Make Money

Guaranteed interest of ₹ 2 lakh on a deposit of ₹ 5 lakh, no risk of losing money.

Last update:

Senior Citizen Savings Scheme (SCSS) is a government scheme. So there is no risk of losing money. The special feature of this scheme is the interest earned in it.

Guaranteed interest of ₹ 2 lakh on a deposit of ₹ 5 lakh, no risk of losing money.

Investment in this government scheme can be started from ₹ 1,000.

New Delhi. Expenses remain after retirement despite reduced income. In such a case, proper financial planning is very important. So it becomes important for senior citizens to invest their money in a place where they get good interest and the investment is also risk free. Senior Citizen Savings Scheme (SCSS) is a safe and beneficial option for retirees, providing financial stability with regular income. By investing a lump sum in this scheme, you can avail guaranteed income as well as tax exemptions.

Senior Citizen Savings Scheme (SCSS) is a government scheme. So there is no risk of losing money. The special feature of this scheme is the interest earned in it. SCSS offers 8.2% annual interest. This interest is higher than other traditional investment options like FD. Also, by investing in this scheme, one gets the benefit of tax exemption under Section 80C of the Income Tax Act.

Also Read- Income tax payer must check this paper every quarter, there will be no problem while filing ITR.

Guaranteed income of ₹2 lakh on an investment of ₹5 lakh
According to the SCSS calculator, if a person invests a lump sum of ₹5,00,000, the total amount will be ₹7,05,000 in 5 years. This will earn you an interest of ₹ 2,05,000. The account will earn interest of ₹ 10,250 every quarter.

Minimum investment
Investment in Senior Citizen Savings Scheme (SCSS) can be started from ₹ 1,000. A maximum of Rs 30 lakh can be invested in this scheme. Its maturity period is 5 years. After 5 years the invested amount is returned with interest.

Who can invest?

  • Senior Citizens 60 years of age or older.
  • Retired government employees aged 55-60 years, provided investment is made within one month of retirement.
  • Retired defense personnel aged 50-60 years.

Laws of tax on interest
TDS will be deducted if annual interest from all SCSS accounts exceeds ₹50,000. However, TDS will not be deducted on submission of Form 15G/15H.

Other SCSS Account Features

Joint Account: Husband and wife can open the account jointly. The maximum investment limit is ₹30 lakh.

Interest Payment: Interest is paid on a quarterly basis. It can be withdrawn from savings account through auto credit or ECS.

Home business

Guaranteed interest of ₹ 2 lakh on a deposit of ₹ 5 lakh, no risk of losing money.

#Guaranteed #interest #lakh #deposit #lakh #risk #losing #money

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *