This Senior Citizens Savings Scheme (SCSS) calculator allows you to estimate the quarterly income you can expect from investing in this scheme without having to visit a bank. This helps senior citizens in India easily plan their retirement finances, invest according to their daily needs, earn income, and make their lives easier.
Table of Contents
1.) Main objectives of developing this page :-
Our main objective in developing this page is to provide senior citizens of the country with a calculator tool that allows them to accurately estimate calculations according to the rules of the Senior Citizens Savings Scheme. This will enable them to invest their retirement funds correctly in this scheme and design their quarterly income from the scheme to meet their daily needs.
2.) What is Senior Citizens Savings Scheme (SCSS) :-
The SCSS (Senior Citizen Savings Scheme) is a secure investment scheme run by the Government of India, primarily launched for senior citizens (aged 60 and above). Under this scheme, a lump-sum investment provides regular quarterly income based on an annual interest rate, which is directly credited to your bank account.
3.) What is Senior Citizens Savings Scheme (SCSS) calculator and how does it work :-
This tool provides an estimated calculation for senior citizens based on the information you provide (lump-sum investment amount, interest rate) and the rules of the SCSS scheme, helping them plan their quarterly income according to their daily needs. This is for informational purposes only, and the tool not only assists in planning but also increases awareness about the scheme.
4.) What inputs are to be entered in the calculator :-
• Lump-sum investment amount – In this, you have to select a one-time investment amount ranging from Rs. 1000 to Rs. 30 lakhs, which is fixed as per the rules of the SCSS scheme.
• Interest rate – In this option, you select the current annual interest rate.
• Duration – Under this scheme, you are given a 5-year lock-in period, which is fixed for everyone. However, this period can be extended to 3 years, which you can easily select.
5.) What does this SCSS Calculator show in Outputs :-
This tool provides the following output based on the information you provide :
(I) Quarterly Income/Interest Amount – Here you can easily view and understand the quarterly income/interest rate received from your invested amount.
(II) Annual Interest Income – This helps you understand the total amount of interest earned over a year on a quarterly basis.
(iii) Maturity Amount – Although the annual interest is not compounded under this scheme, as the interest earned on the invested amount is credited to your account on a quarterly basis, the maturity amount is simply the initial lump-sum investment.
(IV) Yearly Table – This allows you to view the interest earned on your invested amount on an annual basis, helping you understand the total interest earned over the entire 5-year period or after extending it by 3 years.
6.) Understand the rules and eligibility of SCSS scheme :-
• Age Limit – To avail the benefits under this scheme, your age should be minimum 60 years or older.
• Investment limit in a joint account – Whether you open a single or joint account under this scheme, the investment limit remains the same, allowing a lump-sum investment of ₹1,000 to ₹30 lakh.
• Lump-sum investment – This scheme is for senior citizens of the country, therefore, it requires a lump-sum investment.
• Extension rules – There is a provision to extend the account for 3 years after the account has completed 5 years.
• In this scheme, the annual interest is not compounded, because the interest earned is credited to your account immediately , Therefore, the maturity amount is the same as the lump sum you initially invested.
[ Disclaimer – Terms may change from time to time.]
7.) SCSS Interest Calculation Method :-
• This scheme calculates interest on an annual basis.
• Under this scheme, the annual interest earned is credited to your account as income on a quarterly basis.
• Only the principal amount is received upon maturity because the interest is not compounded.
• The main objective of launching this scheme is to provide senior citizens of the country with a safe investment option through which they can easily meet their daily needs.
8.) Benefits of using Senior Citizens Savings Scheme (SCSS) calculator :-
• Estimate without visiting a bank – This tool helps you get accurate estimates without having to visit a bank.
• Simple for senior citizens – The calculator is designed according to the rules of the SCSS scheme, ensuring that no senior citizen should experience any difficulty in using the tool.
• Time-saving – Using this tool saves you valuable time because the calculations are completed in just a few seconds.
• Mobile-friendly – This tool has been designed to be user-friendly and mobile-compatible.
• Language Selection – The SCSS calculator provides the option to select a language (Hindi and English) so that senior citizens do not face any difficulties in using this tool.
• Financial income planning – This saves you time, and you can also plan your income according to your daily needs, making it a good option for senior citizens.
[ Disclaimer: The primary purpose of this tool is to provide accurate calculations for senior citizens under the SCSS scheme. However, the government may change the terms and conditions of the scheme from time to time. Therefore, whenever you use this tool, please confirm with your bank that the amount and interest rate are correct at that time, otherwise, this tool may not provide accurate calculations. This website will not be held responsible for any inaccuracies. ]
Frequently Asked FAQs :-
What is the minimum amount that can be invested in the SCSS scheme?
You can avail benefits under this scheme with a minimum of Rs 1000.
How many times a year interest is paid under the SCSS scheme?
According to this scheme, the annual interest rate is paid only once and the same is given to the senior citizen four times a year, which is called income.
Can the money invested under this scheme be withdrawn prematurely?
Yes, the money invested in this scheme can be withdrawn, but for this you will have to pay some percentage of the amount as a charge to the bank.
Is there extension facility in this plan?
Yes, in this scheme there is a facility to extend the period of the account under the scheme but this facility is available only once, after which it closes automatically.
Does the investment amount in a joint account increase under this scheme?
No, the investment limit under this scheme will remain at Rs 30 lakh even if you open a joint account.
Do you want to know more about SCSS scheme? Click the link.
Sukanya smraddhi yojana About in detail ? Click on the link
About scss official website link