Senior Citizen Savings Scheme Calculator
Calculate SCSS returns.
Investment Amount
Interest Rate
Total Value
₹7,05,000
SCSS Calculator – Senior Citizen Savings Scheme helper
The Senior Citizen Savings Scheme (SCSS) is a government-backed retirement benefits program. It offers regular income and safety for seniors.
The SCSS Calculator helps determine the quarterly interest income you will receive.
What is a SCSS Calculator?
It calculates the interest payout for senior citizens. Unlike cumulative schemes, SCSS pays out interest quarterly.
It helps retirees plan their cash flow for daily expenses.
How does this SCSS Calculator work?
The calculator uses the following formula:
Quarterly Interest = (P * r) / 4
- P = Principal Investment Amount
- r = Annual Interest Rate (decimal)
- Interest is calculated simply on the principal.
- The payout is made quarterly (every 3 months).
- The principal is returned at the end of 5 years.
How to use this SCSS Calculator effectively
- Enter the investment amount (Max ₹30 Lakhs).
- Input the current SCSS interest rate.
- See how much money you will receive every 3 months.
Commonly asked questions
What is SCSS?
The Senior Citizen Savings Scheme (SCSS) is a government-backed retirement benefits program primarily for senior citizens aged 60 years and above.
Who is eligible for SCSS?
Individuals aged 60 years or above. Retired civilian employees above 55 years and retired defense employees above 50 years can also invest subject to conditions.
What is the current interest rate?
The interest rate is notified by the government quarterly. Currently, it is around 8.2% p.a.
How often is interest paid?
Interest is paid quarterly on the 1st of April, July, October, and January.
What is the maximum investment limit?
The maximum investment limit in SCSS has been increased to ₹30 Lakh per individual.
What is the minimum investment amount?
The minimum investment amount required to open an SCSS account is ₹1,000.
What is the tenure of SCSS?
The maturity period of the scheme is 5 years. It can be extended once for a block of 3 years.
Is SCSS tax-free?
Investment in SCSS qualifies for tax deduction under Section 80C up to ₹1.5 Lakh. However, the interest earned is fully taxable.
Is TDS applicable on SCSS interest?
Yes, TDS is deducted if the interest income exceeds ₹50,000 in a financial year for senior citizens.
Can I open a joint account?
Yes, a joint account can be opened with a spouse only. The age of the first holder must meet eligibility criteria.
Can I withdraw prematurely?
Yes, premature closure is allowed after one year, but a penalty is deducted from the principal amount (1.5% after 1 year, 1% after 2 years).
Can I open multiple SCSS accounts?
Yes, you can open multiple accounts, but the total investment across all accounts must not exceed the maximum limit of ₹30 Lakh.
Where can I open an SCSS account?
You can open an SCSS account at any authorized Post Office or designated branches of public and private sector banks.
Is nomination facility available?
Yes, nomination facility is available at the time of opening the account or subsequently.
What happens after maturity?
The account can be closed, or extended for another 3 years within one year of maturity.
Does the interest rate change for existing accounts?
No, the interest rate remains fixed for the 5-year tenure based on the rate applicable at the time of account opening.
Can NRIs invest in SCSS?
No, Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) are not eligible to invest in SCSS.
Is the interest compounded?
No, interest is not compounded. It is paid out quarterly.
What if I don't withdraw the quarterly interest?
Unclaimed quarterly interest does not earn any additional interest.
Can I transfer my SCSS account?
Yes, the account can be transferred from one Post Office/Bank to another in India.