SCSS Calculator
Senior Citizen Savings Scheme - Calculate quarterly interest payouts on your deposit.
| Quarter | Year | Opening Balance | Interest Paid | Cumulative Interest |
|---|---|---|---|---|
| Q1 | 1 | ₹10,00,000 | ₹20,500 | ₹20,500 |
| Q2 | 1 | ₹10,00,000 | ₹20,500 | ₹41,000 |
| Q3 | 1 | ₹10,00,000 | ₹20,500 | ₹61,500 |
| Q4 | 1 | ₹10,00,000 | ₹20,500 | ₹82,000 |
| Q5 | 2 | ₹10,00,000 | ₹20,500 | ₹1,02,500 |
| Q6 | 2 | ₹10,00,000 | ₹20,500 | ₹1,23,000 |
| Q7 | 2 | ₹10,00,000 | ₹20,500 | ₹1,43,500 |
| Q8 | 2 | ₹10,00,000 | ₹20,500 | ₹1,64,000 |
| Q9 | 3 | ₹10,00,000 | ₹20,500 | ₹1,84,500 |
| Q10 | 3 | ₹10,00,000 | ₹20,500 | ₹2,05,000 |
| Q11 | 3 | ₹10,00,000 | ₹20,500 | ₹2,25,500 |
| Q12 | 3 | ₹10,00,000 | ₹20,500 | ₹2,46,000 |
| Q13 | 4 | ₹10,00,000 | ₹20,500 | ₹2,66,500 |
| Q14 | 4 | ₹10,00,000 | ₹20,500 | ₹2,87,000 |
| Q15 | 4 | ₹10,00,000 | ₹20,500 | ₹3,07,500 |
| Q16 | 4 | ₹10,00,000 | ₹20,500 | ₹3,28,000 |
| Q17 | 5 | ₹10,00,000 | ₹20,500 | ₹3,48,500 |
| Q18 | 5 | ₹10,00,000 | ₹20,500 | ₹3,69,000 |
| Q19 | 5 | ₹10,00,000 | ₹20,500 | ₹3,89,500 |
| Q20 | 5 | ₹10,00,000 | ₹20,500 | ₹4,10,000 |
About SCSS (Senior Citizens Savings Scheme) Calculator
Guide1What is SCSS (Senior Citizens Savings Scheme)?
The Senior Citizens Savings Scheme (SCSS) is a government-backed savings instrument specifically designed for individuals aged 60 and above in India. It offers one of the highest interest rates among all small savings schemes and provides a reliable source of regular income for retirees.
SCSS accounts can be opened at any post office or authorized bank. The scheme has a maturity period of 5 years, which can be extended once for an additional 3 years.
2Key Features of SCSS
- Eligibility: Indian residents aged 60+ (55+ for those who have taken voluntary retirement or superannuation)
- Interest Rate: Government-set quarterly (currently around 8.2% p.a.), paid out quarterly
- Investment Limit: Maximum ₹30,00,000 per individual
- Tenure: 5 years, extendable by 3 years
- Tax Benefit: Investment qualifies for Section 80C deduction up to ₹1.5 lakh
- Interest Payout: Paid quarterly on 1st April, 1st July, 1st October, and 1st January
3SCSS Interest Calculation
SCSS pays simple interest quarterly:
Quarterly Interest = Principal × Annual Rate / 4
For example, an investment of ₹30,00,000 at 8.2% would yield ₹61,500 per quarter or approximately ₹20,500 per month in interest income. This interest is credited directly to your savings account.
4How to Use This SCSS Calculator
- Step 1: Enter your investment amount (up to ₹30,00,000)
- Step 2: Input the current SCSS interest rate
- Step 3: View the quarterly interest payouts and total interest earned over the 5-year tenure
- Step 4: Optionally calculate for the 3-year extension period