Senior Citizen Savings Scheme (SCSS) Calculator
Investment Amount: ₹0
Quarterly Interest: ₹0
Total Interest Earned: ₹0
Maturity Amount: ₹0
What is Senior Citizen Savings Scheme (SCSS)?
Senior Citizen Savings Scheme (SCSS) is a Government of India backed savings scheme specially designed for senior citizens. It provides regular income through quarterly interest payments and offers a safe investment option for retirement planning.
Eligibility
- Indian citizens aged 60 years or above.
- Retired civilians aged 55–60 years may also be eligible under specified conditions.
- Retired defence personnel may open the account subject to government rules.
Key Features
- Government-backed and low-risk investment scheme.
- Interest is paid every quarter.
- Account tenure is 5 years.
- The account can be extended for another 3 years after maturity.
- Suitable for generating regular retirement income.
Investment Limits
- Minimum Investment: ₹1,000
- Maximum Investment: As per prevailing government rules.
- Deposits are made in multiples of ₹1,000.
Tax Benefits
- Investment qualifies for deduction under Section 80C up to applicable limits.
- Interest received may be taxable as per income tax rules.
Why Invest in SCSS?
- Provides regular quarterly income.
- Higher interest rates compared to many traditional savings options.
- Government guarantee offers safety of capital.
- Ideal for retirement planning and stable cash flow.