Our Senior Citizens Savings Scheme (SCSS) Calculator is a specialized tool designed to help senior citizens calculate returns on this government-backed investment scheme. SCSS is specifically designed for individuals aged 60 and above, offering a secure investment option with attractive returns and quarterly interest payouts.

How SCSS Works: The Calculation Formula

SCSS operates on a simple interest calculation model with quarterly interest payments. The formula for calculating SCSS returns is straightforward:

Quarterly Interest = (Principal Amount × Annual Interest Rate) ÷ 4

Total Interest = Quarterly Interest × Number of Quarters

Maturity Value = Principal Amount + Total Interest

For example, if you invest ₹10,00,000 at 8.2% annual interest for 5 years:

• Quarterly Interest = (₹10,00,000 × 8.2%) ÷ 4 = ₹20,500
• Total Interest over 5 years = ₹20,500 × 20 quarters = ₹4,10,000
• Maturity Value = ₹10,00,000 + ₹4,10,000 = ₹14,10,000

Using Our SCSS Calculator: Step-by-Step Guide

1. Investment Amount (Lump Sum): Enter your planned SCSS investment amount (minimum ₹1,000, maximum ₹30 lakh).
2. Interest Rate (% p.a.): The current SCSS interest rate is 8.2% per annum, but you can adjust this to see different scenarios.
3. Investment Tenure: Choose between 5 years (standard tenure) or 8 years (with 3-year extension).

Understanding Your SCSS Calculator Results

• Principal Amount: Your initial lump-sum investment.
• Total Interest: The total interest earned over the investment period.
• Maturity Value: The total amount you'll receive at maturity (Principal + Interest).
• Quarterly Interest: The amount you'll receive every quarter as interest payment.

SCSS Features and Benefits

Government Backing: SCSS is backed by the Government of India, ensuring complete capital safety.

Quarterly Income: Regular quarterly interest payments provide steady income flow for senior citizens.

Tax Benefits: Investment qualifies for tax deduction under Section 80C up to ₹1.5 lakh annually.

Extension Option: After 5 years, you can extend the scheme for another 3 years, making the total tenure 8 years.

Eligibility: Available for Indian citizens aged 60+, defense personnel aged 50-60, and those who have taken VRS aged 55-60.

Important Considerations

• Interest Income Taxation: The quarterly interest received is fully taxable at your applicable income tax slab rates.
• TDS Applicability: TDS is deducted if annual interest exceeds ₹50,000 (unless Form 15H is submitted).
• Investment Limits: Minimum investment is ₹1,000 and maximum is ₹30 lakh or retirement benefits amount, whichever is lower.
• Premature Withdrawal: Allowed with penalty charges after 1 year of account opening.

Our calculator helps you plan your retirement income by showing exactly how much quarterly income you can expect from your SCSS investment, making it easier to budget your post-retirement expenses.