SCSS Calculator
Senior Citizen Savings Scheme — see your quarterly interest payout, annual income, total interest over 5 years and maturity value, live.
- Free — no sign-up
- Instant, on-screen results
- Built by our CA · CS team
- Rules cited on the page
Enter your figures — the result on the right updates as you type.
Quarterly payout schedule
20 payouts · principal returned at maturity| Period | Interest paid | Cumulative interest |
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Plan your retirement income the right way
Get help opening SCSS, managing TDS on interest and tax-efficient retirement planning from a CA.
Disclaimer: Indicative estimate. SCSS interest is not compounded — it is paid out quarterly and the principal is returned in full at maturity. Interest is fully taxable at your slab and TDS u/s 194A applies if interest exceeds ₹50,000 per year. Rates per India Post / Ministry of Finance notifications.
SCSS at a glance
The Senior Citizen Savings Scheme (SCSS) is a Government-backed post-office deposit for people aged 60 and above (or 55+ for VRS retirees). It pays a fixed rate every quarter as an income payout — the interest is not reinvested, so your principal stays the same and is returned in full when the 5-year term ends.
How SCSS interest is calculated
SCSS uses simple interest paid quarterly, not compounding. Because the interest is withdrawn each quarter, it never gets added back to the principal. So the quarterly cheque is the same every time, and at maturity you simply get your original deposit back.
| Quarterly interest | Investment × (Rate ÷ 100) ÷ 4 |
| Annual income | Quarterly × 4 |
| Total interest (5 yrs) | Quarterly × 20 |
| Maturity value | Principal (returned in full) |
Worked example
A deposit of ₹15,00,000 at the current 8.2% rate for the standard 5-year tenure:
Key terms explained
Quarterly payout (not compounded)
SCSS pays interest every quarter and credits it to your savings account. It is never added back to the principal, so there is no compounding — the payout stays flat and the deposit is returned unchanged at maturity.
Eligibility
Open to individuals aged 60 or above. Those aged 55–60 who have retired under a voluntary retirement scheme (VRS) can also open an account, as can retired defence personnel above 50 (subject to conditions).
Section 80C benefit
The amount deposited is eligible for deduction under Section 80C, within the overall ₹1.5 lakh annual cap. Note the interest earned, however, is fully taxable — 80C covers the deposit, not the payout.
Taxation & TDS 194A
Interest is taxable at your slab and added to "income from other sources". If total SCSS interest exceeds ₹50,000 in a year, TDS under Section 194A is deducted; submit Form 15H to avoid it if your income is below the taxable limit.
Questions people ask
Short answers on SCSS Calculator. Tap a question to open it.
01Who can open a Senior Citizen Savings Scheme account?
Anyone aged 60 or above; from 55 for a person who has retired under a voluntary retirement or superannuation scheme, provided the account is opened within one month of receiving retirement benefits; and from 50 for retired defence personnel, subject to conditions.
02What is the deposit limit and tenure?
A maximum of ₹30 lakh across all SCSS accounts held by a person. The tenure is five years, extendable by three more years on application.
03How is the interest paid?
Quarterly, on the first working day of April, July, October and January, into the linked savings account. Interest is not compounded, which is what makes it an income product rather than a growth product.
04Is SCSS interest taxable?
Yes, fully at slab rates, with TDS under section 194A once the threshold is crossed. Senior citizens can set off up to ₹50,000 of interest under section 80TTB, but only under the old regime. The deposit itself qualifies under section 80C.
05Can I withdraw before five years?
Yes, with a penalty — 1.5% of the deposit if closed after one year but before two, and 1% if closed after two years. Closure within a year attracts recovery of the interest already paid.
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Disclaimer: This tool gives indicative results for general guidance only and is not professional advice. Please verify with a qualified CA before acting on the numbers.