SCSS Calculator
Enter your SCSS deposit to see the quarterly interest payouts and maturity value over 5 years.
Runs entirely in your browser — your numbers never leave this page.
How it works
The Senior Citizen Savings Scheme (SCSS) pays 8.2% p.a. — the highest assured rate available to Indian seniors:
- How it pays: interest is paid quarterly (April, July, October, January) — it is simple interest, not compounded. Rs 30 lakh → Rs 61,500 every quarter.
- Tenure: 5 years, extendable once by 3 years. Principal returned at maturity.
- Limits: Rs 1,000 minimum, Rs 30 lakh maximum across all SCSS accounts (raised from Rs 15L in 2023).
- Eligibility: 60+ years; 55+ on retirement/superannuation (within 1 month); retired defence personnel at 50+.
- Tax: 80C deduction on deposit; interest fully taxable at slab with TDS above Rs 50,000/year.
- Premature closure: 1.5% penalty before 1 year, 1% in years 1–2, none after 2 years.
Frequently asked questions
How much does SCSS pay quarterly?
Deposit × 8.2% ÷ 4. Rs 30 lakh → Rs 61,500/quarter (Rs 2.46 lakh/year). Rs 15 lakh → Rs 30,750/quarter.
What is the current SCSS interest rate?
8.2% per annum (since May 2023), paid quarterly. It is the highest assured return among government schemes for seniors.
Is SCSS interest taxable?
Yes, fully taxable at your slab rate, with TDS deducted above Rs 50,000/year interest. The deposit itself gets 80C deduction.
Who can open an SCSS account?
Indians 60+, or 55+ on retirement (account within 1 month of benefits), or retired defence personnel 50+. One account per person, Rs 30L cap across all.
Can I extend SCSS after 5 years?
Yes, once, for 3 more years at the prevailing rate. A popular move for retirees who do not need the principal.
What is the penalty for early closure?
1.5% of deposit if closed before 1 year, 1% between years 1–2, no penalty after 2 years.
SCSS vs FD for seniors?
SCSS (8.2%) beats most senior-citizen FDs (~7.5–8%) and adds 80C. FDs win on flexibility (tenure choice, premature withdrawal ease). Many seniors hold both.
SCSS vs PMVVY?
PMVVY (LIC pension plan) pays ~7.4% monthly for 10 years; SCSS pays 8.2% quarterly for 5. SCSS wins on rate; PMVVY on tenure and monthly cadence.
Is the Rs 30 lakh limit per account or per person?
Per person, across all your SCSS accounts combined. A couple can therefore hold Rs 60 lakh between them (Rs 30L each).
Does SCSS compound?
No — interest is paid out quarterly as simple interest. If you reinvest each payout, your effective return rises, but the scheme itself does not compound.