VRS personnel & Armed Forces Officers who are more than 50 years ( For civilians it is 60) can invest in Sr Citizen Savings Scheme. However, this investment has to be done with in 30 days of getting your pension corpus i.e. commutation and it needs to be clarified that what happens who are over 50 but received money earlier and time line of 30 days has passed.
Present ROI of 8% is the highest ( However Taxable )
Limit increased from 15 lakhs to 30 lakhs (Joint Account)
The calculation shows that the quarterly interest income from SCSS account by depositing Rs 30 lakh will be Rs 60,000 if the interest rate remains at 8%. This means, the monthly income by depositing Rs 30 lakh will be Rs 20,000 pm
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End of 5 years ( One can also extend by 03 Years) one gets back the principal
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