SCSS Calculator – Senior Citizen Savings Scheme (8.2%)
Calculate quarterly interest income and maturity payouts for deposits in the Senior Citizen Savings Scheme (SCSS) at 8.2% p.a.
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SCSS: Secure Payouts for Senior Citizens
The Senior Citizen Savings Scheme (SCSS) is a government-backed savings program for individuals aged 60 and above. It provides regular quarterly interest payments, offering stable retirement income. The maximum investment limit is capped at ₹30 Lakhs per individual.
The interest rate is locked at the time of investment for 5 years, providing guaranteed returns regardless of any macro-economic rate cuts during the tenure.
Frequently Asked Questions (FAQ)
1. How is SCSS interest paid out?
Interest is paid quarterly on the first day of April, July, October, and January. It is credited directly to the senior citizen's linked bank account.
2. Can I extend the SCSS account beyond 5 years?
Yes, you can extend the SCSS account for one additional block of 3 years by submitting a request within 1 year of maturity.