SCSS Calculator
Calculate the quarterly interest payout, annual interest, total interest and maturity amount of a Senior Citizen Savings Scheme deposit.
What is the Senior Citizen Savings Scheme (SCSS)?
The Senior Citizen Savings Scheme is a government-backed savings instrument for retirees, offered through post offices and authorised banks. It pays a fixed rate of interest — currently 8.2% per annum — which is among the highest available on a sovereign-guaranteed product. The standard tenure is 5 years, extendable once by a further 3 years. The maximum you can invest is ₹30 lakh per individual (raised from the earlier ₹15 lakh limit).
Crucially, SCSS interest is paid out quarterly on a simple-interest basis — it is not compounded back into the principal. The deposit (principal) is returned in full at the end of the tenure. This makes SCSS a popular choice for retirees who want a regular, predictable income stream rather than a lump sum at maturity.
How SCSS interest is calculated
Because SCSS uses simple interest paid quarterly, the maths is straightforward: the annual interest is the same every year, and the maturity amount is always equal to your original deposit. The total payout you receive across the tenure is the sum of all the quarterly cheques plus the returned principal.
Quarterly interest = 10,00,000 × 0.082 ÷ 4 = ₹20,500.
Annual interest = ₹82,000; total interest over 5 years = ₹4,10,000. Maturity returns the ₹10,00,000 principal.
Quarterly interest = 30,00,000 × 0.082 ÷ 4 = ₹61,500.
Annual interest = ₹2,46,000; total interest over 5 years = ₹12,30,000. The ₹30,00,000 principal is returned at maturity.
SCSS payout at a glance — 8.2% for 5 years
Quarterly and annual interest for common deposit amounts at the current 8.2% rate, with the principal returned in full at the end of the 5-year tenure.
| Deposit | Quarterly Interest | Annual Interest | Total Interest (5 yrs) |
|---|---|---|---|
| ₹5,00,000 | ₹10,250 | ₹41,000 | ₹2,05,000 |
| ₹10,00,000 | ₹20,500 | ₹82,000 | ₹4,10,000 |
| ₹15,00,000 | ₹30,750 | ₹1,23,000 | ₹6,15,000 |
| ₹20,00,000 | ₹41,000 | ₹1,64,000 | ₹8,20,000 |
| ₹30,00,000 | ₹61,500 | ₹2,46,000 | ₹12,30,000 |
Illustrative figures at 8.2% p.a. Interest is taxable and TDS may apply. Use the calculator above for your exact deposit, rate and tenure.
Frequently asked questions
How is SCSS interest calculated?
SCSS pays simple interest on a quarterly basis — it is not compounded. The quarterly payout is deposit × rate ÷ 4. For example, ₹10,00,000 at 8.2% gives 10,00,000 × 0.082 ÷ 4 = ₹20,500 every quarter, or ₹82,000 a year. The interest is never added back to the principal, so your annual interest stays the same throughout the tenure and the full deposit is returned at maturity.
Who is eligible to open an SCSS account?
Any resident individual aged 60 or above can open an SCSS account. Those aged 55 to 60 who have retired under a Voluntary Retirement Scheme (VRS) or on superannuation are also eligible, provided they invest within one month of receiving their retirement benefits. Retired defence personnel can join from the age of 50. NRIs and HUFs are not allowed to invest.
What is the maximum I can deposit in SCSS?
The maximum deposit limit is ₹30 lakh per individual (increased from the earlier ₹15 lakh). You can open more than one account, but the total across all your SCSS accounts cannot exceed ₹30 lakh. The minimum deposit is ₹1,000.
Is SCSS interest taxable?
Yes. SCSS interest is fully taxable and is added to your income under "Income from Other Sources", taxed at your applicable slab rate. If the total interest exceeds ₹50,000 in a financial year, the bank or post office deducts TDS. You can submit Form 15H to avoid TDS if your total income is below the taxable threshold. The deposit itself qualifies for a Section 80C deduction of up to ₹1.5 lakh.
Can the SCSS tenure be extended?
Yes. The standard tenure is 5 years, and the account can be extended once for a further 3 years (taking it to 8 years total). The extension application must be made within one year of maturity, and the extended deposit earns interest at the rate prevailing on the date of maturity.
Can I withdraw from SCSS before maturity?
Yes, premature closure is allowed but with a penalty. If closed within one year, no interest is paid and any interest already credited is recovered. After one year but before two years, 1.5% of the deposit is deducted; after two years, 1% is deducted. Accounts opened with the 3-year extension can be closed after one year of extension without penalty.