SCSS Calculator
Compute the quarterly interest payout and total return from a Senior Citizen Savings Scheme deposit.
- Principal returned
- ₹15.00L
- Total interest
- ₹6.15L
Interest is paid out quarterly (not compounded); the principal is returned at maturity. The deposit is capped at the ₹30 lakh statutory limit. The base 5-year term is extendable once by 3 years. SCSS's official rate is revised quarterly by the government — verify before relying on this.
Independent · No commissions · No fund-house data — how the numbers are computed
How it works
The Senior Citizen Savings Scheme (SCSS) is a government scheme for investors aged 60 and above (55+ for some early retirees, 50+ for retired defence personnel). You deposit up to ₹30 lakh, and the scheme pays interest out every quarter rather than compounding it — a regular income, with the full principal returned at maturity.
This calculator computes the quarterly payout, total interest over the term, and the principal returned. It defaults to 8.2% a year — the notified SCSS rate as of the Apr–Jun 2026 quarter, revised quarterly by the government and editable here. The rate in force when you open the account is locked for your deposit's full term.
The base term is 5 years, extendable once by 3 years — the calculator's tenure slider covers both. Because interest is paid out instead of reinvested, there is no compounding: the quarterly payout is simply the deposit times the annual rate, divided by four.
Quarterly payout = P × r / 4P is the deposit and r the annual rate as a decimal. Interest is paid out each quarter rather than compounded, so total interest over the term is P × r × years, and the principal P comes back at maturity.
Frequently asked questions
Who is eligible for the Senior Citizen Savings Scheme?
Anyone aged 60 or above can open an SCSS account. Two exceptions lower the bar: retirees aged 55–60 who have taken voluntary or superannuation retirement can invest their retirement benefits within one month of receiving them, and retired defence personnel can join from age 50. Accounts can be held singly or jointly with a spouse, and NRIs and HUFs are not eligible.
What is the maximum investment in SCSS?
₹30 lakh per individual, across all SCSS accounts they hold — the cap this calculator enforces. The minimum is ₹1,000. A joint account with a spouse counts the entire deposit against the first holder's limit, so a couple can invest up to ₹60 lakh in total by each opening their own account.
Is SCSS interest taxable?
Yes. SCSS interest is fully taxable at your slab rate, and TDS is deducted if interest in a year crosses the threshold for senior citizens (₹1 lakh from FY 2025-26). The deposit itself qualifies for Section 80C deduction up to ₹1.5 lakh under the old regime. Only the interest is taxed — the principal returned at maturity is not income.
What is the current SCSS interest rate?
The SCSS rate is notified quarterly by the government; as of the Apr–Jun 2026 quarter it was 8.2% per year, paid out quarterly — the default in this calculator, editable via the slider. The rate applicable when you open the account stays fixed for your full term; quarterly revisions apply only to accounts opened after them.
Can SCSS be closed before maturity?
Yes, any time, with a penalty: closure after one year but before two costs 1.5% of the deposit, and closure after two years costs 1%. If closed within the first year, no interest is payable and any interest already paid is recovered from the principal. After the 5-year term, the account can be extended once by 3 years, and an extended account can be closed after one year of extension without penalty.
Go further
The monthly-payout sibling scheme, open to all ages.
The mutual-fund route to a regular income from a corpus.
How systematic withdrawals compare with payout schemes like SCSS.
The broader menu of income options a retiree can mix with SCSS.
Compare against senior-citizen FD rates with compounding instead of payouts.