Wednesday , November 6 2024

Post Office SCSS 2024: Get interest of Rs 12,300 every quarter on investment of Rs 6 lakh

Post Office SCSS 2024:

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 ,