According to the current interest rates, you can easily understand the calculation of how much interest you will get. If you invest Rs 15 lakh, you will receive bumper interest, which is very important to know. There will be no problem with this.
How much interest will you get on an investment of 15 lakhs?
If you invest Rs 15 lakh in the Senior Citizens Savings Scheme, then there is not going to be any problem. An investment of Rs 15 lakh will get 7.4 percent interest annually. You will receive an interest of Rs 7400 per month. Accordingly, you will receive an interest rate of Rs 111,000 per year. This allows you to effortlessly cover your expenses. This is a fantastic opportunity to invest.
Some additional important details about the SBI Senior Citizen Scheme (SCSS) are as follows:
1. Duration: This scheme has a 5-year term, renewable for an additional 3-year period.
2. Minimum and maximum investment: You have the option to invest between Rs 1,000 and Rs 15 lakh.
3. Interest payment: Your bank account receives an interest payment every three months.
4. Tax benefits: Investments up to Rs 1.5 lakh in this scheme are eligible for tax exemption under Section 80C.
5. Deduction: Tax (TDS) is applicable on deposits in this scheme if the total amount of interest exceeds Rs 50,000 (Rs 40,000 for general account holders).
6. Eligibility: Only people aged 60 years or older can invest in this scheme.
If you require more information or would like to discuss a particular aspect, let us know.
