Senior Citizen Saving Scheme (SCSS) – Having enough money in old age after retirement is very important for every citizen. Therefore, it is considered the right decision for senior citizens to invest their retirement money for financial stability in the future. One of the great schemes of the Government of India is the Senior Citizen Saving Scheme (SCSS). Investors in this scheme will get the benefits of tax exemption under section 80c of the income tax act. If you deposit money in this SCSS scheme, you will get a guaranteed return of 8.2% per annum from here.
- Read Also: What Is Sukanya Samriddhi Yojana In 2023 ? Full Details Of Sukanya Samriddhi Yojana Scheme
Senior Citizen Saving Scheme (SCSS) Overview
|Senior Citizen Saving Scheme (SCSS)
|Retirement Savings Plan
|Minimum & Maximum Deposit Amount
|Minimum 1000/- & Maximum 30 Lac Per Year
|Rate Of Interest
|80C Tax Exemption up to 1.5 lakh
If you want to open an account in Senior Citizen Savings Scheme, you can open a Senior Citizen Savings Account by paying Rs.1000 in any government-approved bank and post office. Until now the maximum deposit under SCSS was up to Rs 15 lakh, but in Budget 2023 the maximum limit of the scheme has been raised to Rs 30 lakh.
Investment up to Rs 1.50 lakh under 80C of the income tax act in the Senior Citizen Saving Scheme comes under tax exemption. The maturity period of this scheme is five years. You can later extend the investment of this SCSS for another three years if you wish. In this scheme, you will get an interest of Rs.2050/- per quarter on an investment of Rs.1,00,000.
That is, if you deposit 1 lakh rupees in this scheme for five years, you will get a total return of 41,000/- rupees. Similarly, if you invest 10 lakhs in this scheme, you will get a return of 40,9999/- i.e. a total of 14,09,999/- after five years.
- Read Also: Mahila Samman Savings Certificate Scheme
Hi, this is Sourav Acharya. I’m the owner, writer & editor of this website. I’m a passionate full-time Blogger with social media and affiliate marketer.”Earning With Internett” & “Versatile Tips” are my two websites. I love content writing for my two websites on different topics and also writing content for my clients. Follow Me On Social Media.