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Canara Bank SCSS Calculator

Government SCSS rates and quarterly interest are uniform across all banks. Use our master Senior Citizens Savings Scheme (SCSS) Calculator for detailed year-by-year tax and compounding breakdowns.

Quarterly Interest

₹20,500

Total Interest

₹4,10,000

Maturity Value

₹14,10,000

Adjust Parameters

₹
₹1,000₹30,00,000
%
1%15%
5 Years (Fixed)

Earnings Breakdown

Quarterly Interest

₹20,500

Invested
Interest

Year-by-Year Interest Summary

YearPrincipalQuarterly InterestYearly InterestCumulative Interest
1 Year₹10,00,000₹20,500₹82,000₹82,000
2 Years₹10,00,000₹20,500₹82,000₹1,64,000
3 Years₹10,00,000₹20,500₹82,000₹2,46,000
4 Years₹10,00,000₹20,500₹82,000₹3,28,000
5 Years₹10,00,000₹20,500₹82,000₹4,10,000

*Note: As per official SCSS guidelines, quarterly interest payments are rounded off to the nearest rupee. Any fractional adjustments (e.g., 50 paise) are automatically reconciled by the bank in subsequent quarters to ensure your exact yearly and total interest remains 100% accurate.

How to Open an SCSS Account at Canara Bank

Canara Bank is an authorised SCSS agency bank, with the deposit linked to your Canara savings account for interest credit.

  1. 1Visit a Canara Bank branch and request Form A for the Senior Citizens Savings Scheme.
  2. 2Submit PAN, Aadhaar, age proof, and two passport-size photographs at the counter.
  3. 3Attach retirement proof if applying under the 55-60 superannuation or VRS relaxation, within one month of receiving benefits.
  4. 4Nominate the Canara Bank savings account for the debit and the quarterly interest credit.
  5. 5Fund the deposit by cheque or account transfer, staying within the overall SCSS ceiling.
  6. 6Submit Form-2 for nomination and collect your SCSS passbook or advice.

Quarterly interest is credited to your linked Canara Bank savings account on the four scheme interest payment dates.

SCSS is a Government of India scheme — the interest rate is identical at every authorised institution.

Calculate your quarterly interest payment and maturity value for a Senior Citizens Savings Scheme account at Canara Bank.

Canara Bank SCSS Calculator — Frequently Asked Questions

Opening and operating an SCSS account with Canara Bank.

Yes. SCSS accounts can be extended once by a further three years. Submit the extension request (Form B) at your Canara Bank branch within one year of the maturity date; the extended account earns the rate applicable on the original maturity date.

Effectively yes, because quarterly interest is credited to a linked savings account at the same bank. If you do not hold one, the branch will open it alongside your SCSS account during the same visit.

SCSS is a government scheme with a centrally notified rate, a 5-year tenure, an individual investment ceiling, and mandatory quarterly interest. A bank senior citizen FD is a commercial product where Canara Bank sets the rate and you choose the tenure and interest payment frequency.

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