Senior Citizen Savings Scheme (SCSS) Calculator
SCSS pays 8.2% a year in quarterly instalments — the highest guaranteed rate available from a government scheme. Enter your deposit to see the quarterly income.
Minimum ₹1,000, maximum ₹30,00,000
Current rate: 8.2%
Quarterly interest
₹61,500
Interest over 5 years
₹12,30,000
Deposit returned at maturity
₹30,00,000
SCSS pays interest every quarter, so ₹30,00,000 generates ₹61,500 four times a year. Deposits qualify for 80C, and the account can be extended in blocks of three years.
Small-savings rates are reviewed by the Ministry of Finance every quarter. The rate is fixed for the whole tenure once you invest, so check the current rate before opening an account.
Frequently Asked Questions
Who can open an SCSS account?
Anyone aged 60 or above. Retirees aged 55 to 60 can also join within one month of receiving retirement benefits, and defence personnel from age 50.
What is the maximum SCSS deposit?
₹30 lakh per individual, raised from ₹15 lakh in 2023. A couple can therefore hold ₹60 lakh between two accounts, generating roughly ₹41,000 a month in interest.
Is SCSS interest taxable?
Yes, and TDS applies if interest exceeds ₹1 lakh in a year for senior citizens. The deposit itself qualifies for a Section 80C deduction up to ₹1.5 lakh under the old regime.
Can the account be extended beyond five years?
Yes, in blocks of three years, any number of times. Extension must be requested within a year of maturity, and the extended block earns whatever rate applies on the maturity date.