age, or a retired defence employee above 50 years of age and below 60 years of age can open the SCSS account.
What is Senior Citizen Savings Scheme (SCSS)?
The scheme provides 8.2 per cent annual interest. The interest is payable from the date of deposit to March 31/September 30/December 31 in the first instance and thereafter, on April 1, July 1, October 1, and January 1.
Minimum investment in SCSS
One needs to make a minimum deposit of Rs 1,000 and the maximum of Rs 30 lakh.
Minimum investment in SCSS
After making the investment, the account holder can get quarterly interest for five years. After the maturity period, they can extend it for a further three years.
SCSS tax benefits
Investments up to Rs 1.50 lakh in SCSS get tax exemption under Section 80C of the Income Tax Act, 1961.
How to get Rs 50,000 quarterly amount in SCSS
Since the interest rate is 8.2 per cent, one needs to make an investment of Rs 24,39,100 to earn Rs 50,001.55 in quarterly interest.
How to get Rs 50,000 quarterly amount in SCSS
If one takes full advantage of the investment limit of Rs 30 lakh, they can get Rs 61,500 in quarterly income.