Senior Citizen Savings Scheme
₹
₹1,000₹30,00,000
Maximum limit: ₹30,00,000
%
5%12%
Current rate: 8.2% p.a. (Q1 FY 2024-25)
years
5years8years
5 years, extendable by 3 years
Eligibility Criteria
- Indian citizens aged 60+ years
- Retired civilian employees (55-60 years)
- Retired defence personnel (50-60 years)
- Can be opened individually or jointly (with spouse)
- Maximum investment: ₹30 lakhs
Key Features
Quarterly
Interest Payout
80C
Tax Deduction
Govt.
Backed
+3 Years
Extension
Quarterly Interest
₹30,750
Paid every quarter
Monthly Income (Approx)
₹10,250
Effective monthly
Returns Breakdown
Breakdown
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Interest Growth Over Time
Growth Over Time
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Investment Summary
Deposit Amount₹15,00,000
Interest Rate8.2% p.a.
Tenure5 years
Quarterly Interest₹30,750
Annual Interest Income₹1,23,000
Total Interest (5 years)₹6,15,000
Maturity Amount₹21,15,000
3-Year Extension Option
Additional Interest (3 years)₹3,69,000
Extended Maturity (8 years total)₹24,84,000
Tax Implications: Investment qualifies for Section 80C deduction up to ₹1.5 lakh. Interest is fully taxable. TDS is deducted if interest exceeds ₹50,000/year.