SCSS Calculator (Senior Citizen Savings Scheme)
Calculate the fixed quarterly income from a Senior Citizen Savings Scheme (SCSS) deposit — a safe, government-backed retirement income option that returns your full principal after 5 years.
SCSS Deposit
Max ₹30 lakh
Current SCSS rate: 8.2%
Quarterly Interest Payout
₹20,500
≈ ₹6,833/month · Total interest ₹4,10,000 over 5 years
Quarterly Payout
₹20,500
Annual Interest
₹82,000
Total Interest (5 yr)
₹4,10,000
Principal Returned
₹10,00,000
Paid back at maturity
How It Works
The Senior Citizen Savings Scheme (SCSS) is a government-backed scheme designed to give retirees a safe, regular income. It is open to those aged 60 and above (or 55+ who have taken voluntary retirement, and retired defence personnel from 50). You deposit a lump sum — up to a maximum of ₹30 lakh — for a 5-year term, and it pays a fixed rate (currently 8.2%) as interest every quarter, giving you predictable cash flow. Unlike compounding schemes, the interest is paid out and not reinvested, so your principal stays the same and is returned in full at maturity. The deposit qualifies for an 80C deduction, though the interest income is taxable and TDS applies above the threshold. This calculator shows your quarterly payout, the equivalent monthly income, the annual interest, and the total interest over five years.
Formula
Quarterly payout = Deposit × rate ÷ 4. Annual interest = Deposit × rate. Total interest (5 yr) = annual interest × 5. Principal is returned at maturity.
Frequently Asked Questions
What is the current SCSS interest rate?
SCSS currently pays 8.2% per year, disbursed quarterly. The rate is fixed for your deposit at the time of investment; the government reviews small-savings rates each quarter for new deposits.
How often does SCSS pay interest?
Every quarter. On a ₹10 lakh deposit at 8.2%, that is ₹20,500 each quarter (about ₹6,833 per month). The interest is paid out to your account, not reinvested — your principal remains ₹10 lakh.
What is the maximum SCSS deposit?
The maximum is ₹30 lakh per individual (raised from ₹15 lakh in Budget 2023). The minimum is ₹1,000. The 5-year term can be extended once by 3 years.
Who is eligible for SCSS?
Individuals aged 60 and above; those 55–60 who have taken voluntary retirement or superannuation; and retired defence personnel from age 50, subject to conditions. It can be opened at a bank or post office.
Is SCSS interest taxable?
Yes. The interest is fully taxable at your slab rate, and TDS is deducted if annual interest exceeds the threshold. The deposit itself qualifies for an 80C deduction (up to ₹1.5 lakh).