Senior citizens (60+) get 50 basis points extra interest on FDs from most Indian banks. Super seniors (80+) often get additional bonuses through schemes like SCSS (Senior Citizen Savings Scheme at 8.2%). The calculator handles senior rates, monthly-interest options (popular for retired pension supplement), and TDS implications.
When to use this
Use for: parents / grandparents planning retirement-income FDs, evaluating whether to FD or SCSS (Senior Citizens Savings Scheme) for ₹15L+ corpus, computing monthly interest payout (retirees often pick this over reinvestment), planning post-tax retirement income.
Frequently Asked Questions
Is SCSS better than a senior FD?
SCSS gives 8.2% (FY 2025-26) vs bank senior FD ~7.5-8%. SCSS is 5-year (extendable by 3), ₹30L cap (per individual). For corpus up to ₹30L, SCSS wins on rate. Above that, supplement with FD. Both qualify for 80C deduction up to ₹1.5L for the depositor.
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