Senior Citizen Savings Scheme Calculator
Estimate your quarterly SCSS interest payout, annual income, total interest over the 5-year term, and the effect of tax and premature closure. Includes the 80C deduction and TDS guidance for senior citizens.
Deposit Details
Tax Details
Premature Closure
Results
Quarterly Interest Payout
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Cumulative interest earned over 5 years
Calculation Breakdown
Key figures from deposit to maturity, including tax treatment.
| Item | Value |
|---|
Yearly Interest Summary
Interest earned each year and cumulative interest over the 5-year term.
| Year | Interest Earned | Cumulative Interest | Principal Balance |
|---|
Premature Closure Comparison
Penalty, interest earned, and net refund if you close the account at different points.
| Closure Timing | Penalty | Interest Earned | Net Refund | Net Gain |
|---|
Calculation Assumptions
- • Interest is calculated at the entered annual rate and paid quarterly, on the first working day of April, July, October, and January.
- • The rate is fixed for the 5-year term on the date of opening; quarterly reviews apply only to fresh accounts.
- • Deposit qualifies for Section 80C deduction up to ₹1,50,000 under the old tax regime.
- • Interest is fully taxable as income from other sources. TDS may apply if annual interest exceeds ₹1,00,000 across all SCSS accounts; Form 15H can be submitted if tax is not due.
- • Premature closure: before 1 year, interest paid is recovered; after 1 year, 1.5% of deposit; after 2 years, 1% of deposit.
- • The 5-year term can be extended in 3-year blocks at the then-prevailing rate; extension is not modeled here.
SCSS projections are estimates based on the deposit, rate, and tax inputs provided. Actual payouts may differ due to the date of deposit, the rate applicable on that date, TDS rules, and other tax circumstances. This calculator is for informational purposes only and is not financial, tax, or investment advice.
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Calculate Your Senior Citizen Savings Scheme Interest
The Senior Citizen Savings Scheme (SCSS) Calculator helps you estimate the quarterly interest income and total interest earnings from an eligible deposit in India's government-backed savings scheme for senior citizens. Enter your investment amount and applicable annual interest rate to estimate how much income the deposit may generate during the account's tenure.
SCSS is designed to provide eligible investors with regular quarterly interest payments and a return of the deposited principal at maturity. Understanding your expected income can help with retirement budgeting, household expenses, and comparisons with other savings products.
What Is the Senior Citizen Savings Scheme?
The Senior Citizen Savings Scheme is a small savings scheme offered through designated post offices and authorised banks in India. It is intended primarily for eligible senior citizens who want to invest a lump sum and receive interest at regular intervals.
SCSS generally has a five-year initial tenure. Interest is paid quarterly rather than automatically reinvested into the account, while the principal is repayable at maturity, subject to the applicable scheme rules.
Quarterly Interest
Interest is paid every quarter, providing a recurring income stream that can help support retirement expenses.
Five-Year Account
The initial account term is five years, with extension options available under the prevailing scheme rules.
Maturity Repayment
The deposited principal is repayable at maturity according to the scheme conditions, separately from the quarterly interest already received.
Current SCSS Interest Rate
The stated SCSS interest rate for October to December 2026 is 8.2% per annum. The government reviews small savings scheme interest rates periodically, so investors should verify the applicable rate before opening an account.
Rate reminder: The rate shown here is for the October–December 2026 quarter. Under the scheme's rules, the rate applicable to a deposit is generally fixed for its initial five-year term. Rules and rates that apply after extension may differ. Confirm the latest official notification and account terms before investing.
SCSS Interest Calculation Formula
For a full quarter, estimated SCSS interest can be calculated by multiplying the deposit amount by the annual interest rate and dividing by four. This calculation assumes the annual rate applies for the relevant period.
Deposit amount: The eligible lump sum invested in the account.
Annual rate: The applicable yearly interest rate expressed as a percentage.
Four: The number of quarterly interest periods in a year.
Annual and Five-Year Interest
The five-year estimate assumes the deposit remains invested throughout the full initial tenure, the annual rate stays applicable to that account, and all 20 full quarterly interest periods are included.
Important: SCSS quarterly interest is not automatically compounded into the deposit. The five-year interest total estimates the sum of the scheduled interest payouts, not the future earnings you might separately generate by reinvesting those payouts. For a deposit opened partway through a quarter, the first interest payment may differ from a full-quarter amount under the applicable rules.
