Senior Citizen Saving Scheme Calculator: If you want a good return on investment, this news can be very special for you. Let us tell you that there is no risk of any kind in a small savings scheme. The interest rate given to the elderly in the savings scheme is currently at a record high. At the same time, you can get maximum returns by doing this investment plan. Interest is being received at 8.2 per cent on the Senior Citizen Saving Scheme.
How much can you invest?
If we talk about investment in this scheme, you can invest from Rs 15 lakh to Rs 30 lakh in the Senior Citizen Saving Scheme. Investors are getting more and more returns by investing more. In the quarter ending in September, the interest rate has been increased to 8.2 per cent. It was 8 per cent in the last quarter. The interest was 7.6 per cent, and the investment limit was Rs 15 lakh. This limit was increased in the budget.
Due to the increase in maximum investment limit and interest rate, senior citizen’s income in the form of monthly interest doubles. Earlier, when investing up to Rs 15 lakh in this scheme, one would get Rs 20.70 lakh on maturity at 7.6 percent interest. This would give Rs 1.14 lakh annually and Rs 9500 monthly.
Monthly income will be Rs 20500
Let us tell you that with the limit being 30 lakh and the interest rate being 8.2 percent, on maturity of 5 years, one will get a total of Rs 42.30 lakh with interest of Rs 12.30 lakh. If we calculate it on annual basis, it comes to Rs 2 lakh 46 thousand. In this, Rs 20500 will be received on monthly basis. After the Finance Minister, this scheme gives an income of Rs 20500. Earlier this income used to be Rs 9500. The government provides income from interest in this scheme.
Tax benefits is available
The government revises the interest every quarter in the Senior Citizen Saving Scheme. In this, husband and wife can open a joint or single account. The special thing about this is that you get tax benefits on investing in it. That is, there is a tax benefit of up to Rs 1.5 lakh.
