SCSS Calculator
Free SCSS calculator for India. Project quarterly payouts and total interest from a Senior Citizens Savings Scheme deposit at the current 8.2 percent rate.
The Senior Citizens Savings Scheme, or SCSS, is a Government of India deposit scheme for individuals aged 60 and above (55 and above for retired defence personnel and certain VRS retirees, with conditions). You park a one time amount up to ₹30,00,000, the deposit pays interest every quarter at the notified rate (currently 8.2 percent for FY 2025 to 2026 Q4), and the principal is returned at the end of the five year tenure. This calculator projects the quarterly payout and total interest over the term.
Senior Citizens Savings Scheme
Quarterly interest is taxable as income from other sources at your slab. TDS at 10% applies if annual interest exceeds ₹50,000.
Why use the SCSS Calculator
SCSS is the most commonly used income product for Indian retirees because the rate is high, the payout is regular, and the deposit is sovereign guaranteed. The calculator helps you plan the monthly cash flow it generates, compare it against POMIS and senior citizen FDs, and decide how much to lock into SCSS versus other income sources. The maximum deposit was raised from ₹15 lakh to ₹30 lakh by the Finance Act 2023, so the planning math has changed for many retiring couples.
Benefits at a glance
Quarterly payout at the notified rate
The default is 8.2 percent for FY 2025 to 2026 Q4. SCSS pays interest at the end of each quarter on dates fixed by the scheme. Principal is returned at the end of the five year tenure.
Section 80C eligible at deposit
The initial deposit qualifies for Section 80C deduction up to the ₹1,50,000 cap under the old regime. Subsequent quarterly interest is taxable as income from other sources.
Up to ₹30 lakh per individual
Post the Finance Act 2023, the per individual cap is ₹30,00,000. A retiring couple can deposit up to ₹60 lakh combined across two SCSS accounts.
Extendable beyond five years
After the five year term, SCSS can be extended in three year blocks. Interest continues at the rate notified at the time of extension.
Free, private and instant
Inputs never leave your browser. No login, no email, no tracking.
How to use the SCSS Calculator
- 1
Enter the deposit amount
Up to ₹30,00,000 per individual, in multiples of ₹1,000. The minimum is ₹1,000. A retiring couple can deposit up to ₹60 lakh combined across two accounts.
- 2
Confirm the tenure
Default is the standard five year tenure. SCSS can be extended in three year blocks after the initial term, so you can also model eight years (5 + 3) for planning purposes.
- 3
Adjust the interest rate if needed
Default is 8.2 percent, the FY 2025 to 2026 Q4 notified rate. The rate prevailing at the time of opening (or extension) is locked in for that tenure.
- 4
Read the payout schedule
The result card shows the quarterly payout, the annual cash flow it generates, the total interest over the term and the principal returned at maturity.
Frequently asked questions
Who is eligible for SCSS?
Resident individuals aged 60 and above. Retired defence personnel can open from age 50 (subject to conditions). Civilian retirees who took voluntary retirement under a superannuation scheme can open between 55 and 60 with the deposit made within one month of receiving retirement benefits. NRIs and HUFs are not eligible.
What is the current SCSS interest rate?
8.2 percent per annum for FY 2025 to 2026 Q4, paid quarterly. The rate is reviewed quarterly by the Ministry of Finance but the rate at the time of opening (or extension) is locked in for the full tenure of that block.
Is SCSS interest taxable?
Yes. The quarterly interest is taxable as income from other sources at the depositor's slab rate. TDS at 10 percent is deducted if total annual interest from SCSS exceeds the senior citizen TDS threshold (currently ₹50,000). The initial deposit qualifies for Section 80C under the old regime.
Can I withdraw SCSS before maturity?
Yes, with a penalty. Premature closure within the first year is not allowed. After one year but before two years, 1.5 percent of the deposit is forfeited. After two years and before five years, 1 percent is forfeited. After the first extension, similar rules apply with a one year minimum lock in.
What is the maximum deposit in SCSS?
Post the Finance Act 2023, ₹30,00,000 per individual across all SCSS accounts. A retiring couple can deposit up to ₹60 lakh combined. The cap was raised from the previous ₹15 lakh to better suit larger retirement corpuses.
SCSS versus a senior citizen fixed deposit?
SCSS currently pays a higher rate than most senior citizen FDs and offers Section 80C on the deposit. FDs are more flexible on tenure and amount but typically taxed at slab without 80C. Many retirees use SCSS for the bulk of safe income and FDs to ladder the rest.
Can SCSS be extended beyond five years?
Yes. After the initial five year tenure, the account can be extended in blocks of three years. Each extension carries the rate notified at the time of extension and can be closed prematurely after one year of the extension with no penalty.
Final word
SCSS is the cornerstone safe income product for most Indian retirees. The calculator shows the exact quarterly payout, the annual cash flow and the principal returned at maturity. Use it to plan how much of the retirement corpus to lock into SCSS versus POMIS, FDs and other instruments. As always, this is an estimate. Verify the numbers and the tax treatment with a qualified financial advisor before committing.
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