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SCSS Calculator – Calculate Senior Citizen Savings Scheme Interest

SCSS is a tax saving cum retirement scheme for senior citizens aged 60 or above. SCSS Calculator (Senior Citizen Savings Scheme Calculator) given here calculates exact returns on SCSS.

As we all know finding good and secure investment options for retirement corpus is a daunting task. However, now you need not to worry. You can directly invest in the government-backed SCSS – Senior Citizen Saving Scheme and earn decent returns. The primary objective of this scheme is to maximize the return on retirement funds. But how do you make the most of this scheme? That’s where the Senior Citizen Savings Scheme Calculator comes in handy.

This article will guide you through all the information you need to understand about SCSS and SCSS Calculator, including its advantages and how to use it effectively. Whether you’re experienced with technology or new to online tools, we will make the process easier for you. Let’s get started!

SCSS Calculator

What is the Senior Citizen Savings Scheme (SCSS)?

The Senior Citizen Savings Scheme (SCSS) is a government-backed savings scheme designed specifically for senior citizens in India. It offers a safe and reliable way to earn a fixed interest on your retirement savings. The current interest rate offered on the SCSS scheme is 8.20% p.a.

Key Features of SCSS –

  • Eligibility – Individuals aged 60 years or above.
  • Tenure – 5 years, which can be extended by 3 years.
  • Interest Rate – Attractive interest rates, revised quarterly.
  • Investment Limit – Minimum of ₹1,000 and a maximum of ₹30 lakh.

Why Choose SCSS?

SCSS is an excellent option for senior citizens looking for a stable and secure investment with guaranteed returns. Here’s why:

  • Government-backed security – Safety of money.
  • Attractive interest rates – Higher than most fixed deposits.
  • Regular income – Quarterly interest payouts.
  • Tax benefits – Under Section 80C of the Income Tax Act.

How does SCSS work?

  • Open an SCSS account with a minimum deposit of ₹1,000 and a maximum of 30 lakh in a single payment.
  • The deposit amount must be equal to the retirement benefits received and must be put into the SCSS account within one month of receiving the retirement benefits from the employer.
  • The retirement amount could be PPF, retirement gratuity, pension, leave, or insurance payment paid by the employer.
  • Interest will be paid on the deposit every three months.
  • Interest can be transferred to the savings account at the same Post Office branch via auto credit or ECS.
  • The account can be closed early at any point, following the day it was opened.
  • If the account closed before 1 year, no interest will be payable and if any interest paid in the account shall be recovered from principle.
  • The account can be renewed for an additional 3 years starting from the maturity date.

How to open an SCSS Account?

An SCSS account can be opened at either a bank branch or a post office branch. Many banks allowed online applications for the SCSS account. However, for the post office, you need to fill up a physical form for account opening. To open the account, you must complete the form, submit it to the approved post office or bank, provide the necessary documents, and make the deposit.

The following documents are required for account opening –

  • Two photos of passport-size
  • Proof of identity, such as a PAN card, Voter ID, Aadhaar card, or passport.
  • Evidence of residence, like Aadhaar card or phone bills.
  • Verification of age, including PAN card, Voter ID, birth certificate, or senior citizen card.

All the documents must be self-attested.

What is a Senior Citizen Savings Scheme Calculator?

A Senior Citizen Savings Scheme Calculator is a Microsoft Excel tool that helps you estimate the returns on your SCSS investments. By inputting a few basic details, you can get a clear picture of how much interest you’ll earn over the scheme’s tenure.

How to Use the SCSS Calculator

Here are steps for using SCSS Calculator

  1. Enter the Principal Amount – Input the amount you wish to invest. Remember, the minimum is ₹1,000, and the maximum is ₹30 lakh.
  2. Select the Tenure Select the total years of investment, you can select either an initial investment of 5 years or 8 years.
  3. Interest Rate – Enter the annual interest rate. Currently, it is set at 8.2%.


That’s it – the calculator displays Quarterly interest, Total interest, and Maturity value.

Benefits of Using the SCSS Calculator

Informed Decision-Making

Understanding the possible returns on your investments can assist you in making well-informed decisions. You can better strategize your finances to guarantee a stable income in your retirement years.

Financial Security

Understanding the potential returns of your SCSS investment can bring a sense of calm, ensuring financial stability in the long run.

Maximizing Returns

By trying out various investment amounts and durations, you can maximize your profits, making sure you make the most of your SCSS investment.


Is the SCSS Calculator free to use?

Yes, the SCSS Calculator available here is free. You can download and use it.

Do I need anything to use this calculator?

The calculator/tool given here is Microsoft Excel-based. Thus you need Microsoft Excel to make use of this tool.

Can I use this calculator for multiple scenarios?

Yes, you can input different investment amounts and tenures and calculate the interest amount on the investment.

Is the SCSS Calculator accurate?

Yes, the calculator is designed to provide accurate projections based on the current SCSS interest rates and the inputs you provide. However, it’s always a good idea to double-check the figures with a financial advisor.


Planning for retirement can be challenging, but tools like the Senior Citizen Savings Scheme Calculator make it much easier. With its user-friendly interface and accurate projections, you can confidently plan your post-retirement finances. By understanding the features and benefits of the SCSS, and using the calculator to its full potential, you can ensure a comfortable and secure future.

Shitanshu Kapadia
Shitanshu Kapadia
Hi, I am Shitanshu founder of moneyexcel.com. I am engaged in blogging & Digital Marketing for 10 years. The purpose of this blog is to share my experience, knowledge and help people in managing money. Please note that the views expressed on this Blog are clarifications meant for reference and guidance of the readers to explore further on the topics. These should not be construed as investment , tax, financial advice or legal opinion. Please consult a qualified financial planner and do your own due diligence before making any investment decision.