SCSS (Senior Citizen Savings Scheme) Interest Calculator

Senior Citizen Savings Scheme Calculator - SCSS Calculator Online

SCSS calculator helps you to easily calculate the approximate monthly, quarterly, and yearly income through investment over the Senior Citizen Savings Scheme

SCSS - Scheme Details

SCSS or Senior Citizen Saving Scheme is a Gov. sponsored secure saving scheme exclusively for senior citizens, also known as the Senior Citizen Pension Scheme. The saving-scheme is ideal for low-risk appetite persons who are looking for stable returns with capital security. VRS opted Government employees are also allowed to invest in the SCSS scheme if the individual age is more than 55 years. The pension scheme offers a better interest rate than bank FDs. The SCSS account holder can get a Tax deduction up to Rs. 1.5 lakh under Section 80C Income Tax Act. NRIs (non-resident of India) are not eligible for this scheme. The SCSS account is allowed to open from any post offices or any RBI recognized banks. As of Nov 2020, the interest rate on SCSS is 7.4% per annum, which is subject to payable every quarter.

Investment Limit

SCSS is a one-time deposit scheme. An individual can join this scheme with a minimum deposit amount of Rs. 1000. The upper limit of investment under SCSS is 15 lakh. 

Tenure

The tenure of the Senior Citizen Saving Scheme is five years. The lock-in period of SCSS is also five years. On completion of the initial five years, the account holder can extend the scheme tenure a farther three years. A written extension application needs to be submitted to the concerned authority for extension.

Taxability

Income from the Senior Citizen Savings Scheme is taxable. TDS will be applicable if interest fetches above 50 thousand in a financial year. However, under 80C, a tax-deduction up to Rs. 1.5 lakh is eligible during the first year of investment.

What is the SCSS (Senior Citizen Saving Scheme) Calculator?

The SCSS (Senior Citizen Saving Scheme) Calculator is a tool that lets you calculate the returns of your investment over the Senior Citizen Saving Scheme. The calculator will let you know approximately how much interest you will receive on a monthly, quarterly, or yearly basis.

SCSS Calculator - How to use

Using the SCSS calculator is easy. All you need to input the principal or the deposit amount, tenure (either 5 or 8 years), and rate of interest. After filling in all required inputs, click on the 'Calculate Now' button. Once you submit inputs, the calculation will appear instantly. The result includes interest payable (monthly/ quarterly/ yearly), total interest, and total return. 

FAQs

Who can open an SCSS account?

All residents of India whose age is above 60 years are eligible to open an SCSS account. Government employees who opted for VRS between the age of 55 to 60 years are also allowed to open the SCSS account.

Is an NRI can open an SCSS account?

No, NRIs are not eligible to invest in Senior Citizen Saving Scheme. 

How the interest gets paid in the SCSS scheme?

The interest from SCSS is credited into linked savings accounts quarterly or yearly as per the applicant's choice.

Is the nomination facility available in the SCSS scheme?

Yes, the SCSS account holder can add or change nominee anytime.

Can I invest in both the SCSS and PMVVY schemes?

Yes, an individual can invest in both the SCSS (Senior Citizen Saving Scheme) and PMVVY (Pradhan Mantri Vaya Vandana Yojana) scheme if he/ she is eligible for these schemes.

Suggested Calculators