Senior Citizen Savings Scheme has emerged as one of the best and safest retirement investment options for senior citizens. The government-run scheme offers attractive returns to investors.
Read More: Top Investment Tips To Turn Crorepati Through Small Savings Schemes | Full Details
People invest in retirement funds for a secure post-retirement life where they don’t have to depend on anyone for their daily expenses of buying essentials and medicines. It comes as great support when one is not in a situation to earn money through doing an office job, running a business, or doing a blue-collar job. For that, it is necessary to invest money in your retirement fund so that you get returns in the face of interest rates and your invested money also keeps growing. Senior Citizen Savings Scheme (SCSS) has been started specially for such people.
Read More: Mutual Fund SIP Mandate Rule; Here’s What Changed From October 1
One is eligible to get an interest rate of 8.2 per cent in the SCSS. Any person whose age is 60 years or older can invest in the scheme. Apart from this, people in the age group of 55–60 years who have taken VRS and retired defence personnel, whose age is at least 60 years, can also invest in this scheme.
Maximum investment limit
One can start investing in the SCSS for as little as Rs 1,000 and can invest a maximum of Rs 30 lakh. The maximum investment limit had been doubled from its earlier limit of Rs 15 lakh.
The deposited amount matures after 5 years from the date of account opening. Interest is given on the deposited amount on a quarterly basis. Apart from this, the scheme also provides tax benefits to senior citizens.
Read More: Mutual Fund SIP vs Stock SIP: Which One Gives Better Results? Check Expert Analysis
What will you get on an investment of Rs 1 lakh to 15 lakh in 5 years?
We have given a detailed calculation for you to know how much money you will make if you make investments right from Rs 1 lakh to Rs 15 lakh.
- If you invest Rs 1,00,000, you will get Rs 1,41,000 on maturity.
- If you invest Rs 2,00,000, you will get Rs 2,82,000 on maturity.
- If you invest Rs 3,00,000, you will get Rs 4,23,000 on maturity.
- If you invest Rs 4,00,000, you will get Rs 5,64,000 on maturity.
- If you invest Rs 5,00,000, you will get Rs 7,05,000 on maturity.
- If you invest Rs 6,00,000, you will get Rs 8,46,000 on maturity.
- If you invest Rs 7,00,000, you will get Rs 9,87,000 on maturity.
- If you invest Rs 8,00,000, you will get Rs 11,28,000 on maturity.
- If you invest Rs 9,00,000, you will get Rs 12,69,000 on maturity.
- If you invest Rs 10,00,000, you will get Rs 14,10,000 on maturity.
- If you invest Rs 11,00,000, you will get Rs 15,51,000 on maturity.
- If you invest Rs 12,00,000, you will get Rs 16,92,000 on maturity.
- If you invest Rs 13,00,000, you will get Rs 18,33,000 on maturity.
- If you invest Rs 14,00,000, you will get Rs 19,74,000 on maturity.
- If you invest Rs 15,00,000, you will get Rs 21,15,000 on maturity.
