Senior Citizen Savings Scheme (SCSS) Calculator

SCSS calculator helps you quickly figure out the interest and maturity amount for your investment in the Senior Citizen Savings Scheme (SCSS). The SCSS is a popular choice for senior citizens looking for a secure investment. Senior citizen saving scheme calculator is an online tool that uses a simple algorithm to give you instant calculations based on your investment amount and period, allowing you to easily estimate your returns over the 5-year investment period. SCSS interest calculator helps you estimate the returns on your Senior Citizen Savings Scheme investments with ease.

Features of SCSS calculator are as follows:

Check the features of some SCSS calculators listed below.

Maturity Amount: This factor takes into account the amount invested, length of investment, & interest rate.

Total interest earned: This shows how much interest was made overall during course of investment.

Quarterly receivable interest: Quarterly interest that account holder would receive over course of investment is likewise calculated by senior citizen saving scheme calculator.
 

To use senior citizen saving scheme calculator or SCSS calculator, just fill in a few simple details like the amount you want to invest, the interest rate, and how long you plan to invest. Once you enter these details, SCSS calculator quickly gives you the results.

With these results, you can easily see how much money you’ll earn from your investment. It's a fast and easy way to understand your potential returns without doing any complicated math. Just enter your information, and SCSS calculator does the rest, helping you plan your investments more confidently.
5paisa’s SCSS interest calculator to determine how much interest you'll earn over the term of your SCSS account.
 

The SCSS Calculator calculates the maturity amount with the formula:
Maturity Amount = P × (1 + r/n)^(n × t)
Lets understand this with an example.

Ms. Ramya is investing ₹5,00,000 in the SCSS (Senior Citizen Savings Scheme) for 5 years. The interest rate is 8.2% per year, and since the interest is compounded quarterly (4 times a year), we need to use this information to find out how much she will get back and how much interest she will earn.

Here's how it works:

1. Maturity Amount: This is the total amount Ms. Kavya will receive at the end of the investment period. We use the formula to calculate it:

Maturity Amount=P×(1+nr)n×t

where:

P is the principal amount (₹5,00,000),
r is the annual interest rate (8.2% or 0.082),
n is the number of times interest is compounded per year (4),
t is the number of years (5).

Maturity Amount= 5,00,000 ( 1+ 0.082/ 4) 4 x 5
After calculating, we find:
Maturity Amount= ₹7,05,000

2. Interest Amount: This is the extra money Ms. Ramya earns from the investment. It’s calculated by subtracting the original principal from the maturity amount:
Interest Amount= Maturity Amount−Principal
Interest Amount=7,05,000−5,00,000
Interest Amount=₹2,05,000
If Ms. Ramya invests ₹5,00,000 in the SCSS scheme for 5 years, she will end up with ₹7,05,000, which includes ₹2,05,000 as the interest earned. You can use our SCSS interest rate calculator to avoid the math.
With an SCSS interest calculator, you can quickly figure out the interest you’ll accrue and manage your finances more effectively.
 

SCSS interest calculator from 5Paisa is free to use & accessible online. investor can calculate their prospective profits from their SCSS investments with use of SCSS calculator. Interest payments on quarterly basis are option for investors. For purpose of making returns easier to understand, quarterly interest amount is also provided by SCSS interest calculator.

An example & step-by-step guide for using SCSS calculator are provided below.

Mr. Yogesh Tadle decides to invest in SCSS for his retirement. Yogesh wishes to invest ₹ 4,00,000 into the scheme. Inputting the investment amount into the SCSS interest calculator will help Mr. Yogesh Tadle determine his maturity value & interest earned.

Investment Amount = ₹ 2,00,000
Tenure = 5 years
Interest = 8%

The maturity amount is ₹ 2,80,000
Total interest earned is ₹ 80,000

Therefore, the maturity amount for Mr. Yogesh Tadle’s investment is ₹ 2,80,000. Additionally, suppose Mr. Yogesh Tadle wishes to opt for quarterly interest payments. In that case, the SCSS calculator also determines the quarterly interest amount.

Interest on receivables is ₹ 4,000 every quarter.
 

The benefits of using the Senior Citizen Savings Scheme Calculator are mentioned below:
User Friendly: Just enter the investment amount. SCSS calculator handles the rest, giving you the maturity amount, interest earned, and quarterly interest.

Saves Time: Quickly calculates results for you, so you don’t have to do manual math.
Accurate: Provides precise calculations with no risk of human error.

Helps with Planning: Gives you clear details on income and interest, making it easier to plan your expenses and future investments.

Comparison Tool: Allows you to test different investment amounts to see how they affect your future income.
Free and Accessible: Available online at no cost and can be used as many times as needed.

SCSS interest calculator can simplify planning by providing a clear projection of your SCSS earnings. The SCSS scheme provides regular income during retirement. Use our SCSS calculator to see how it can benefit you before you invest.

Interest is compounded quarterly & disbursed every quarter on first date of April, July, October, & January. primary components used for its calculation are:

•    Principal or deposit amount
•    Interest rate
•    Maturity period

The maturity period is fixed, while the other two components are variable. The interest rate under which an individual invests is considered for interest calculation.

One can use the mentioned formula to calculate interest
Maturity Amount=P×(1+nr)n×t

And

Interest Amount= Maturity Amount−Principal

By using 5paisa’s scss interest rate calculator you can avoid all this math.
 

Individuals eligible to open a Senior Citizen Savings Scheme (SCSS) account at a post office or bank include:

1. Persons aged 60 years or older.
2. Retired civilian employees who are between 55 and 60 years old, provided the investment is made within one month of receiving their retirement benefits.
3. Retired defense personnel who are between 50 and 60 years old, with the condition that the investment is completed within one month of receiving their retirement benefits.
4. Accounts can be established either individually or jointly with a spouse. If the account is joint, the entire deposit amount will be credited to the first account holder.
5. Non-Resident Indians (NRIs) and Hindu Undivided Families (HUFs) are not permitted to open an SCSS account.
 

Mentioned below are the documents required to apply under Senior Citizen Saving Scheme and should be self-attested.

1. Aadhaar card
2. PAN
3. Voter's ID
4. Telephone bill
5. Birth certificate or senior citizen card
6. Electricity bill
7. Passport size photograph
 

Under Section 80C of the Income Tax Act, 1961, taxpayers can claim tax deductions on investments up to Rs. 1.5 lakh. However, if the annual interest earned across all Senior Citizen Savings Scheme (SCSS) accounts surpasses Rs. 50,000, Tax Deducted at Source (TDS) will be applied.