Best Savings Scheme for Seniors? Earn Rs 22 Lakh from Rs 15 Lakh with SCSS
Looking for safe savings with high returns? There's a great scheme for senior citizens offering better returns than many bank FDs. Details inside.
A Great Savings Scheme for Seniors
Want a reliable, risk-free investment? The Senior Citizens Savings Scheme (SCSS) offers better interest rates than bank FDs. Currently, it's at 8.2% per year.
Rs 22 Lakh Return on Rs 15 Lakh Investment – How?
Invest up to Rs 30 lakh in the SCSS. Even Rs 15 lakh earns good returns. At 8.2% interest, earn around Rs 6.15 lakh interest over 5 years, totaling over Rs 21.15 lakh. Extend for 3 more years to cross Rs 22 lakh!
Quarterly Interest Payments with SCSS
SCSS pays interest quarterly, providing a steady income stream for seniors. It's safer than market-linked schemes.
SCSS Tax Benefits and Other Features
SCSS investments get tax deductions up to Rs 1.5 lakh under Section 80C. Interest is taxable. TDS applies if yearly interest exceeds Rs 50,000. Those with no taxable income can submit Form 15H for TDS exemption.
Who Can Open an SCSS Account?
- Anyone above 60.
- Retirees from Railways/Defense (55-60).
- Multiple accounts (individual/joint) allowed, total investment up to ₹30 lakh.
- Interest rate reviewed quarterly, but fixed for the account term.
- Easy account opening at post offices/authorized banks.
- Early closure allowed with a penalty.
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