SCSS Calculator
Estimate quarterly income and total interest from an SCSS deposit for seniors.
Senior Citizens Savings Scheme (SCSS)
SCSS is a government-backed deposit for eligible seniors that pays interest every quarter and returns principal after five years (extendable). Banks and post offices both offer it within notified deposit caps.
How to use this calculator
Enter the one-time deposit. Minimums are usually ₹1,000 in multiples of ₹1,000. The combined limit across all SCSS accounts for one person is typically ₹30 lakh.
Set the interest rate locked at account opening from the quarter's small-savings notification. Recent rates have been around 8.2% p.a. Interest is payable quarterly (commonly on 1 April, 1 July, 1 October, and 1 January after the first stub period).
Tenure defaults to five years. You can model eight years if you plan the optional three-year extension at maturity. Extension terms and the rate for the extended period follow the rules then in force.
Eligibility is generally age 60+, with a window for 55-60 on voluntary retirement or superannuation when conditions are met. Joint accounts are typically only with the spouse.
Interest is taxable. TDS may apply when interest crosses the notified threshold unless Form 15G/15H is valid. Deposits can qualify under Section 80C within the overall ₹1.5 lakh limit in the year of deposit under the Old Regime. Compare SCSS quarterly cash with MIS monthly income before locking a large retirement corpus.
SCSS quarterly interest
Quarterly interest = Deposit × (Annual rate / 100) / 4 Total interest = Quarterly interest × (Years × 4) Maturity principal = Deposit Example: ₹15 lakh at 8.2% for 5 years. Quarterly interest ≈ ₹30,750. Yearly interest ≈ ₹1.23 lakh. Total interest over 5 years ≈ ₹6.15 lakh. Principal ₹15 lakh returned at maturity.
Frequently Asked Questions
Who can open SCSS?
Residents aged 60 or more. People aged 55-60 who take VRS or retire on superannuation may qualify under specific rules. NRIs cannot open new SCSS accounts.
SCSS vs MIS for seniors?
SCSS usually offers a higher rate and quarterly payouts with a larger deposit ceiling. MIS pays monthly and is open without a senior-age requirement.
Is SCSS interest taxable?
Yes at your slab. TDS may be deducted above the notified interest threshold unless a valid 15G/15H is on file.
80C benefit?
The deposit can count toward Section 80C in the year you invest, subject to the overall ₹1.5 lakh limit and Old Regime filing.
Maximum deposit?
Often ₹30 lakh across all SCSS accounts held by an individual. Excess is typically refunded.
Can tenure be extended?
Yes, many holders extend by three years after the initial five. Confirm the extension rate and process with the bank or post office.
Joint account with children?
Joint SCSS is generally only with the spouse. Children cannot be joint holders under standard rules.
Premature closure?
Allowed after one year with a penalty on the deposit. Exact percentages depend on how early you exit.
Where to open SCSS?
Post offices and many authorised banks. Carry age proof, KYC, and a cancelled cheque for interest credit.
Plan SCSS inside a retirement corpus?
Yes. Size total needs on the retirement calculator, then park a slice in SCSS for quarterly income and keep growth assets separate.
Related guides
Need a quick number check?
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Compare with the MIS Calculator, size needs on the Retirement Calculator, or plan 80C and interest reporting on the Tax Season hub.