SCSS calculator

SCSS Calculator – Senior Citizen Saving Scheme

Below SCSS Calculator helps the senior citizens to know the quarterly interest payout in Senior citizen saving scheme.

Just provide principal amount and interest rate to know the quarterly interest payout in SCSS!

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Table of Contents

How SCSS Calculator can help you?

Many Senior Citizens are in need of SCSS Calculator that helps them to calculate SCSS Interest for their deposits. This SCSS Interest Calculator helps you to calculate quarterly interest you will receive every quarter, total interest you will receive after 5 years of tenure and maturity amount.

You can easily calculate the quarterly interest payout in SCSS by providing principal amount (maximum Rs. 1,50,000), tenure in years (minimum 5 years) and the rate of interest – currently SCSS interest rate is 8% per year.

SCSS Features and Benefits

  • SCSS or Senior Citizen Saving Scheme is for the senior citizens of India – Age 60 years or above
  • It helps you get quarterly interest payout after every quarter based on the principal amount you deposit and interest rate
  • The current interest rate in SCSS is 8.2% for the quarter October to December 2024
  • So for example, you deposit Rs. 1 Lakh in SCSS, at 8.2% interest rate, you will get Rs. 2050 as quarterly interest payout
  • SCSS tenure is 5 years, and you can extend it with a block of 3 years as well
  • You get Income Tax Benefits under Section 80C with SCSS account – maximum Rs. 1.5 Lakh can be claimed in a financial year
  • The interest rate provided in SCSS is highest compared to any other Post Office saving scheme
  • SCSS is an effective and long-term saving option which offers security and added features that are usually associated with any government-sponsored savings
  • Senior Citizen Saving scheme is available through certified banks and post offices across India

SCSS Interest Rate

Senior Citizen Saving Scheme (SCSS) Interest Rate is 8.2% for the quarter October to December 2024. It is subjected to be updated every quarter by Government of India.

SCSS Interest rate is fixed throughout the tenure.

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Is SCSS interest rate fixed for 5 years?

Yes SCSS interest rate is fixed for 5 years and does not change quarterly unlike Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY) and other schemes.

Govt. has increased the SCSS interest rate from 8.0% to 8.2% per year for the quarter October to December 2024. So you need to open SCSS Account within this quarter to get 8.2% interest rate on your SCSS account, before interest rates are updated again in next quarter.

Does SCSS interest rate change every year?

SCSS interest rate are subjected to be reviewed every quarter by Government of India. So they can be increased or decreased in any quarter.

But your existing SCSS account will earn interest based on the rate on which the account was opened.

Which is better FD or SCSS?

Selecting between FD and SCSS depends on your goal.

  • If you need quarterly payout of interest, than SCSS is better with 8.2% interest rate
  • But if you can reinvest this interest amount and don’t need the quarterly payout, you will get compound interest in FD and get more interest in fixed deposits at the end of 5 years compared to SCSS based on the FD interest rate

You can use this FD Calculator to check interest amounts in Fixed Deposits.

Can I invest 30 lakhs in SCSS?

Maximum amount you can deposit in SCSS (Senior Citizen Saving Scheme) is Rs. 15,00,000.

But if you and your spouse are both senior citizens and are eligible to open SCSS account, you can open 2 accounts against your and spouse’s name with this maximum limit thus reaching total of Rs. 30 Lakh investment in SCSS.

What happens to SCSS after maturity?

SCSS Account helps you earn quarterly interest, which means on your initial deposit – you get quarterly payout based on interest rate.

At the end of 5 years, which is at maturity, you get your principal amount back since you have been already receiving the quarterly interest payout already. So after maturity you get the principal amount back.

Is interest on SCSS tax free?

Interest earned in SCSS every quarter is not Tax Free, it is Taxable based on the slab rates of the individual. Interest earned up to Rs. 50,000 in financial year can be claimed under Section 80TTB for senior citizens.

ALSO READ: All Deductions allowed for Tax Payers

SCSS Withdrawal Rules

  • Premature withdrawals are allowed but only after a year of opening an account.
  • If the closure of the account takes place after one year but before the end of 2 years, 1.5% of the deposit is deducted in the form of pre-mature withdrawal charges.
  • Upon closure of the account after 2 years an amount equal to 1% of the deposit shall be deducted as charges.

Conclusion

SCSS is a very attractive scheme with latest interest rate at 8.2% per annum. You get quarterly interest payout and the principal amount at the end of SCSS Maturity.

You can also extend the SCSS scheme with a block of 3 years after maturity, to continue getting more interest payouts on quarterly basis.

Some more Reading:

Get EARLY Retirement!

Use Retirement Excel Calculator that will help you to Retire Early.
Click below button to download Retirement Calculator in Excel:

Download Retirement Excel

Watch how Retirement Calculator in Excel Works

Income Tax Calculator App – FinCalC

For Income Tax Calculation on your mobile device, you can Download my Android App “FinCalC” which I have developed for you to make your income tax calculation easy.

What you can do with this mobile App?

  • Calculate Income Tax for new FY 2024-25 and previous FY 2023-24
  • Enter estimated Investments to check income tax with Old and New Tax Regime
  • Save income tax details and track regularly
  • Know how much to invest more to save income tax
  • More calculators including PPF, SIP returns, Savings account interest and lot more
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Download Income Tax Calculator APP from play store

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