SCSS Calculator: Senior Citizen Savings Scheme Returns

SCSS offers seniors a safe, high, regular income. This calculator shows the quarterly interest and maturity.

What is it?

The Senior Citizen Savings Scheme is a government scheme for those 60+, paying quarterly interest over a 5-year term (extendable).

How is it calculated?

Quarterly interest = P × r ÷ 4, where P is the deposit and r the annual rate (currently around 8.2%).

Example

₹15 lakh in SCSS at 8.2% pays about ₹30,750 every quarter as interest.

Key things to know

• Maximum investment is ₹30 lakh.
• Qualifies for 80C up to ₹1.5 lakh (old regime).
• Interest is taxable and TDS may apply.
• Extend in 3-year blocks after the 5-year term.

What to do next

SCSS accounts open at banks and post offices.

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Frequently asked questions

Who can invest?
Those aged 60+, or 55+ in certain retirement cases.

How often is interest paid?
Quarterly.

Is there a tax benefit?
Yes, 80C on the deposit (old regime).

Disclaimer: This article is for general information only and is not financial or tax advice. Consult a qualified advisor before making investment or tax decisions.