Senior Citizens Savings Scheme (SCSS) Calculator

Searching for a secure and rewarding investment option post-retirement? The Senior Citizens Savings Scheme (SCSS) is an ideal choice for individuals aged 60 years and above.

The Senior Citizens Savings Scheme (SCSS) Calculator helps individuals aged 60 and above estimate the interest earned and maturity amount on their SCSS investments. It’s a useful tool for planning post-retirement income with one of the safest government-backed savings options.

Who Can Use SCSS Calculator?

• You are a senior citizen aged 60 years or more.
• You are aged 55–60 years and retired under superannuation or VRS (within 1 month of retirement).
• You want to invest under the Senior Citizens Savings Scheme (SCSS).

Benefits of Using SCSS Calculator

• Saves Time: Quickly delivers the maturity and interest amounts—no need for manual math.
• High Accuracy: Eliminates calculation errors and provides dependable, precise results.
• User-Friendly: Designed with a simple interface, making it easy for all age groups to use.
• Smart Financial Planning: Helps you assess if SCSS suits your retirement income goals.
• Effective Comparison: Lets you compare SCSS returns with other saving options to make informed choices.

Where and How to Invest in SCSS

Where to Open an SCSS Account:

You can open a Senior Citizens Savings Scheme account at the following authorized institutions:

• Post Offices (across India)
• Public Sector Banks (e.g., SBI, Bank of Baroda, PNB)
• Select Private Banks authorized by the Government of India

Steps to Open an SCSS Account:

• Visit a nearby post office or authorized bank branch.
• Collect and fill out the SCSS account opening form (Form A).
• Attach required documents:
  • Proof of age (Aadhaar, PAN card, passport, etc.)
  • Identity and address proof
  • 2 passport-sized photographs
• Submit the form along with the deposit amount (cheque or cash) — minimum ₹1,000, up to ₹30 lakh.
• Receive the account passbook or confirmation slip after successful processing.

Steps to Use the SCSS Calculator

• Enter your Principal Amount ie.(investment amount)
• Enter the interest rate
• The tool automatically assumes a 5-year tenure.
• Click Calculate.
• View your total interest, and maturity amount.
• Use Reset to try different inputs.

Formula

Investment Amount = Initial deposit

Annual Interest Rate = Current SCSS Interest rate

Quarterly Interest = Paid every 3 months

20 = Number of quarters in 5 years

Total Interest = Interest earned in 5 years

Maturity Amount = Investment and Total Interest

Example

Navin invests in ₹1,00,000 in SCSS at 8.2% p.a.

Quarterly Interest = (10,00,000 × 8.2%) / 4 = ₹20,500

Total Interest in 5 Years = ₹20,500 × 20 = ₹4,10,000

Maturity Amount = ₹10,00,000 + ₹4,10,000 = ₹14,10,000

FAQs