CalcVind

SCSS Calculator

Quarterly income from the Senior Citizens' Savings Scheme

Your Deposit

₹

₹15,00,000 · 15 lakh

%

Your SCSS Income

₹30,750Every quarter
₹10,250Per month (average)
₹6,15,000Over 5 years
₹1,23,000
Per year
₹15,00,000
Back at maturity
  1. 1
    Enter your deposit
    Up to ₹30 lakh
  2. 2
    Check the rate
    Fixed for 5 years
  3. 3
    See your income
    Paid every quarter

How is SCSS interest calculated?

SCSS pays simple interest every quarter, on 1 April, 1 July, 1 October and 1 January. The deposit itself is returned after 5 years.

Quarterly interest = deposit × rate ÷ 4 ÷ 100

At 8.2%, ₹10 lakh pays ₹20,500 a quarter

Who can invest

Individuals aged 60 or above, and retired employees aged 55–60 (or 50–60 for retired defence staff) who invest within a month of receiving retirement benefits. You can open accounts at post offices and authorised banks, alone or jointly with a spouse.

Tax

Deposits qualify for 80C in the old regime. Interest is taxable at your slab rate; TDS applies if interest from the bank or post office exceeds ₹1 lakh in a year for senior citizens, unless you submit the declaration form.

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Frequently asked questions

What is the current SCSS rate?

8.2% a year for October–December 2026. The rate when you open the account stays fixed for its 5-year term.

Can I extend SCSS after 5 years?

Yes, by 3 years at a time, as often as you like, at the rate in force when you extend.

Can I close it early?

Yes. Closing before 1 year forfeits the interest; between 1 and 2 years, 1.5% of the deposit is deducted, and after 2 years 1%.

These results are estimates for planning only, not financial, investment or tax advice. Rates and rules change, and your bank, fund house or employer may calculate slightly differently. Check with them or a qualified adviser before you decide.

Sources

Last reviewed: October 2026