SCSS Calculator Example for a ₹15 Lakh Deposit
Suppose an eligible investor deposits ₹15,00,000 in SCSS at an annual interest rate of 8.2%. Assuming the deposit remains in place for the full five-year term at that rate, the estimated interest income can be calculated as follows.
| Calculation Item | Formula | Estimated Amount |
|---|---|---|
| Deposit | Initial investment | ₹15,00,000 |
| Annual interest rate | Assumed rate | 8.2% |
| Quarterly interest | ₹15,00,000 × 8.2% ÷ 4 | ₹30,750 |
| Annual interest | ₹15,00,000 × 8.2% | ₹1,23,000 |
| Number of quarters | 5 × 4 | 20 |
| Total interest over five years | ₹30,750 × 20 | ₹6,15,000 |
| Principal returned at maturity | Initial deposit | ₹15,00,000 |
| Total principal and interest received | ₹15,00,000 + ₹6,15,000 | ₹21,15,000 |
In this example, the investor receives an estimated ₹30,750 each full quarter. Across 20 full quarters, the interest totals ₹6,15,000. The original ₹15 lakh deposit is returned separately at maturity, subject to the applicable account terms.
Maximum SCSS Investment and Potential Income
The maximum permitted SCSS deposit is ₹30 lakh per depositor across their accounts, subject to the current scheme rules. The investment must meet the scheme's minimum deposit and permitted amount increments.
| Deposit Amount | Quarterly Interest at 8.2% | Annual Interest | Five-Year Interest |
|---|---|---|---|
| ₹5,00,000 | ₹10,250 | ₹41,000 | ₹2,05,000 |
| ₹10,00,000 | ₹20,500 | ₹82,000 | ₹4,10,000 |
| ₹15,00,000 | ₹30,750 | ₹1,23,000 | ₹6,15,000 |
| ₹20,00,000 | ₹41,000 | ₹1,64,000 | ₹8,20,000 |
| ₹30,00,000 | ₹61,500 | ₹2,46,000 | ₹12,30,000 |
The amounts above are illustrative estimates using an annual rate of 8.2% throughout the initial five-year term and 20 full quarterly periods. They exclude tax and assume no premature closure or other adjustment. The applicable rate and scheme rules should be confirmed when the deposit is opened.
Who Is Eligible for SCSS?
The Senior Citizen Savings Scheme has specific eligibility requirements based on age, residency, and retirement status. Investors should verify their eligibility before depositing funds.
Age 60 or Above
Resident Indian individuals who have attained the prescribed age can generally open an SCSS account, subject to the scheme rules.
Eligible Retired Individuals
Specified retired civilian employees aged 55 or above but under 60 may qualify if they meet the retirement-benefit and account-opening conditions.
Eligible Defence Personnel
Specified retired defence personnel may qualify from age 50, subject to the scheme's retirement and timing requirements.
Early-retirement eligibility generally includes a requirement to open the account within the prescribed period after receiving retirement benefits. The scheme also imposes restrictions on who may open an account, including residency requirements. Check the current official rules for your specific circumstances.
SCSS Tenure and Maturity
The initial SCSS account tenure is five years from the date of opening. At maturity, the depositor can apply for repayment of the principal or consider an extension under the scheme's applicable rules.
Five Years
The original deposit is held for the prescribed term, with interest paid quarterly under the applicable conditions.
Principal Repayment
The eligible principal becomes repayable at maturity following the required application or account-closure process.
Three-Year Blocks
The account may be extended in three-year blocks, subject to current scheme rules, deadlines, and applicable interest provisions.
Maturity reminder: Extension is not the same as automatically reinvesting the quarterly interest. Verify the extension procedure, applicable interest rate, and deadline with the post office or authorised bank holding the account.
Is SCSS Interest Taxable?
Interest earned from SCSS is generally taxable under the applicable income tax rules. The amount of tax depends on the account holder's overall income, applicable tax regime, eligibility for deductions or rebates, and prevailing law.
| Tax Consideration | What to Know |
|---|---|
| Interest income | SCSS interest is generally taxable and should be considered when calculating total annual income. |
| Tax deducted at source | TDS may apply when the relevant statutory conditions and thresholds are met. Check the current rules for the tax year. |
| Investment deduction | The deposit may qualify for a deduction under the applicable old-regime tax provisions, subject to eligibility and the overall limit. Availability depends on the tax regime and tax year. |
| Premature closure | Early withdrawal may affect previously claimed deductions, where applicable, under the relevant tax provisions. |
SCSS interest estimates from this calculator are normally gross amounts before income tax. For retirement planning, consider your expected tax liability and the net amount you may retain after tax.
Premature Closure and Withdrawal Rules
SCSS is designed for a five-year investment period, but premature closure may be permitted subject to the scheme rules and applicable deductions. Closing an account early can reduce the amount you receive and may affect tax benefits claimed on the deposit.
- Before one year: Under the standard premature-closure rules, interest paid may be recovered from the deposit when the account is closed in this period.
- After one year but before two years: A deduction of 1.5% of the deposit generally applies under the standard closure rules.
- After two years but before maturity: A deduction of 1% of the deposit generally applies under the standard closure rules.
- At maturity: The principal becomes repayable according to the scheme's normal closure process.
Check before withdrawing: These are general summaries of the standard premature-closure provisions. Special circumstances, death of the account holder, amendments to the scheme rules, and tax treatment can change the outcome. Confirm the applicable terms with the account office before closing an account early.
