How to Earn ₹2.46 Lakh Interest Per Year from SCSS : if there is anything that is needed the most after retirement, then it is a fixed and secure income every month. Because at this age there should be neither work pressure nor worry about money. In such a situation, the Senior Citizen Savings Scheme ( SCSS ) of the post office is an excellent option, which not only gives good interest, but is also a completely government guaranteed scheme.
How to Earn ₹2.46 Lakh Interest Per Year from SCSS
By investing once in Senior Citizen Savings Scheme ( SCSS ), you can get regular income in the form of interest every quarter, so that your life remains self-reliant and respectable even after retirement.
What is Senior Citizen Savings Scheme (SCSS)?
Senior Citizen Savings Scheme ( SCSS ) is a reliable savings scheme of the Government of India, which is run for citizens of 60 years or above. If a person has crossed the age of 55 years after retiring from a government job, then he can also open an account in this scheme with certain conditions.
The duration of this scheme is 5 years, which can be extended by 3 years later. The special thing is that it gives 8.2% annual interest rate, which is deposited in the account holder’s bank account every quarter.
How Much Can You Invest in SCSS
Any person can invest a minimum of ₹1,000 to a maximum of ₹30 lakh in a single account. On the other hand, if you open a joint account ( like husband and wife together ), then the investment limit increases to ₹60 lakh. That is, a couple can invest a large amount together in this scheme and earn double the interest. Senior Citizen Savings Scheme ( SCSS ) Account can be opened in post office and some selected nationalized banks.
How to Earn ₹2.46 Lakh Interest Per Year from SCSS
If you invest up to ₹30 lakh in this scheme, then the annual interest will be ₹2,46,000. This amount will come into the account on a quarterly basis, that is, ₹61,500 will be paid every three months. If you divide it on a monthly basis, you get an income of around ₹20,500 every month
Earn ₹2.46 Lakh Interest by Investing ₹30 lakh In SCSS
| Investment (₹) | Annual Interest @ 8.2% (₹) |
|---|---|
| 5,00,000 | 41,000 |
| 10,00,000 | 82,000 |
| 15,00,000 | 1,23,000 |
| 20,00,000 | 1,64,000 |
| 25,00,000 | 2,05,000 |
| 30,00,000 | 2,46,000 |
Premature Withdraw from Senior Citizen Savings Scheme
If for some reason you need to withdraw money before maturity, this scheme also offers the facility of premature closure. However, some conditions and a small penalty apply for this. In Senior Citizen Savings Scheme ( SCSS ) you can close the account after 1 year from the date of opening it. This facility is beneficial for those who need money in an emergency.
Joint Account facility in SCSS
Husband and wife can also open a joint account in Senior Citizen Savings Scheme ( SCSS ) . In this case, both should be 60 years of age or above or the main account holder should be 60 years and the co-account holder can be the spouse. The benefit of this is that the investment limit is doubled and the interest is also higher. Joint account is a good option for those couples who want secure income by making joint investments after retirement.
How to Open an Senior Citizen Savings Scheme Account?
To open an account in this scheme, you can apply by visiting your nearest post office or bank branch. Along with filling the form, you have to provide Aadhaar card, PAN card and age certificate. As soon as Senior Citizen Savings Scheme ( SCSS ) account is opened, your amount is deposited and interest payment starts on quarterly basis. Nowadays, its online facility is also available in some post offices and banks, which has made opening an account easier.
If you have retired or are going to retire soon, then Senior Citizen Savings Scheme can be the most reliable and safe scheme for you. Features like 8.2% interest, quarterly returns, and joint account make this Senior Citizen Savings Scheme ( SCSS ) even more beneficial.
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