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Post Office Senior Citizens Savings Scheme (SCSS) 2024: Did you know that the Senior Citizens Savings Scheme (SCSS) – a government-backed, guaranteed return, small savings scheme – offers an interest rate of 8.2 per cent per annum, compounded quarterly? For the quarter ending March 31, 2024, the small savings scheme offers an interest of Rs 205 every quarter (which is Rs 820 on an investment of Rs 10,000, according to the India Post website, indiapost.gov.in).
Individuals above 60 years of age, and retired civilian employees, as well as retired defense personnel in the age group of 55-60 and 50-60 years, are eligible to invest in the Senior Citizens Savings Scheme, which offers deposits in multiples of Rs 1,000. allows for. Up to a maximum of Rs 30 lakh in a single deposit.
At the current interest rate, a return of Rs 205 per quarter on an investment of Rs 10,000 essentially translates to a return of Rs 12,300 on an investment of Rs 6,00,000.
How your lump sum investment in a small savings scheme will grow every quarter:
| Principle | interest per quarter | Total interest every year |
| Rs 10,000 | 205 rupees | 820 rupees |
| Rs 20,000 | Rs 410 | Rs 1,640 |
| Rs 30,000 | Rs 615 | Rs 2,460 |
| Rs 40,000 | 820 rupees | 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, do you know that Senior Citizens Savings Scheme and Sukanya Samriddhi Account offer the highest returns among various small savings schemes?
Here is the complete list of interest rates offered by various small savings schemes available in post offices:
| Machine | Rate of interest | compounding frequency |
| post office savings account | 4% | every year |
| one year fixed deposit | 6.9% | quarterly |
| two year fixed deposit | 7.0% | quarterly |
| three year fixed deposit | 7.1% | quarterly |
| five year fixed deposit | 7.5% | quarterly |
| Five Year Recurring Deposit Scheme | 6.7% | quarterly |
| Senior Citizen Savings Scheme | 8.2% | Quarterly and Payment |
| monthly income account | 7.4% | Monthly and paid |
| National Savings Certificate (eighth digit) | 7.7% | every year |
| Public Provident Fund (PPF) Scheme | 7.1% | every year |
| Kisan Vikas Patra | 7.5% | every year |
| Mahila Samman Savings Card | 7.5% | quarterly |
| Sukanya Samriddhi Account | 8.2% | every year |
| (Source: indiapost.gov.in , | ||
