SCSS Calculator
Calculate your quarterly interest income from the Senior Citizens Savings Scheme — India's best post-retirement fixed income investment.
Deposit Amount
₹10,00,000
Quarterly Payout
₹20,500
Annual Income
₹82,000
Total Interest
₹4,10,000
Interest Payouts
₹20,500/quarter
| Year | Cumulative Interest |
|---|---|
| 1 | ₹82,000 |
| 2 | ₹1,64,000 |
| 3 | ₹2,46,000 |
| 4 | ₹3,28,000 |
| 5 | ₹4,10,000 |
| Quarter | Year | Interest Paid | Total Received |
|---|---|---|---|
| 1 | 1 | ₹20,500 | ₹20,500 |
| 2 | 1 | ₹20,500 | ₹41,000 |
| 3 | 1 | ₹20,500 | ₹61,500 |
| 4 | 1 | ₹20,500 | ₹82,000 |
| 5 | 2 | ₹20,500 | ₹1,02,500 |
| 6 | 2 | ₹20,500 | ₹1,23,000 |
| 7 | 2 | ₹20,500 | ₹1,43,500 |
| 8 | 2 | ₹20,500 | ₹1,64,000 |
| 9 | 3 | ₹20,500 | ₹1,84,500 |
| 10 | 3 | ₹20,500 | ₹2,05,000 |
| 11 | 3 | ₹20,500 | ₹2,25,500 |
| 12 | 3 | ₹20,500 | ₹2,46,000 |
| 13 | 4 | ₹20,500 | ₹2,66,500 |
| 14 | 4 | ₹20,500 | ₹2,87,000 |
| 15 | 4 | ₹20,500 | ₹3,07,500 |
| 16 | 4 | ₹20,500 | ₹3,28,000 |
| 17 | 5 | ₹20,500 | ₹3,48,500 |
| 18 | 5 | ₹20,500 | ₹3,69,000 |
| 19 | 5 | ₹20,500 | ₹3,89,500 |
| 20 | 5 | ₹20,500 | ₹4,10,000 |
What is SCSS?
The Senior Citizens Savings Scheme (SCSS) is a government-backed savings scheme exclusively for senior citizens (age 60 and above). It offers one of the highest guaranteed interest rates among all small savings schemes in India. The key feature is quarterly interest payouts, making it ideal for retirees who need regular income.
Current SCSS Interest Rate
The current SCSS interest rate is 8.2% per annum, paid out quarterly. This is one of the highest risk-free rates available in India. The rate is reviewed quarterly by the Ministry of Finance. Unlike FDs where interest compounds, SCSS interest is credited directly to your savings account every quarter — providing reliable retirement income.
SCSS Eligibility and Limits
- Age: 60 years and above. 55+ for those who took VRS (Voluntary Retirement). 50+ for retired defense personnel.
- Maximum deposit: ₹30,00,000 (increased from ₹15 lakh in 2023)
- Multiple accounts: Allowed, but total across all accounts cannot exceed ₹30 lakh
- Joint account: Allowed with spouse — but entire deposit is attributed to the primary (senior citizen) holder
- Tenure: 5 years, extendable by 3 more years (total 8 years)
SCSS Tax Treatment
- Interest: Fully taxable as income from other sources
- TDS: Deducted if annual interest exceeds ₹50,000. Submit Form 15H to avoid TDS if your total income is below the taxable limit.
- Section 80C: Principal investment qualifies for deduction up to ₹1.5 lakh
- For many senior citizens in the 0% tax bracket, SCSS effectively offers tax-free quarterly income