SCSS Calculator
Calculate your Senior Citizen Savings Scheme returns, quarterly interest income, and tax benefits
Investment Details
Tenure Settings
SCSS can be extended once for 3 additional years after maturity.
Quarterly Interest Schedule (Year 1)
Payout occurs on the 1st working day of April, July, October, and January.
| Quarter | Interest Payout | TDS Deducted | Net Payout |
|---|---|---|---|
| Apr - Jun | ₹0 | ₹0 | ₹0 |
| Jul - Sep | ₹0 | ₹0 | ₹0 |
| Oct - Dec | ₹0 | ₹0 | ₹0 |
| Jan - Mar | ₹0 | ₹0 | ₹0 |
SCSS Returns
What is Senior Citizen Savings Scheme (SCSS)?
The Senior Citizen Savings Scheme (SCSS) is a government-sponsored savings instrument designed exclusively for Indian citizens aged 60 years and above. It offers one of the highest interest rates among small savings schemes, providing a reliable source of regular income for retirees through quarterly interest payouts.
Key Features
SCSS has a maturity period of 5 years with an option to extend for an additional 3 years. The maximum investment limit is Rs 30 lakhs. Interest is paid quarterly, credited directly to the depositor's savings account. The current interest rate is 8.2% per annum, reviewed quarterly by the government.
Benefits of SCSS
- Highest interest rate among government small savings schemes
- Quarterly interest payouts for regular income
- Tax deduction under Section 80C up to Rs 1.5 lakhs
- Government-backed, sovereign guarantee on investment
- Available at post offices and designated banks
Using the SCSS Calculator
Use our calculator to estimate your quarterly and annual interest income from SCSS. Enter your investment amount and see the total interest earned, maturity amount, tax benefits, and TDS implications for your retirement planning.
Frequently Asked Questions
What is SCSS?
Senior Citizen Savings Scheme (SCSS) is a government-backed savings instrument offering one of the highest interest rates for senior citizens. Currently earning approximately 8.2% per annum, it has a 5-year tenure (extendable by 3 years) and qualifies for Section 80C deduction. Maximum investment is Rs 30 lakh per individual.
Who is eligible for SCSS?
Indian citizens aged 60 and above can invest in SCSS. Those who retire under VRS or superannuation at age 55-60 are also eligible within one month of receiving retirement benefits.
How is SCSS interest paid?
SCSS interest is paid quarterly on April 1, July 1, October 1, and January 1. If the interest is not claimed, it does not earn additional interest. The interest is taxable at your slab rate and TDS is deducted if annual interest exceeds Rs 50,000.
Can I withdraw SCSS prematurely?
Premature withdrawal is allowed after 1 year with a penalty: 1.5% of the deposit if withdrawn after 1 year but before 2 years, and 1% if withdrawn after 2 years. After maturity, the scheme can be extended for 3 more years, with a withdrawal option in the first year of extension without penalty.
SCSS as a Retirement Income Tool
SCSS is one of the best fixed-income instruments for retirees in India, offering quarterly interest payments at rates higher than most bank FDs. With a Rs 30 lakh investment at 8.2%, you receive approximately Rs 61,500 per quarter (Rs 20,500 per month). Combined with other income sources, it provides a reliable cash flow foundation in retirement.