SCSS calculator
Plan your retirement income. Enter your deposit and rate to see the quarterly payout and total interest from the Senior Citizens Savings Scheme — high, fixed, and government-backed.
Scheme details
Tweak the numbers — results update live
₹30.75K
Per quarter
interest payout
₹6.15L
Total interest
over 5 yrs
₹21.15L
Total return
interest + principal
This is an income scheme: the interest is paid out to you every quarterrather than reinvested, and you get your full principal of ₹15,00,000 back when the 5-year term ends. Across the term you receive ₹6,15,000 in interest.
Quarterly income
₹30,750
Steady retirement income
A quarterly paycheck after 60
SCSS turns a lump sum into dependable quarterly income at one of the best fixed rates available, with a government guarantee and your capital returned intact at the end — exactly what a retiree wants.
- 1
Deposit a lump sum
Up to ₹30 lakh per senior citizen, in a single account.
- 2
Earn a high fixed rate
Among the best government-set rates, locked for the term.
- 3
Get paid quarterly
Interest lands in your account every three months.
- 4
Principal returned
Your full deposit comes back at the end of the term.
Questions
Frequently asked
SCSS is a government-backed scheme for people aged 60 and above (55+ in some early-retirement cases) that pays a high, fixed rate of interest every quarter. It has a 5-year term (extendable by 3 years), with the principal returned at maturity, making it a popular, safe source of regular retirement income.
Interest is simple, not compounded, and paid out every quarter: quarterly payout = principal × annual rate ÷ 4. At 8.2% on ₹30 lakh, you receive about ₹61,500 every quarter. The principal stays intact and is returned in full when the scheme matures.
The maximum deposit is ₹30 lakh per individual (raised from ₹15 lakh). The minimum is ₹1,000. A senior couple can invest in separate accounts. Deposits qualify for a Section 80C deduction up to ₹1.5 lakh in the old regime.
Yes, the interest is fully taxable at your slab rate, and TDS applies if total interest exceeds ₹50,000 a year for senior citizens. However, seniors can claim a deduction of up to ₹50,000 on interest income under Section 80TTB, which offsets part of it.
Premature withdrawal is allowed with a penalty: about 1.5% of the deposit if closed within the first year (after which no interest applies for that period), and 1% if closed between one and two years. After two years a smaller penalty applies. It’s best held for the full term.