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.
Is the interest from SCSS taxable?
Yes. SCSS interest income is fully taxable as per your income tax slab. TDS at 10% is deducted if total interest in a year exceeds ₹50,000. Submit Form 15H if your total income is below the taxable limit to avoid TDS.
What is the current SCSS interest rate?
The current SCSS interest rate is 8.2% per annum (as of Q1 FY 2025-26), paid quarterly. The rate is reviewed and announced by the Government of India every quarter. SCSS consistently offers one of the highest government-backed rates for senior citizens.
Related Calculators
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.
Why this calculator is useful
Calculate quarterly interest payouts and maturity from Senior Citizen Savings Scheme deposits. See your quarterly income, annual income, and total returns over the full tenure. This page is designed to help readers understand the financial scenario clearly, compare the numbers, and make better decisions with practical context.
Why this matters
Senior Citizen Savings Scheme (SCSS) Calculator turns a common financial or planning question into a clear number you can compare, discuss, and act on.
What to review
Use realistic inputs and update assumptions if your situation changes, because even small changes can shift the outcome noticeably.
How to use the result
Treat the calculation as a practical planning guide and verify it with your records or a professional for important decisions.
Quick examples and best practices
- Use realistic inputs: Enter values that match your real income, loan terms, or investment profile so the result feels practical.
- Compare scenarios: Change one variable at a time to see how the result shifts before making a decision.
- Verify major choices: For high-stakes decisions, cross-check the output with documents, spreadsheets, or a qualified professional.
Common 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.
Is the interest from SCSS taxable?
Yes. SCSS interest income is fully taxable as per your income tax slab. TDS at 10% is deducted if total interest in a year exceeds ₹50,000. Submit Form 15H if your total income is below the taxable limit to avoid TDS.
What is the current SCSS interest rate?
The current SCSS interest rate is 8.2% per annum (as of Q1 FY 2025-26), paid quarterly. The rate is reviewed and announced by the Government of India every quarter. SCSS consistently offers one of the highest government-backed rates for senior citizens.