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Senior Citizen Savings Scheme Calculator: If you also want more returns on your money, then this news is of your use. Bank FDs and small savings schemes are two low-risk investment options. The interest rate available in the Senior Citizen Savings Scheme is currently at a record level. You can get more profit by considering this option for investment. For the Senior Citizen Savings Scheme, the interest rate has been fixed at 8.2 per cent from July to September.
Investment limit increased from 15 lakh to 30 lakh
In this budget, Finance Minister Nirmala Sitharaman made a big announcement for senior citizens along with implementing the new tax system. Under this, the investment limit in Senior Citizen Savings Scheme (SCSS) was increased from Rs 15 lakh to Rs 30 lakh.
With this change, senior citizens are getting higher returns on investment than before. In the quarter ending September, the interest rate has increased to 8.2 percent. It was 8 per cent in the previous quarter. Earlier its interest rate was 7.6 percent and the investment limit was Rs 15 lakh.
Earlier there was a benefit of 9500 every month, due to increase in maximum investment limit and increase in interest rate, the earning of senior citizens in the form of interest every month has more than doubled. Earlier, on investing Rs 15 lakh in this scheme, Rs 20.70 lakh was received on maturity at 7.6 per cent interest. Which used to be 1.14 lakhs annually and 9500 rupees monthly.
Now there will be a profit of Rs.20500.
On increasing the investment limit to Rs 30 lakh from the Finance Minister and increasing the interest rate to 8.2 percent, a total of Rs 42.30 lakh will be received with an interest of Rs 12.30 lakh on maturity of five years. If it is calculated on an annual basis, then it becomes Rs 2 lakh 46 thousand and on a monthly basis it becomes Rs 20500. That is, after the announcement of the Finance Minister, now senior citizens will get Rs 20,500 instead of Rs 9,500 earlier.
what is the plan
The ‘Senior Citizen Savings Scheme’ is run by the government for the elderly citizens of the country. The objective of starting this scheme is to provide financial assistance to the retired persons. Under the scheme, senior citizens get money in the form of interest every month.
tax exempt
The government revises the interest rate on a quarterly basis on Senior Citizen Savings Scheme up to Rs 1.5 lakh. In this, both husband and wife can open a single account or a joint account with each other. The special thing is that by investing in it, you can get a tax exemption of up to Rs 1.5 lakh under Section 80C of the Income Tax Act.
(pc rights of employees)
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