SCSS Calculator

Output:
Quarterly Receivable Interest

SCSS Calculator – Calculate Your Senior Citizen Savings Scheme Returns

The Senior Citizen Savings Scheme (SCSS) is a government-backed investment scheme designed for individuals aged 60 and above. It offers a fixed interest rate, providing a stable source of income post-retirement. Use our SCSS Calculator to estimate your interest earnings and maturity amount before investing.

What is the Senior Citizen Savings Scheme (SCSS)?

The SCSS is a savings scheme offered by the Indian government for senior citizens. It provides regular interest payouts and has a tenure of 5 years, extendable by 3 more years. The scheme is ideal for retirees looking for a secure and guaranteed return on investment.

How to Calculate SCSS Returns?

The SCSS interest calculation follows this formula:

Interest Earned = (Deposit Amount × Interest Rate) ÷ 4

Where:

  • Deposit Amount: The principal amount invested
  • Interest Rate: Government-declared SCSS interest rate
  • Quarterly Payout: Interest is paid every three months

Example of SCSS Interest Calculation

Assume you invest ₹10,00,000 in SCSS at an interest rate of 7.4% per annum. Here's how your earnings will be calculated:

Component Amount (₹)
Principal Amount 10,00,000
Annual Interest (7.4%) 74,000
Quarterly Interest 18,500
Total Interest Earned in 5 Years 3,70,000
Total Maturity Amount 13,70,000

Thus, after 5 years, you will receive a total maturity amount of ₹13,70,000.

Benefits of SCSS

  • Guaranteed Returns: Backed by the government with assured interest payouts.
  • Quarterly Interest Payout: Helps manage regular expenses post-retirement.
  • Tax Benefits: Investments qualify for deduction under Section 80C of the Income Tax Act.
  • Safe Investment: No market-linked risks, making it ideal for senior citizens.

How to Use the SCSS Calculator?

  1. Enter your investment amount.
  2. Choose the current SCSS interest rate.
  3. The calculator will display your quarterly interest earnings and the final maturity amount.

Frequently Asked Questions (FAQs)

Indian citizens aged 60 and above are eligible. Individuals aged 55-60 can also invest if they have taken voluntary retirement.

The maximum investment allowed in SCSS is ₹30 lakhs per individual.

Yes, SCSS can be extended for an additional 3 years after the initial 5-year tenure.

Yes, SCSS interest is taxable. TDS is deducted if the interest exceeds ₹50,000 in a financial year.

You can open an SCSS account at post offices and authorized banks across India.

Conclusion

The SCSS Calculator helps senior citizens plan their post-retirement financial stability by estimating interest earnings and maturity amounts. With assured returns and government backing, SCSS is one of the safest investment options for retirees.