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SCSS Calculator 2024: The government offers many great pension schemes for senior citizens every month. One of these is SCSS i.e. Senior Citizen Savings Scheme. This 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 preparing retirement fund. The interest rate in this scheme for this quarter is running at 8.2%.
Special Features of Senior Citizen Savings Schemes
By investing in this scheme you get regular income. Since it is a government scheme, you get guaranteed returns on it. In this you can invest up to Rs 30 lakh for a period of 5 years. This scheme can also be extended for the next 3 years. Besides, you also get tax exemption on this under Section 80C of the Income Tax Act. However, tax will have to be paid on the interest received on this. Also, if the return is more than Rs 50,000 then TDS is levied on the interest.
What will be the return on 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- 5 lakhs
Duration- 5 years
Interest rate- 8.2%
return on interest
Per month – 3,416
Every quarter – 10,250
Annual – 41,000
Earning on interest in 5 years – 2,05,000
Total return- 7,05,000
2. How much return will you get on an investment of Rs 10 lakh?
Investment- 10 lakhs
Duration- 5 years
Interest rate- 8.2%
return on interest
Per month – 6,833
Every quarter – 20,500
Annual – 82,000
Earning on interest in 5 years – 4,10,000
Total return- 14,10,000
3. How much return will you get on an investment of Rs 15 lakh?
Investment- 15 lakhs
Duration- 5 years
Interest rate- 8.2%
return on interest
Per month- 10,250
Every quarter – 30,750
Annually – 1,23,000
Earning on interest in 5 years – 6,15,000
Total return- 21,15,000