SCSS Calculator
Calculate your Senior Citizens Savings Scheme quarterly income. Plan your retirement finances.
Investment Details
Enter your SCSS investment details to calculate quarterly income
₹1,000 - ₹30,00,000
₹
Current: 8.2%
%
5 Years (Extendable by 3 years)
Quarterly (Paid out, not compounded)
Eligibility
Indian citizens aged 60 years and above
Calculation Results
Your estimated income from SCSS investment
Quarterly Interest
₹30,750
Credited to your account every quarter
Yearly Interest Income
₹1,23,000
Total Interest (5 Years)
₹6,15,000
Maturity Amount
₹15,00,000
Principal returned at maturity
Investment Summary
Principal
₹15,00,000
Interest Rate
8.2% p.a.
Tenure
5 Years
Effective Return
41.0%
How SCSS Works
1
Invest Lump Sum
Make a one-time deposit from Rs. 1,000 up to Rs. 30 lakhs. Investment
must be made within 3 months of retirement or receiving retirement benefits.
2
Receive Quarterly Income
Interest is paid out every quarter (April 1, July 1, October 1, January 1).
This provides regular income for your retirement needs.
3
Get Principal at Maturity
After 5 years, your principal amount is returned. You can extend for
another 3 years if you wish to continue receiving regular income.
SCSS Interest Calculation Formula
Quarterly Interest = (Principal × Annual Rate) / 4 / 100
Example: If you invest Rs. 15,00,000 at 8.2% interest rate:
Quarterly Interest = (15,00,000 × 8.2) / 4 / 100 = Rs. 30,750
Quarterly Interest = (15,00,000 × 8.2) / 4 / 100 = Rs. 30,750
Benefits of Senior Citizens Savings Scheme
Highest Interest Rate
SCSS offers one of the highest interest rates among government-backed
schemes at 8.2% p.a., ideal for retirees seeking steady income.
Regular Quarterly Income
Interest is paid out every quarter, providing predictable income to
meet your regular expenses during retirement.
Government Guaranteed
Backed by the Government of India, your investment is completely safe
with sovereign guarantee.
Section 80C Benefit
Investment up to Rs. 1.5 lakh qualifies for tax deduction under
Section 80C, reducing your tax liability.
High Investment Limit
Invest up to Rs. 30 lakhs (revised from Rs. 15 lakhs) to generate
substantial quarterly income for your retirement.
Extendable Tenure
After 5 years, extend your account for 3 more years to continue
receiving regular income at the prevailing rate.
Key Features of SCSS
01
Current Interest Rate
8.2% per annum (highest among govt schemes)
02
Investment Limits
Minimum: Rs. 1,000 | Maximum: Rs. 30,00,000
03
Eligibility
Indian citizens aged 60+ (55+ for retired defense/govt employees)
04
Tenure
5 years (extendable by 3 years once)
05
Interest Payment
Quarterly (1st April, July, October, January)
06
Premature Withdrawal
After 1 year (1.5% penalty before 2 yrs, 1% after)
Frequently Asked Questions
Who is eligible for SCSS?
Indian citizens aged 60 years and above are eligible. Retired government
employees aged 55-60 are also eligible if they open an account within 3 months
of receiving retirement benefits.
Is SCSS interest taxable?
Yes, SCSS interest is fully taxable as per your income tax slab. TDS is
deducted if annual interest exceeds Rs. 50,000. However, senior citizens
can claim deduction up to Rs. 50,000 under Section 80TTB.
Can I open multiple SCSS accounts?
Yes, you can open multiple SCSS accounts, but the total investment across
all accounts cannot exceed Rs. 30 lakhs. Accounts can be opened individually
or jointly with spouse.
What happens if I withdraw early?
No withdrawal in the first year. After 1 year but before 2 years, 1.5% of
deposit is deducted. After 2 years, 1% is deducted. Interest already paid
won't be recovered.
Can I extend my SCSS account after maturity?
Yes, you can extend for one block of 3 years within 1 year of maturity.
The extension will be at the interest rate prevailing at the time of extension.