If you want to earn more than one lakh rupees every month, then you can invest a lump sum amount and earn every month and create a fat fund. In this scheme, you will get interest at the rate of 8.2 percent.
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If you are a senior citizen. And if you are planning to invest, then this government scheme can prove to be very beneficial for you. Because by investing in this scheme, you can earn well every month. This scheme was started by the government especially for senior citizens. So that he can earn better with good interest rates. the government Senior Citizen Savings Scheme Under (SCSS), senior citizens aged 60 years and above have been given a chance to save money. This scheme is fully supported by the government and it is provided with a higher rate of interest as compared to other savings schemes.
SCSS is considered a safe investment option for senior citizens in India. It provides a regular income and helps in meeting their financial needs during their retirement years. In the Union Budget for 2023-24, Finance Minister Nirmala Sitharaman had announced an increase in the Senior Citizens Savings Scheme investment limit from Rs 15 lakh to Rs 30 lakh. Apart from this, the government has also increased the interest rates of small savings scheme by up to 70 basis points for the quarter ending April 2023.
You can invest any amount in this scheme with a minimum of 1000 and a maximum of 10 multiples. An individual can open a joint account either on his own or with his spouse. The account can be closed after five years from the date of opening the account. It can also be extended for another three years. To get monthly income, a senior citizen can deposit up to Rs 60 lakh in a bank or post office on a joint account.
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If a person wants to invest Rs 60 lakh in this scheme, he can choose to put the entire amount in the Senior Citizen Savings Scheme in the name of his parents and enroll himself in the scheme. Explain that the regular income through the scheme can be used to cover the daily expenses of your elderly parents, if you wish, you can also use some of it for your own needs.
total interest will be
- Senior Citizen Couple – Rs 60 Lakh (Total Investment)
- Quarterly interest earned – Rs 1,23,000
- Tenure – 5 years
- Interest Rate – 8.2%
- Maturity amount – Rs 60 lakh
- Total interest – Rs 24,60,000
The interest paid every quarter will not earn additional interest if the account holder does not claim it. On maturity of the plan, you will get a full refund of Rs 60 lakh. The interest rate of Senior Citizen Savings Scheme (SCSS) for the first quarter (April to June) of the financial year 2023-24 is 8.2% per annum.
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