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SCSS (Senior Citizens Savings Scheme) is one of the best investments for senior citizens, securing your finances in retirement.

Ready to use, the SCSS calculator is available online; you can quickly figure out the quarterly interest earnings on your investment with it. Read on to find out how this powerful tool may be advantageous for you.

What is the Senior Citizen Savings Scheme?

Our country has a Senior Citizen Saving Scheme government-backed savings program for senior citizens. It is one of the simplest ways to earn good interest with the security that comes with fixed deposits. This scheme is designed for individuals aged 60 years or older who are Indian citizens. Start with a minimum investment of Rs. 1000, and you can invest individually or jointly up to INR 15 lakhs.

It is a 5-year scheme that can be extended for an additional 3 years upon maturity. This one pays interest at an annual rate of 8.2%. Quarterly dividends are paid for life, so they are reinvested in interest. Use an SCSS interest scheme calculator to see how much quarterly interest you would be earning through this investment plan.

What is the SCSS Calculator?

SCSS calculator is an online tool for estimating the interest you can earn by investing in the Senior Citizen Savings Scheme. Its formula is very easy to use and is based on simple calculations of your investment, along with some additional details.

We can estimate the returns you might earn with this tool, depending on where you invest your money, the period, and other factors.

Working on Senior Citizen Savings Scheme Calculator

Formula Box: a calculator to get fast results. Simply enter a few details into the calculator, such as investment amount, interest rate, and investment term. The calculator will spit out the answers almost immediately.

SCSS Return Calculator Formula

The Quarterly interest calculation formula :

4 × 100 * Principal Amount * Annual Interest Rate = Quarterly Interest

With the help of an example, let us consider the following:

Mr. Y invests in SCSS as under

Amount of Investment: Rs.10 07,000

Interest Rate: 8.2%

Its Time: 5 years

Rs. 20,643 at Mr. Y’s interest

Now that will be the final amount he is going to get = Rs. 1419870

Rs. 4,12,870 is the total interest earned.

SCSS Calculator: Senior Citizen Savings Scheme(SCSS) Advantages

Now, this is the SCSS calculator, which is easy to use and straightforward. Enter How Much You Will Invest. Then, follow the thin line with the formula for Interest Rate and Savings term in the calculator.

Here, you can also find out the interest every three months, the maturity amount, and your total interest.

How Senior Citizen Savings Scheme (SCSS) Calculator Benefits You

The benefits of the SCSS scheme calculator are

Free of error: This application generates the correct result so that you are not mistaken by mistake in calculation.

Cuts Down Your Time: It will calculate the interest you will earn on your investment in a jiffy.

It Helps You With Your Retirement Plan: It assists individuals in planning for retirement and raises awareness about the importance of investing.