senior citizen savings scheme calculator
Do people over 60 need a regular income
Everyone’s desire is to have a regular income in the form of a pension during retirement without any financial burden. It is essential to make leisure life comfortable. For those who did not participate in any special pension plan during retirement, here is a plan.
Simply join the Senior Savings Plan to receive fixed income through lump-sum investment. If you invest the amount you received in retirement in it, your monthly income is ready to go. Let’s look at the details of the project.
senior citizen savings scheme calculator : senior citizenSavings Plan
Ordinary citizens who have reached the age of 60 and have completed 55 years of military service can open an old-age savings plan account. Account opening services are available at post offices and public sector banks. A person can only open one Senior Savings Plan account.
Partners can open a joint account. You can deposit between Rs 1,000 and Rs 3 lakhs in one account. The investment period is 5 years. If necessary, the term can be extended for a further 3 years.
Interest rate
The Senior Citizen Savings Scheme approach is to pay quarterly interest on a lump sum investment. You will be interested in April, July, October and January. The interest rate earned at the beginning of the investment will be earned during the investment period. Currently, the Seniors Savings Plan is paying 8.20% interest. Income Tax Exemption The amount invested in a senior citizen savings plan is tax-free. ‘
Investments up to INR 150,000 are eligible for tax relief under Section 80C of the Income Tax Act. Interest income is taxed according to the investor’s tax schedule. No tax at source when interest income is less than Rs 50,000 for a financial year
senior citizen savings scheme calculator :calculator
A maximum of Rs 3 million can be invested in the Elderly Savings Scheme. 8.If you invest at 20% interest, you will get Rs 61,500 per quarter for 5 years. If you invest Rs 1.5 lakhs, you will get Rs 30,750 per quarter for the next 5 years.
If you invest Rs. 1 million, the quarterly income is Rs. 20,500. A person who invests Rs 750,000 will get Rs 15,375 every quarter for 5 years. A person who invests Rs 5 lakh gets an interest income of Rs 10,250.
Disadvantages of senior citizen savings scheme
The Senior Savings Plan has an investment period of 5 years and can be withdrawn at any time without penalty. Therefore, losses occur when investments are withdrawn in an emergency. The rate for the Senior Citizen Savings Scheme is set by the government each quarter of the financial year. Deposit interest will continue throughout the deposit period. Therefore, if interest rates rise within 5 years, investors will not be able to reap the benefits.
