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The senior citizen saving scheme is a go-to investment plan for senior citizens and their financial well-being after retirement. You can know what your quarterly interest returns would be with the SCSS investment through the SCSS calculator online tool. Read on to learn more about this calculator.
The Senior Citizen Saving Scheme is a government-backed savings scheme in our country. It has been designed specifically for senior citizens, and it offers them a safe and reliable income-generating opportunity with attractive interest rates. This scheme is open to Indian citizens who are 60 years and above. The minimum investment for the scheme is Rs. 1,000, and the maximum investment limitation is Rs. 15 lakhs (either individually or jointly).
The scheme's tenure is 5 years. It could also be extended for an additional 3 years on maturity. The current interest rate for the scheme is 8.2% p.a., and the interest is paid out every quarter as a source of regular income to senior citizens.
An SCSS scheme interest calculator can help individuals determine the quarterly interest they would receive on this investment plan.
The SCSS calculator is an online tool that calculates the interest returns from your possible investment in the Senior citizen savings scheme. It works through an in-built algorithm where it provides instant calculations with some primary details on the investment.
You can use this tool to estimate how much returns you would make through the investment for a said amount and period.
As previously mentioned, the calculator works with a formula box to derive accurate results. You simply need to provide some basic details such as the investment amount, interest rate, and the tenure of the investment. The calculator will instantly provide you with results.
By doing this, you can know how much return you will make from the investment.
The formula used to make the calculations in the calculator is:
Quarterly Interest=(4×100 Principal Amount*Annual Interest Rate)
Let us understand this formula with an example:
Mr. Y invests in SCSS with -
Investment Amount: 10,07,000
Interest Rate: 8.2%
Tenure: 5 Years
Mr Y's investment amount is Rs. 20,643
The total maturity amount is Rs. 14,19,870.
The total interest earned is Rs. 4,12,870.
It is simple and easy to use the SCSS calculator. All you need to do is enter the amount you plan on investing. The calculator is enabled with a formula, the current rate of interest, and tenure.
You can further see the quarterly interest, maturity amount, and total interest given to you.
The primary benefits of the SCSS scheme calculator are:
It is Error-Free: This will not give you results with errors, which typically happen when you do manual calculations.
Saves Time: It is a time-saver because it eliminates the extra time you spend calculating the interest you earn on the investment.
Helps After Retirement Financial Planning: This scheme will help individuals plan their retirement efficiently and help them know the benefits when they invest in the scheme.