Senior Citizen Savings Scheme (SCSS) Calculator
Calculate quarterly interest payouts and maturity from Senior Citizen Savings Scheme deposits.
Educational Purpose Only: This calculator provides estimates for informational purposes. SCSS interest rates are set by the government and may change quarterly. Maximum deposit is ₹30 lakhs. SCSS is available to individuals aged 60+ (or 55+ on retirement).
Maximum: ₹30,00,000
Key Features
- Interest paid quarterly
- Principal returned at maturity
- Can be extended by 3 years once
How it works
SCSS pays interest quarterly on your deposit at the prevailing rate set by the government. The interest is not compounded — it is paid out every quarter to your linked bank account. At maturity (after 5 years), you receive your original deposit back. If you extend the scheme for a further 3 years, you continue to receive the same quarterly payouts. The calculator shows your quarterly income, annual income, total interest over the chosen tenure, and maturity amount.
Key features of SCSS
Eligibility
Available to Indian residents aged 60 and above. Those who have taken voluntary retirement may open accounts from age 55, subject to conditions.
Deposit Limits
Minimum deposit of ₹1,000. Maximum total deposits across all SCSS accounts is ₹30,00,000. Deposits must be in multiples of ₹1,000.
Tax Treatment
Interest income from SCSS is taxable. TDS is deducted if interest exceeds ₹50,000 per year. You may submit Form 15H to avoid TDS if total income is below the taxable limit.
Premature Withdrawal
Premature closure is allowed after 1 year with a penalty of 1.5% of deposit for closure between 1–2 years, and 1% after 2 years.
Frequently Asked Questions
Where can I open an SCSS account?
SCSS accounts can be opened at any post office or authorised public and private sector banks across India. You will need age proof, identity proof, and address proof along with the deposit amount.
Can I have multiple SCSS accounts?
Yes. You can open multiple SCSS accounts individually or jointly, but the total deposit across all accounts must not exceed ₹30,00,000.
Is SCSS better than a bank fixed deposit for seniors?
SCSS typically offers higher interest rates than bank FDs for senior citizens, and it is government-backed, making it one of the safest and most attractive fixed-income options for retirees.
This calculator is for educational purposes only. SCSS interest rates are set by the Government of India and may be revised quarterly. Always verify the current rate with your bank or post office before investing.