SCSS: Monetary freedom is vital for each citizen who needs to turn out to be financially impartial all through their lifetime. The sooner you obtain it, the higher it’s in your psychological peace. Retirement planning can also be a key milestone for reaching monetary freedom. In the event you begin it early in your profession, the higher end result you might be more likely to discover within the face of a big lump sum at retirement or a month-to-month pension. However even should you miss the bus, there are funding schemes solely centered on senior residents, the place a one-time funding offers you revenue within the type of curiosity.
At maturity, you get your principal quantity again. Publish Workplace Senior Residents Financial savings Scheme Account (SCSS) can also be one scheme the place a one-time funding offers you with curiosity as soon as in three months.
Know the way a lot quarterly revenue you may get from it after depositing Rs 5 lakh, Rs 10 lakh, Rs 15 lakh, and Rs 20 lakh.
What’s Senior Citizen Financial savings Scheme Account (SCSS)
The small financial savings publish workplace scheme is targeted on offering revenue to senior residents.
They will deposit of their SCSS account a a number of of Rs 1,000, with the utmost quantity not exceeding Rs 30 lakh.
The publish workplace offers 8.2 per cent annual curiosity on this assured return scheme.
Deposits as much as Rs 1.50 lakh in a monetary yr made underneath the scheme qualify for the good thing about Part 80C of the Earnings Tax Act, 1961.
A person above 60 years of age, a retired civilian worker above 55 years of age and beneath 60 years of age, and a retired defence worker above 50 years of age and beneath 60 years of age are eligible to open an SCSS account.
Curiosity shall be payable on a quarterly foundation in SCSS and is relevant from the date of deposit to March 31/June 30/September 30/December 31.
The account will also be prolonged for an additional interval of three years from the date of maturity.
What do you get on Rs 5 lakh, Rs 10 lakh, Rs 15 lakh, and Rs 20 lakh investments?
In the event you make investments Rs 5 lakh within the scheme, you’re going to get quarterly curiosity of Rs 10,250, or Rs 41,000 yearly, and the maturity quantity might be Rs 7,05,000.
On one-time funding of Rs 10 lakh, you get quarterly curiosity of Rs 20,500, or Rs 82,000 a yr, and the maturity quantity might be Rs 14,10,000.
If one invests Rs 15 lakh in SCSS, they may get quarterly curiosity of Rs 30,750, or Rs 1,23,000 a yr, and the maturity quantity might be Rs 21,15,000.
On an funding of Rs 20 lakh, the quarterly curiosity might be Rs 41,000, or Rs 1,64,000 a yr, and the maturity quantity might be Rs 28,20,000.
