What is SCSS?
The Senior Citizen Savings Scheme (SCSS) is a Government of India-backed savings scheme for individuals aged 60 and above (50 for retirees, 55 for VRS retirees). It offers 8.2% per annum (current rate), paid out quarterly. You can invest up to ₹30 lakh per account, and the tenure is 5 years with an option to extend by another 3 years.
Formula
SCSS pays interest quarterly on the principal:
Quarterly interest = P × r / 400 Annual interest = quarterly × 4 Total interest (5 yrs) = annual × 5 r = annual rate (currently 8.2%) P = principal (max ₹30 lakh) Principal is returned in full at maturity; interest is paid out quarterly (not compounded).
How to use this calculator
Enter the amount you plan to invest in SCSS (up to ₹30 lakh). The calculator shows the quarterly interest payout, total annual interest, and cumulative interest earned over 5 years. The principal is returned at maturity.