If you are a senior citizen in India looking to save money safely and earn good interest, the Senior Citizen Savings Scheme (SCSS) could be a great option. With the SCSS Calculator for 2025, you can easily find out how much your investment will grow over time right from your home.
Overview of Senior Citizen Savings Scheme (SCSS)
The Senior Citizen Savings Scheme is a government-backed saving plan started in 2004 to help Indian senior citizens invest their money safely and earn better returns. It offers a higher interest rate compared to regular savings accounts, making it popular among older adults wanting secure investments.
Interest under this scheme is paid every three months on 31st March, 30th June, 30th September, and 31st December. Only senior citizens aged 60 years and above can open an account under SCSS.
Main Objectives of SCSS
This scheme aims to provide senior citizens with a secure and government-backed way to save their retirement funds. Using the SCSS calculator, you can plan how much your money will grow by entering your investment amount and duration.
To open an SCSS account, you need to deposit at least INR 1000, and the maximum deposit allowed is INR 30 lakh for a single account. This makes it accessible for many, while also allowing substantial savings for a comfortable retirement.
Main Highlights of SCSS Calculator
| Scheme Name | Senior Citizen Savings Scheme (SCSS) Calculator |
| Launched By | Government of India |
| Launch Year | 2004 |
| Purpose | Secure investment and attractive interest for senior citizens |
| Eligible Beneficiaries | Indian citizens aged 60 years and above |
| Interest Rate | 8.2% (current rate) |
| Minimum Deposit | INR 1000 |
| Maximum Deposit | INR 30,00,000 |
| Application | Online |
| Official Website | https://www.nsiindia.gov.in |
| Contact Number | 1800 5700 |
Interest Rate Details
- The current SCSS interest rate is 8.2% per year, which is higher than many regular savings accounts.
Deposit Limits
- Minimum deposit for opening a single account: INR 1000.
- Maximum deposit for senior citizens: INR 30 lakh.
Main Features of Senior Citizen Savings Scheme
- Easy Deposit: Even with a minimum deposit of INR 1000, senior citizens with limited income can invest safely.
- High Returns: The interest rate of 8.2% helps grow your savings faster than regular saving accounts.
- Regular Income: Interest paid quarterly gives a steady source of income.
- Low Risk: Being government-backed, the investment is secure and trustworthy.
How to Calculate Your Returns? Formula Explained
You can use this formula to estimate the maturity amount and interest earned from SCSS:
- Maturity Amount = P x (1 + r/n)
- Interest Amount = Maturity Amount – Principal (P)
Where:
P = Principal amount invested
r = Interest rate (as a decimal)
n = Number of years of investment
Using the Senior Citizen Savings Scheme Calculator
This calculator helps you see exactly how much money you will receive at maturity and how much interest you earn every quarter.
How to use the SCSS Calculator:
- Visit the official SCSS calculator page: https://groww.in/calculators/scss-calculator
- Enter your investment (principal) amount.
- Select the number of years (up to 5 years) you want to invest.
- The calculator will show the maturity amount and quarterly interest automatically.
Maturity and Withdrawals
- You can close your SCSS account after 5 years by submitting the required documents to your post office.
- In case of the account holder’s death, interest is paid at the Post Office savings rate from that date.
- If the spouse is the nominee or joint account holder, the account can continue until maturity provided eligibility conditions are met.
Premature Closure Rules
- Accounts can be closed before maturity but with some penalties.
- Closing within 1 year means no interest is paid, and any interest received is recovered.
- Closure between 1 and 2 years will have 1.5% penalty deducted.
- Closing between 2 and 5 years will attract a 1% penalty deduction.
- After extension, account can be closed without penalty after completing 1 year.
Main Benefits of Using the SCSS Calculator
- Makes it easy for senior citizens to estimate returns with just a few clicks.
- Saves time by avoiding trips to government offices for calculations.
- Accurate calculations created by expert programmers.
- Helps plan finances better by showing quarterly interest payment amounts.
Contact Details
If you need help or more information, call 1800 5700.
Frequently Asked Questions (FAQs)
Who can open an SCSS account?
Indian citizens aged 60 years and above can open an account.
What is the current interest rate?
It is 8.2% per year.
How long is the investment tenure?
5 years, which can be extended further.