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SCSS Calculator 2024: Every month, the government introduces many excellent pension schemes for senior citizens. One of these is SCSS i.e. Senior Citizen Savings Scheme, which is a scheme offered by post offices and banks, in which senior citizens can earn good returns by investing. This is a very good scheme for creating a retirement fund. The interest rate in this scheme for this quarter is 8.2%.
Special Features of Senior Citizen Savings Schemes
Investing in this scheme gives you regular income. Being a government scheme, you get guaranteed returns on it. You can invest up to 30 lakhs in it for a period of 5 years. This scheme can also be extended for the next 3 years. Also, you get tax exemption on it under section 80C of the Income Tax Act. However, you will have to pay tax on the interest received on it. Also, if the return is more than Rs 50,000 then TDS is levied on the interest.
How much return will you get on an investment of Rs 5, 10 and 15 lakh for 5 years?
1. How much return will you get on an investment of Rs 5 lakh?
Investment- Rs 5 lakh
Duration- 5 years
Interest Rate- 8.2%
return on interest
Per month- Rs 3,416
Every quarter – Rs 10,250
Annual- Rs 41,000
Interest earned in 5 years- Rs 2,05,000
Total Return- Rs 7,05,000
2. How much return will you get on an investment of Rs 10 lakh?
Investment- Rs 10 lakh
Duration- 5 years
Interest Rate- 8.2%
return on interest
Per month- Rs 6,833
Every quarter – Rs 20,500
Annual- Rs 82,000
Interest earned in 5 years- Rs 4,10,000
Total Return- Rs 14,10,000
3. How much return will you get on an investment of Rs 15 lakh?
Investment- Rs 15 lakh
Duration- 5 years
Interest Rate- 8.2%
Return on Interest
Per month- Rs 10,250
Quarterly – 30,750
Annual- Rs 1,23,000
Interest income in 5 years- Rs 6,15,000
Total Return- Rs 21,15,000