SCSS deposit: What senior citizens can get with Rs 30 lakh at 8.2% interest

Apr 04, 2023 Rajeev Kumar

[{"selector":"#anim-5c948f7c-974c-4ac7-abb4-983644073281","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-47ad4125-344b-417c-bbab-eb26d7c3c58f","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] With recent change in SCSS interest rate, you can now earn more by opening a new account. Read on to find the maximum interest income you can get With recent change in SCSS interest rate, you can now earn more by opening a new account. Read on to find the maximum interest income you can get

The SCSS interest rate announced for April-June quarter of FY 2023-24 is 8.2%.

[{"selector":"#anim-979bdb85-ee12-436f-82bd-33a1abf59e95","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-fa562482-141e-40c0-a7c4-5b277912682b","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

If you open a SCSS account between April-June and deposit Rs 30 lakh, you can earn Rs 12.3 lakh as interest income in 5 years.

[{"selector":"#anim-1b77298b-794d-4015-9de4-8ef18e941f09","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-be2762cf-8eaf-4505-b8c7-1ee454bbaf38","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

The annual interest income will be Rs 2.46 lakh till maturity.

[{"selector":"#anim-8f59fdcc-0515-413a-92a6-50540125f857","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-2ea2c5ce-1727-4bb7-ae2d-8b68e5cc8a13","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

The quarterly income income will be Rs 61,500.

[{"selector":"#anim-44a0cf88-8d87-4ff8-a57a-fd4b46126132","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-c36b649e-b7d2-4c8b-9c8b-b8e6fb9fae90","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

The monthly income income will be Rs 20,500. However, the interest income under SCSS is paid on a quarterly basis only.

[{"selector":"#anim-0ee4c162-f2d0-4de2-877a-3b6ea5265c7f","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-bdc8f2d9-c4f6-4d7c-b9d1-bb8db744bf91","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Learn more

The maximum SCSS deposit limit is Rs 30 lakh for a single account.

[{"selector":"#anim-53f5f442-294e-45f1-916d-86088203e107","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-9e828013-446b-4e12-9d43-c6ddd1fca9f6","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]