highlights
Senior Savings Plan is a great plan for older people to earn a steady income.
The interest rate in the Senior Citizen Savings Scheme, i.e. SCSS, is 8.2 percent per annum.
This is the highest rate available for fixed income small savings plans for 2023.
New Delhi. Finance Minister Nirmala Sitharaman announced in the 2023-24 EU budget that he would increase the investment limit in the senior savings scheme from Rs 15 lakh to Rs 30 lakh. At the same time, the government has increased interest rates for small savings plans by up to 70 basis points for the April-June 2023 quarter.
These schemes include schemes such as the Seniors Savings Scheme, Monthly Income Savings Scheme, National Savings Certificate, Kisan Vikas Patra, All Post Office Fixed Deposits and the Sukanya Samriddhi Account Scheme, which have had interest rates increased.
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Do you know what a senior savings plan is?
Explain that any person alone, ie individually or jointly with their spouse, may open an account under this scheme with a minimum deposit of Rs.1000 or in multiples of Rs.000. This account can be closed after 5 years from opening. At the same time, it can also be extended by another 3 years.
How to use the program?
The Senior Savings Scheme is a great plan for individuals who want to generate a steady income from their entire invested amount. Under this scheme, a senior couple can earn a steady income by investing up to Rs 60,000 in a bank or post office.
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What is the interest rate for the senior savings plan?
The Senior Citizen Savings Scheme (SCSS) interest rate for the first quarter of fiscal year 2023-24 (April-June) is 8.2 percent per annum. Interest is paid quarterly on the invested amount. Let us tell you that the 2023 Senior Savings Plan interest rate for the April-June quarter is one of the highest rates available for small fixed-income savings plans.
Senior savings plan 2023 calculator
Investment Amount for Senior Couples – Rs 60,000 (i.e. Rs 30,000 for each individually)
Interest Earned Quarterly – Rs 1,23,000
Term of office – 5 years
SCSS interest rate – 8.2%
Amount due – Rs 60 lakh
Total Interest – Rs 24,60,000
You can also invest on behalf of parents
On the other hand, if a person wishes to invest Rs 60,000 into a safe and secure government supported scheme, they can invest the entire amount into the Seniors Savings Scheme on behalf of their parents and enroll themselves in the scheme Can I do. Explain that the regular income generated by this system can be used to meet your elderly parents’ daily expenses, while you can also use part of it for yourself if you wish. Also, at the maturity of the program ie at the completion of the tenure, your full amount of Rs 60 lakh will be refunded.
You can invest to the maximum
Let us tell you that the senior savings program can be opened in banks or post offices. Investments made under this program qualify for exemption from tax under Section 80C of the Income Taxes Act 1961. At the same time, any person investing in this scheme can open a senior savings account by depositing at least Rs 1,000. At the same time, the maximum investment limit under this scheme for an individual has been increased to Rs 30 lakh.
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FIRST RELEASED : April 7, 2023 at 1:31 p.m. CET
