Latest Update! Senior Citizen Savings Scheme Calculator (SCSS) 2024-25

The Government of India has launched the Senior Citizen Savings Scheme (SCSS) Calculator for 2024-25. Through this adding machine, Indian residents who have put resources into the plan can without much of a stretch check their development sum on the web.. Senior citizens only need to enter their investment amount and tenure, and the system will automatically generate the interest amount, allowing them to check their maturity amount. All senior citizens who wish to benefit from the Senior Citizen Savings Scheme can visit the official website to fill out the online application form.

The Senior Citizen Savings Scheme was introduced in 2004 by the Government of India to provide investment opportunities for senior citizens. Under this scheme, senior citizens can invest their funds securely. The scheme offers an interest rate higher than that of regular savings accounts, and interest is paid every quarter on March 31, June 30, September 30, or December 31. All senior citizens above the age of 60 are eligible for the benefits of this scheme.

The primary purpose of this scheme is to provide India’s senior citizens with a suitable investment plan. By using the online calculator, senior citizens can easily estimate their expected returns. Under this scheme, a minimum of 1,000 INR and a maximum of 3 million INR can be invested. By estimating the maturity amount, senior citizens can plan for their retirement.

The current interest rate under the Senior Citizen Savings Scheme is 8.2%.

You Can Also Read:  Pradhan Mantri Garib Kalyan Anna Yojana UPSC

• Minimum amount: 1,000 INR
• Maximum amount: 3 million INR

• Easy Deposits: Financially vulnerable citizens can join this scheme by depositing a minimum of 1,000 INR.
• High Interest Rate: All senior citizens investing in this scheme receive a high interest rate of 8.2%.
• Improved Quality of Life: Senior citizens can invest their spare funds in this scheme to earn a better return, which enhances their quality of life.
• Low Risk: Since this scheme is provided by the Government of India, senior citizens can invest without worry.

You Can Also Read:  Atal Pension Yojana

• Maturity Amount = P x (1 + r/n)
• Interest Amount = Compound Interest = P x (1 + r/n) – P

Senior citizens who wish to use this calculator should visit the official website: https://groww.in/calculators/scss-calculator.

• Users need to enter their investment amount.
• The maturity amount will be displayed on the screen.

You Can Also Read: Pradhan Mantri Jan-Dhan Yojana

• Phone number: 1800 5700

You Can Also Read:  Apply for Mukhyamantri Vayoshree Yojana

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