{"id":11362,"date":"2021-04-05T04:06:00","date_gmt":"2021-04-04T22:36:00","guid":{"rendered":"https:\/\/www.apnaplan.com\/?p=11362"},"modified":"2021-04-09T17:25:49","modified_gmt":"2021-04-09T11:55:49","slug":"scss-calculator","status":"publish","type":"post","link":"https:\/\/www.apnaplan.com\/scss-calculator\/","title":{"rendered":"Download SCSS Calculator 2021 \u2605 An Excellent Investment for Senior Citizens \u2605"},"content":{"rendered":"\n

SCSS (Senior Citizens’ Savings Scheme) is an excellent investment for senior citizens<\/strong> as its safe (guaranteed by Government of India), pays guaranteed interest income every quarter and is eligible for tax saving u\/s 80C. The next question is how much actual interest is credit to the account every quarter? We have come-up with a simple excel based SCSS calculator<\/strong> where you can input investment amount and interest and it gives you the quarterly interest payout and the maturity amount.<\/p>\n\n\n\n

SCSS Calculator (Senior Citizens Savings Scheme Calculator)<\/h2>\n\n\n\n

Calculating SCSS quarterly interest is pretty simple using the formula below:<\/p>\n\n\n\n

Quarterly Interest Earned in SCSS = Principal Amount * Interest\/4<\/code><\/pre>\n\n\n\n
Using this formula, if you invest Rs 1 Lakh at 8.7% interest, the quarterly interest payout is Rs 2,175 (1,00,000 * 8.7%\/4)<\/p>\n\n\n\n
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Download Senior Citizens Savings Scheme<\/strong> – SCSS Calculator<\/strong><\/a><\/div>\n<\/div>\n\n\n\n
\"SCSS
SCSS Calculator (Senior Citizens Savings Scheme Calculator)<\/strong><\/figcaption><\/figure><\/div>\n\n\n\n
Calculator for Small Saving Scheme – PPF, SCSS, Sukanya Samriddhi, NSC, Post Office FD\/RD\/MIS<\/strong><\/h4>
Small saving scheme sponsored by Government of India like Sukanya Samriddhi Account, PPF,  Senior Citizens\u2019 Savings Scheme are quite popular and rightly so because of the safety, higher interest rate offered among other things. We have built calculator for each of them where you can check the maturity amount, loan eligibility, partial withdrawal and more. Click on the links to get the relevant calculator  <\/p>
PPF Calculator<\/a><\/strong><\/p>
Sukanya Samriddhi Yojana Calculator<\/a><\/strong><\/p>
Senior Citizens Savings Scheme Calculator<\/a><\/strong><\/p>
NSC Calculator<\/a><\/strong><\/p>
Post Office Fixed Deposit (Time Deposit) Calculator<\/a><\/strong><\/p>
Post Office Recurring Deposit Calculator<\/a><\/strong><\/p>
Post Office MIS Calculator<\/a><\/strong><\/p><\/div><\/div>\n\n\n\n
SCSS Investment Rules<\/h2>\n\n\n\n
The interest earned is paid on the first working day of every quarter (April 1, July 1, October 1 & January 1) starting 2020. last working day of every quarter \u2013 March 31, June 30, September 30, December 31<\/del><\/strong>. The payout date remains constant irrespective of date of deposit. The payment can be made directly to depositor\u2019s account through ECS or post dated cheques.<\/p>\n\n\n\n
From April 1, 2016 the interest rate on SCSS is reset every quarter<\/a> i.e. in April, July, October and January. For FY 2019-20 (January to March 2020) the interest rate is 8.60%. <\/b>Check latest and historical interest rates here<\/a><\/p>\n\n\n\n
Once invested the interest rate remains unchanged over the tenure of the deposit.<\/p>\n\n\n\n
A person can invest maximum of Rs 15 lakhs in Senior Citizens’ Savings Scheme<\/strong>. You can open multiple accounts and joint account with your spouse only<\/strong> but the total investment across all accounts cannot exceed Rs 15 lakhs.<\/p>\n\n\n\n
Spouses can open separate accounts with Rs 15 Lakh limit for each of them. So a couple can invest maximum of Rs 30 Lakhs.<\/p>\n\n\n\n
The minimum investment is Rs 1,000 and can be increased in multiples of Rs 1,000 thereof.<\/strong><\/p>\n\n\n\n
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Download Senior Citizens Savings Scheme<\/strong> – SCSS<\/strong> Calculator<\/strong><\/a><\/div>\n<\/div>\n\n\n\n
SCSS Maturity<\/h2>\n\n\n\n
Senior Citizens’ Savings Scheme matures at the end of five years<\/strong> from the date of deposit. There are 3 options on maturity:<\/p>\n\n\n\n
  1. Withdraw the amount by filling up Form E<\/strong> and submit the same along\u00a0with Passbook.<\/li>
  2. The scheme can be extended by 3 years<\/strong> after maturity by submitting required Form B within 1 year of maturity. The extension is considered from the date of maturity and not from the date of submitting form.<\/li>
  3. In case the amount is neither withdrawn nor requested for extension with in 1 year of maturity, the account shall be treated as matured. The money can be withdrawn anytime after that. You would be paid interest applicable to\u00a0Post office Savings Accounts<\/strong> (currently at 4%) from the date of maturity to the month preceding the withdrawal.<\/li><\/ol>\n\n\n\n
    How to generate Regular Monthly Income?<\/strong><\/h4>
    There can be several situations when we look for regular income<\/strong>. This is especially true for people after retirement\u00a0without any pension. Also there would be new entrepreneurs who need regular income until their start-up stabilises. We tell you\u00a013 investments which can generate regular income<\/a><\/strong> for you along with their pros and cons.<\/p><\/div><\/div>\n\n\n\n
    Early Withdrawal Penalty<\/h2>\n\n\n\n
    In case of emergency, an investor can foreclose the account after one year of opening it.<\/strong> The penalty for doing so is as follows:<\/p>\n\n\n\n