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SCSS Calculator

The Senior Citizen Savings Scheme (SCSS) is a government-backed scheme that pays interest every quarter, which makes it popular for regular income after retirement. The deposit term is 5 years, and the principal comes back at maturity.

Last reviewed:

₹

Multiples of ₹1,000, up to ₹30,00,000 in the scheme.

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Enter the rate notified for your deposit date.

Interest paid every quarter
₹30,750
Approximate monthly income
₹10,250
Interest per year
₹1,23,000
Total interest over 5 years (20 quarters)
₹6,15,000
Principal returned at maturity
₹15,00,000
  • Interest is paid out, not compounded, so the deposit stays constant. Eligibility is for senior citizens (generally 60 and above) and some early retirees. Interest is taxable and TDS may apply above a limit. Check official rules.

Enter your deposit and the interest rate notified for your deposit date. The calculator shows the quarterly payout and the interest over the whole term.

How to use this calculator

  1. Enter the amount you want to deposit, in multiples of ₹1,000.
  2. Enter the current interest rate.
  3. Read the quarterly interest and the approximate monthly income.
  4. Check the total interest over the 5-year term.

Formula and variables

Quarterly interest = Deposit × Rate ÷ 4 Total interest = Quarterly interest × 20

  • Deposit - amount deposited, up to ₹30,00,000.
  • Rate - annual interest rate as a decimal.

Interest is simple and paid out each quarter, so it does not compound.

Worked example

A retired person deposits ₹15,00,000 in SCSS at an interest rate of 8.2% a year.

Inputs and results for the worked example
Deposit₹15,00,000
Rate8.2% a year
Quarterly interest₹30,750
Interest per year₹1,23,000
Total interest over 5 years₹6,15,000
  1. Yearly interest = 15,00,000 × 8.2% = ₹1,23,000.
  2. Quarterly interest = ₹1,23,000 ÷ 4 = ₹30,750.
  3. Over 20 quarters the total is ₹6,15,000.

What changes the result

  • Eligibility. Generally for citizens aged 60 or more, with some rules for early retirees and defence personnel.
  • Limit. The maximum deposit across accounts is ₹30,00,000.
  • Tax. Interest is taxable and TDS may be deducted above a threshold.
  • Extension. The account can be extended by 3 years after maturity under the scheme rules.

Benefits and practical uses

  • Know your regular income before depositing.
  • Compare with an FD interest payout.
  • Plan retirement cash flow.

Assumptions and limitations

  • The rate you enter is fixed for the 5-year term.
  • The full 5 years run without early closure.
  • Tax and TDS are not deducted.

Frequently asked questions

Who can invest in SCSS?

Senior citizens generally aged 60 and above, and certain early retirees and defence personnel. Check the latest official rules for details.

What is the maximum SCSS deposit?

₹30,00,000 in total.

How often is the interest paid?

Every quarter, on the first working day of April, July, October and January.

Is SCSS interest taxable?

Yes. It is taxed as per your slab, and TDS can apply when the interest exceeds the threshold. Check the Income Tax Department for the current limit.

Is SCSS better than an FD?

Rates and safety differ. Compare current SCSS and bank FD rates, tax treatment and lock-in before deciding.

References

Page last reviewed on . This calculator gives estimates for planning only; it is not financial advice and not an offer from any lender.