Govt Schemes SCSS New Calculator: In the Senior Citizens Savings Scheme (SCSS) included in the Small Savings Scheme of the Post Office, the maximum deposit limit has now increased. In Budget 2023, the Finance Minister announced that instead of 15 lahks, a maximum of Rs 30 lakh can be deposited in it. The central government had also increased the interest rate for this scheme to 8 percent per annum from January 1. That is, if you calculate the increased limit and interest rates, then you can take advantage of the interest of more than 12 lakhs on the maximum limit of the deposit.

Calculator: Senior Citizens Savings Scheme (SCSS)
Maximum deposit: Rs 30 lakh
New interest rate: 8 percent per annum
Maturity Period: 5 years
Monthly interest: 20 thousand rupees
Quarterly interest: 60 thousand rupees
Annual Interest: Rs 2,40,000
Total interest benefit: Rs 12 lakh

How much was the benefit before January 1, 2023
Maximum investment: Rs 15 lakh
Old interest rate: 7.6 percent per annum
Maturity Period: 5 years
Monthly interest: Rs 9500
Quarterly Interest: Rs 28500
Annual interest: Rs 1,14,000
Total interest benefit: Rs 5.70 lakh

SCSS: Specification of the Scheme
This scheme has been made for senior citizens, in which people above 60 years of age can invest.

People who have taken VRS between the age of 55 to 60 years can also take advantage of it. At the same time, people up to the age of 50 years who are retiring from Defense Services can also open an account.

Under this scheme, you can open an account in the post office.

Under this scheme, an investment of Rs 1,000 to a maximum of Rs 30 lakh can be made.

In this scheme, the government transfers interest every quarter.

The post office gives nomination facilities in this scheme.

You can extend this account for another 3 years after the maturity of 5 years. This extension option is available only for one time.

If after opening the account you close it before maturity, then the penalty will have to be paid.

This account can be transferred anywhere in India.

Under Section 80C of the Income Tax Act, you get tax exemption up to Rs 1.5 lakh on investing in this scheme.