SCSS Calculator 2024

What is a Senior Citizen Savings Scheme (SCSS)?

The Senior Citizen Savings Scheme (SCSS) is a government-backed savings program specifically designed for senior citizens aged 60 years and above. It fosters a good investment habit and the scheme offers attractive interest rates, encouraging savings among the elderly. The scheme is available through designated banks and post offices providing a steady flow of income after retirement.

Key Features of SCSS scheme

• Investment Amount: Min investment of ₹1,000 and max of ₹15,00,000.
• Tenure: The scheme has fixed tenure of 5 years, which can be renewed for additional 3 years
• Interest Rate: The current interest rate for SCSS is 8.2% per annum, compounded quarterly.

What is an SCSS Calculator?

An SCSS Calculator is an online financial tool that helps investors estimate the maturity amount on their investments. By entering the details such as the investment amount, interest rate, and tenure, users can potentially build a corpus for future

How Does the SCSS Calculator Work?

The SCSS calculator works by applying the existing interest rates and calculating compound interest over the investment period. The formula used for calculating the maturity amount is:

The SCSS Calculator calculates the maturity amount with the formula:

Maturity Amount = P × (1 + r/n)^(n × t)

• P is the principal amount (₹5,00,000),
• r is the annual interest rate (8.2%),
• n is the number of times interest is compounded per year (4),
• t is the number of years (5).

Maturity Amount= 5,00,000 (1+ 0.082/ 4) 4 x 5
Maturity Amount= ₹7,05,000

​Benefits of Using the SCSS Calculator

• Instant Results: Provides quick estimates of maturity amounts and interest, saving time for investors.
• Easy Comparisons: Allows users to compare different investment amounts and tenures
• User-Friendly: Most calculators are straightforward and require minimal data input, making it easy for all
• Free: Typically, SCSS calculators are free to use.

FAQs about the SCSS Calculator

1. How accurate is the SCSS Calculator?

The calculator provides an approximate estimation of the returns from SCSS. However, the actual returns may vary

2. Can I change the principal amount in the calculator?

Yes, you can adjust the amount to check for various amounts

3. Is there any fee to use the SCSS Calculator?

No, Fincover’s SCSS calculator is absolutely free to use

4. Do I need to enter personal information to use the calculator?

No, you need not enter any personal information in order to use the Calculator

5. Can the Calculator hep with Financial Planning?

Yes, it can show how much you would need for a peaceful leaving