Senior Citizen Saving Scheme Interest Calculation @8.2% EXAMPLES | SCSS Scheme Calculator [Hindi]

Senior Citizen Saving Scheme Interest Calculation @8.2% EXAMPLES | SCSS Scheme Calculator [Hindi]
In this video by FinCalC TV we will see Senior Citizen Saving Scheme Interest Calculation or SCSS Scheme calculator in hindi. We will also see SCSS post office scheme features and benefits and how you can maximize interest in senior citizen saving scheme.
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CHAPTERS:
00:00 Senior Citizen Saving Scheme Intro
01:01 Post Office SCSS Features
01:59 Benefits of Senior Citizen Saving Scheme
05:11 SCSS Interest Calculator
07:10 Rs. 1 Lakh in Senior Citizen Saving Scheme
08:07 Rs. 2 Lakh in Senior Citizen Saving Scheme
08:31 Rs. 3 Lakh in Senior Citizen Saving Scheme
09:26 Rs. 30 Lakh in Senior Citizen Saving Scheme
10:32 Conclusion
SCSS FEATURES AND BENEFITS
- SCSS or Senior Citizen Saving Scheme is for the senior citizens of India - Age 60 years or above
- It helps you get quarterly interest payout after every quarter based on the principal amount you deposit and interest rate
- The current interest rate in SCSS is 8.2% for the quarter April 2024 - June 2024
- So for example, you deposit Rs. 1 Lakh in SCSS, at 8.2% interest rate, you will get Rs. 2050 as quarterly interest payout
- SCSS tenure is 5 years, and you can extend it with a block of 3 years as well
- You get Income Tax Benefits under Section 80C with SCSS account - maximum Rs. 1.5 Lakh can be claimed in a financial year
- The interest rate provided in SCSS is highest compared to any other Post Office saving scheme
- SCSS is an effective and long-term saving option which offers security and added features that are usually associated with any government-sponsored savings
- Senior Citizen Saving scheme is available through certified banks and post offices across India
SCSS INTEREST RATE
Senior Citizen Saving Scheme (SCSS) Interest Rate is 8.2% for the quarter April 2024 to June 2024. It is subjected to be updated every quarter by Government of India.
SCSS Interest rate is fixed throughout the tenure.
IS SCSS INTEREST RATE FIXED FOR 5 YEARS?
Yes SCSS interest rate is fixed for 5 years and does not change quarterly unlike Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY) and other schemes.
DOES SCSS INTEREST RATE CHANGE EVERY YEAR?
SCSS interest rate are subjected to be reviewed every quarter by Government of India. So they can be increased or decreased in any quarter.
But your existing SCSS account will earn interest based on the rate on which the account was opened.
WHICH IS BETTER FD OR SCSS?
Selecting between FD and SCSS depends on your goal.
If you need quarterly payout of interest, than SCSS is better with 8.2% interest rate
But if you can reinvest this interest amount and don’t need the quarterly payout, you will get compound interest in FD and get more interest in fixed deposits at the end of 5 years compared to SCSS based on the FD interest rate
WHAT HAPPENS TO SCSS AFTER MATURITY?
At the end of 5 years, which is at maturity, you get your principal amount back since you have been already receiving the quarterly interest payout already. So after maturity you get the principal amount back.
IS INTEREST ON SCSS TAX FREE?
Interest earned in SCSS every quarter is not Tax Free, it is Taxable based on the slab rates of the individual. Interest earned up to Rs. 50,000 in financial year can be claimed under Section 80TTB for senior citizens.
#scss #postoffice #seniorcitizensavingscheme #fincalc
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DISCLAIMER:
Examples and demo used are for Illustration purpose only and might not cover every detail of examples shown.
I Am Not A SEBI Registered Adviser. All The Information Provided By Me Are For Educational/Informational Purposes Only. We Do Not Take Any Responsibility For The Accuracy Of The Data But As It May Contain Typographic Or Other Errors And Inaccuracies And We Expressly Disclaim Liability For Any Errors On The KZbin Channel (FinCalC TV). Please consult your Financial Advisor before taking any decision or action in terms of your Finances.

[@gautamrayiaf7876]

Sir mere father ne isme 30 lakh fd kiya hai. Total pension 5 lakh annual hai. Aur scsc se 2.46 lakh intrest aayega. To tds kitna katega aur katega to kya itr karne par refund hoga. Aur tds monthly katega ya annual katega

[@aashiyachaudhary2963]

10 lakh ki fd ko 6month k liye fix karke fir se 6 month k liye repeat kr sakte h kya 1 financial year me, koi notice to ni ayega?

[@Shantalksfact]

Please add tax deduction value as well

[@Avogsanstanihindulougf]

Sir mene chota loan liya hai or ek 2500rs emi miss hogaya hai to kya ap batadege ki muje kitna alag se charge Dena hoga ??

[@anjalimewade5211]

Retirement k baad 3 months ho chuke he to abhi khulwa sakte h account..??

[@sagar1683]

How to calculate interest after death of SCSS as we get savings account interest after death. Pleass tell me how to calculate. Help will be appreciated..pleass

[@RajuKumar-fr5op]

Hlo sir mujhe loan ke part payment ka Excel sheet bana kr dedo

[@gautamrayiaf7876]

Sir maine 2 may me kiya hai to intrest kab milega

[@abdalhussain3397]

Need vpf calculator please

[@RajuKumar-fr5op]

1480000 ka loan 3 lac part payment krna h 240 tenure h first month me payment dena h use part payment

[@prakashpunwani5527]

Hi...this 50000 rebate is also in the new tax regime?

[@prakashpunwani5527]

Hello sir...is the 50000 rebate on the interest in scss also in the new tax regime?

[@prasadshettigar9317]

J