How to Use the SCSS Calculator
Follow these steps to estimate the income generated by your proposed deposit.
- Enter the deposit amount. Provide the lump sum you plan to invest, ensuring that it meets the permitted minimum, amount increments, and maximum investment limit.
- Enter the applicable annual interest rate. Use the rate applicable to the account-opening period, after checking the latest official notification.
- Calculate quarterly interest. Use the result to estimate the gross amount payable for a full quarter under the selected rate.
- Review annual income. Multiply the quarterly estimate by four to calculate an indicative annual interest amount.
- Estimate five-year interest. For a full five-year term at the same rate, multiply the annual interest amount by five, taking the scheme's actual payment dates into account.
- Review maturity proceeds. Separate the original principal from the interest payments already received during the tenure.
- Consider tax and liquidity. Account for income tax and understand the consequences of any premature withdrawal before committing your funds.
SCSS vs. Other Retirement Savings Options
SCSS is one of several savings options available to people planning for retirement. Comparing products can help you decide which combination of income, access to funds, maturity terms, and tax treatment fits your requirements.
| Feature | SCSS | Bank Fixed Deposit | Post Office MIS |
|---|---|---|---|
| Primary purpose | Retirement savings with quarterly income. | Fixed-term savings with interest according to product terms. | Regular monthly income from an eligible deposit. |
| Interest payout | Quarterly | Depends on the selected deposit option. | Monthly |
| Eligibility | Restricted to eligible account holders under scheme rules. | Depends on the bank and product. | Subject to applicable scheme rules. |
| Investment limit | Maximum of ₹30 lakh per depositor under current SCSS rules. | Depends on the bank and product. | Scheme-specific deposit limits apply. |
| Tax treatment | Interest is generally taxable; eligible deposit deductions may depend on the tax regime. | Depends on interest, product eligibility, and applicable tax law. | Interest is generally taxable, subject to the applicable rules. |
These products have different eligibility rules, deposit limits, payout schedules, tax treatment, and closure conditions. Compare the official terms and effective returns rather than selecting an account based solely on its headline interest rate.
Frequently Asked Questions
What is the SCSS interest rate?
The stated SCSS interest rate for October–December 2026 is 8.2% per annum. Interest rates for new small savings deposits are subject to official government notifications, so verify the rate applicable when opening an account.
How is SCSS quarterly interest calculated?
For a full quarter, multiply the deposit amount by the annual interest rate and divide by four. For example, a ₹10 lakh deposit at 8.2% per annum gives an estimated full-quarter interest amount of ₹20,500. The first payment can differ when the deposit is made partway through a quarter.
What is the maximum investment in SCSS?
The maximum permitted deposit is ₹30 lakh per depositor across SCSS accounts, subject to the current scheme rules. The minimum deposit and permitted amount increments must also be followed.
Who can open a Senior Citizen Savings Scheme account?
Resident Indian individuals who have attained age 60 can generally open an SCSS account. Specified retired civilian employees and defence personnel may qualify at younger ages if they meet the scheme's retirement-benefit and account-opening conditions.
What is the maturity period of SCSS?
The initial tenure is five years. Extension may be available in three-year blocks subject to the applicable rules and prescribed procedure. Confirm the applicable rate and deadlines when considering an extension.
Is SCSS interest paid monthly or quarterly?
SCSS interest is paid quarterly. The scheduled payment dates are associated with the end of each calendar quarter, with payments made on the prescribed working day under the scheme rules. This differs from products that pay interest monthly.
Is SCSS interest compounded?
No. SCSS interest is normally paid out quarterly rather than automatically compounded into the principal. If you choose to save or invest those payments separately, any additional return depends on the separate product and its terms.
Is SCSS interest taxable?
Yes, SCSS interest is generally taxable under the applicable income tax rules. The actual tax depends on your overall income, tax regime, eligible deductions, and the relevant tax year. TDS may apply where the statutory requirements are met.
Can I close an SCSS account before five years?
Premature closure may be permitted subject to the scheme's conditions and applicable deductions. The deduction depends on when the account is closed, and early closure can also affect tax benefits claimed on the original deposit. Confirm the current rules with the post office or bank before withdrawing.
How much interest can I earn on ₹30 lakh in SCSS?
At an assumed rate of 8.2% per annum, a ₹30 lakh deposit produces estimated annual interest of ₹2,46,000, or ₹61,500 for a full quarter. Over five full years at the same rate, the estimated total interest is ₹12,30,000 before tax, with the original principal repayable at maturity under the scheme rules.
Does the SCSS Calculator show the final amount I will receive?
The calculator provides an estimate based on the deposit amount, interest rate, tenure, and assumptions used. The actual payment schedule may differ because of the opening date, partial quarters, premature closure, extension conditions, tax, and other applicable scheme rules.