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. It is one of the safest ways for retirees to earn a regular income.
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.