SCSS Calculator (Senior Citizen Savings Scheme)

What is SCSS (Senior Citizen Savings Scheme)?

The Senior Citizen Savings Scheme (SCSS) is a government-backed savings instrument available to resident Indian citizens aged 60 years or above (or 55 years for those retired under VRS/Superannuation). It offers safety, regular income, and tax benefits, making it a popular choice for retirees.

Key Features of SCSS

• Eligibility: Individuals aged 60+ years. Individuals aged 55-60 who have retired on superannuation or VRS can also invest (within one month of receiving retirement benefits).
• Investment Limit: Minimum ₹1,000, Maximum ₹30 Lakh (as per current rules). Investment must be in multiples of ₹1,000.
• Tenure: 5 years, extendable by another 3 years upon application within one year of maturity.
• Interest Rate: Determined by the government quarterly. The rate applicable at the time of deposit remains fixed for the entire tenure.
• Interest Payout: Interest is paid out quarterly (April, July, October, January) and is taxable. It is not compounded in the account.
• Nomination Facility: Available.
• Premature Closure: Allowed after one year with penalties.
• Tax Benefits: Investment up to ₹1.5 Lakh per year qualifies for deduction under Section 80C of the Income Tax Act. However, the interest earned is fully taxable. TDS is applicable if interest income exceeds ₹50,000 in a financial year.

Disclaimer: This calculator provides estimates based on the rules and interest rate entered. The actual interest rate for new accounts is subject to quarterly government revisions. Investment limits and tax rules may change. Consult official Post Office/Bank sources or a financial advisor for the latest information and personalized advice.