SCSS Calculator
Calculate quarterly interest and maturity amount on Senior Citizens Savings Scheme.
Results
Annual interest
₹41.0K
Quarterly payout
₹10.2K
Total interest over 5 years
₹2.05 L
Principal returned
₹5.00 L
Quarterly income
₹10.2K
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What is Senior Citizens Savings Scheme (SCSS)?
The Senior Citizens Savings Scheme (SCSS) is a government-backed deposit scheme exclusively for individuals aged 60 and above (55+ for those who have taken VRS). It offers quarterly interest payouts, making it ideal for retirees who need regular income. The current interest rate is 8.2% p.a., one of the highest guaranteed returns available in India.
Unlike NSC or PPF, SCSS does not compound interest — it pays out the interest every quarter. This means the principal returned at maturity equals your original deposit. The maximum investment limit is ₹30 lakh (raised from ₹15 lakh). Investments up to ₹1.5 lakh qualify for Section 80C deduction, but the quarterly interest received is fully taxable as income.
SCSS accounts can be opened at any post office or authorised bank. The scheme can be extended for 3 more years after maturity. TDS is deducted if interest exceeds ₹50,000 per year for senior citizens.