SCSS Calculator India – Senior Citizens Savings Scheme

Investment Details

Investment Amount

₹

₹1K₹30L

Interest Rate (p.a.)

%

6%10%

Tenure

yr

1 yr8 yr

Standard tenure is 5 years, extendable once by 3 years.

Quarterly Interest Payout

₹0

credited every 3 months as income

Monthly ≈

₹0

Annual

₹0

Total Interest

₹0

Summary

Total value received (principal + interest) ₹0

What is the Senior Citizens Savings Scheme?

The Senior Citizens Savings Scheme (SCSS) is a government-backed savings product designed to give retirees a safe, regular income. You deposit a lump sum and receive interest every quarter at one of the highest guaranteed rates available — currently 8.2% per annum.

It is open to anyone aged 60 or above (55+ for those who took voluntary retirement, 50+ for defence personnel). Accounts can be opened at post offices and most public/private sector banks.

Who is SCSS best for?

Retirees wanting predictable quarterly income with zero market risk — for example, parking a portion of your retirement corpus or PF lump sum.

How SCSS Returns Work

Quarterly interest = Principal × Rate ÷ 4
Principal is returned in full at maturity

SCSS interest is not compounded — it is paid out every quarter as income. Your principal is returned untouched at maturity.

Example: ₹30,00,000 at 8.2%

Annual interest = 30,00,000 × 8.2% = ₹2,46,000

Quarterly payout = ₹61,500

Over 5 years you receive ₹12,30,000 of interest, plus ₹30L back at maturity.

SCSS Interest Rate History

Rates are reviewed quarterly. The rate at the time you open the account is fixed for your 5-year term.

FY 2025-26 (current) 8.2%

Apr 2023 onwards 8.2%

Jan–Mar 2023 8.0%

FY 2020–2022 7.4%

FY 2018-19 8.7%

* Indicative rates. Confirm the current rate before opening the account.

SCSS Income Examples (at 8.2%)

Invest ₹5,00,000 ₹10,250/qtr

₹41,000/yr · ₹2,05,000 over 5 yrs

Invest ₹10,00,000 ₹20,500/qtr

₹82,000/yr · ₹4,10,000 over 5 yrs

Invest ₹15,00,000 ₹30,750/qtr

₹1,23,000/yr · ₹6,15,000 over 5 yrs

Invest ₹30,00,000 (maximum)

₹61,500 every quarter — ₹2,46,000 a year of guaranteed income.

SCSS vs Other Senior Options

SCSS

Quarterly income · 80C · ₹30L cap

8.2%

RBI Floating Rate Bond

7-yr · rate resets half-yearly

8.05%*

Senior Citizen Bank FD

Flexible tenure & amount

7.5%*

Post Office MIS

Monthly income · ₹9L cap (single)

7.4%

* Bank FD and RBI bond rates are indicative and change over time.

Key Features & Eligibility

→For 60+ (or 55+ for VRS retirees, 50+ for defence personnel).
→Max ₹30 lakh per individual, minimum ₹1,000, in multiples of ₹1,000.
→5-year tenure, extendable once by 3 years at maturity.
→80C deduction on the deposit up to ₹1.5 lakh.
→Government-backed — capital is fully safe with a sovereign guarantee.
→Joint account allowed with spouse; nomination facility available.

Frequently Asked Questions

Common questions about the Senior Citizens Savings Scheme

What is the current SCSS interest rate?

SCSS pays 8.2% per annum, credited quarterly. The rate is reviewed every quarter and is among the highest guaranteed returns for senior citizens.

How much can I invest in SCSS?

Maximum ₹30 lakh per individual, minimum ₹1,000, in multiples of ₹1,000. It can be held jointly with a spouse.

Is SCSS interest paid monthly or quarterly?

Quarterly — on the first working day of April, July, October and January. It is credited to your savings account as income, not reinvested.

What is the SCSS tenure?

5 years, extendable once by 3 years. The principal is returned in full at maturity since interest is paid out periodically.

Is SCSS interest taxable?

Yes, it is taxed at your slab rate. TDS applies if annual interest exceeds ₹50,000 for senior citizens. The deposit qualifies for 80C deduction up to ₹1.5 lakh.

Can I withdraw from SCSS early?

Yes, premature withdrawal is allowed with a penalty: 1.5% of the deposit if closed within 1 year, and 1% if closed between 1 and 2 years. After 2 years no penalty applies on closure.

Who is eligible to open an SCSS account?

Any resident individual aged 60 or above. Those who took voluntary retirement can open it from age 55, and defence personnel from age 50, provided they invest within one month of receiving retirement benefits. NRIs and HUFs are not eligible.

Can the SCSS account be extended after 5 years?

Yes. On maturity you can extend the account once for an additional 3 years by applying within one year of maturity. The extended deposit earns the SCSS rate prevailing on the maturity date, and can be closed after one year of extension without penalty.