SCSS Calculator
About the SCSS Calculator
The Senior Citizens' Savings Scheme (SCSS) is a government-backed scheme for people aged 60 and above, paying interest quarterly on a lumpsum deposit for a 5-year term. The rate is revised each quarter by the Ministry of Finance rather than set by the bank or post office holding the deposit.
Enter your deposit and the SCSS rate, and this calculator shows the quarterly payout and the total interest over the term.
Frequently asked questions
How is the SCSS payout calculated?
Interest is paid quarterly: quarterly payout = Investment × annual rate ÷ 400. For ₹15,00,000 at 8.2%, that is ₹30,750 every quarter. The principal is returned at the end of 5 years.
Who is eligible for SCSS?
Anyone aged 60 or above. People aged 55–60 who retired under a voluntary or superannuation scheme can open one within a month of receiving retirement benefits, as can retired defence personnel above 50.
What is the maximum SCSS investment?
As of 2026 the limit is ₹30 lakh per individual (raised from ₹15 lakh in 2023). Check the current limit, as it has changed.
Is SCSS interest taxable?
Yes, at your slab, and TDS applies if the interest crosses the annual threshold. The deposit qualifies for a Section 80C deduction up to ₹1.5 lakh.
Can I withdraw SCSS early?
Yes, with a penalty: roughly 1.5% of the deposit if closed before 2 years and 1% between 2 and 5 years. The account can also be extended by 3 years after the initial term.
Disclaimer: This calculator is for information and education only. It is not investment advice and not a recommendation. Interest rates on deposits and savings schemes are set by the bank or the Government and can change; where the calculator takes a rate, the figures hold it for the whole term. Tax on the interest, penalties and early-withdrawal rules are included only where the calculator shows them. The Government notifies small-savings rates every quarter; the rate in force on the day of deposit applies for the whole term. Every figure is computed solely by applying the formula and assumptions stated on this page to the inputs you entered.