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SCSS Calculator

Calculate Senior Citizen Savings Scheme quarterly interest, annual income, and total returns. SCSS offers 8.2% p.a. with quarterly payouts.

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SCSS Calculator

SCSS Details

₹5,00,000
₹1K₹30.0L
Current SCSS Rate8.2% p.a.
Payout FrequencyQuarterly
Tenure5 years
Quarterly Interest Payout
₹10,250
Every quarter · ₹41,000 per year

Results Summary

₹₹5.0L deposited in SCSS for 5 years

Deposit
₹5.00 L
Quarterly Interest
₹10,250
Annual Interest
₹41,000
Total Interest (5yr)
₹2.05 L

Interest Payout Chart

Annual interest payout over 5 years

📌 Key Points
  • SCSS is for individuals aged 60 years and above
  • Maximum deposit: ₹30 lakh (joint account: ₹60 lakh)
  • Minimum deposit: ₹1,000
  • Interest paid quarterly (Jan-Mar, Apr-Jun, Jul-Sep, Oct-Dec)
  • Can be extended by 3 more years after maturity
  • Deposit eligible for Section 80C deduction up to ₹1.5L/yr

How to Calculate SCSS Interest

In plain words

SCSS interest is calculated on the deposit amount at the applicable rate and paid quarterly (every 3 months). Unlike cumulative schemes, the interest is not reinvested — it is paid out to the investor. The principal amount is returned at the end of 5 years. The scheme can be extended by 3 more years after maturity.

How the calculation works
Quarterly Interest = P × r / 4 Annual Interest = Quarterly Interest × 4 Total Interest (5yr) = Annual Interest × 5 Where: P = Deposit Amount r = Annual SCSS Interest Rate (currently 8.2% = 0.082) Note: Interest is calculated quarterly and paid out every quarter. The principal remains intact throughout the 5-year tenure.

A quick example

Let us calculate SCSS returns for a ₹5 lakh deposit at 8.2%:

Deposit Amount:₹5,00,000
SCSS Interest Rate:8.2% p.a.
Tenure:5 years

Step by step

  1. 1.Quarterly interest = ₹5,00,000 × (8.2% ÷ 4) = ₹5,00,000 × 0.0205 = ₹10,250
  2. 2.Annual interest = ₹10,250 × 4 = ₹41,000
  3. 3.Total interest over 5 years = ₹41,000 × 5 = ₹2,05,000
  4. 4.At maturity: ₹5,00,000 principal is returned
  5. 5.Monthly equivalent income = ₹41,000 ÷ 12 = ₹3,417 per month

So the answer is: Quarterly Payout = ₹10,250 | Annual Income = ₹41,000 | Total Interest = ₹2,05,000 | Principal stays intact

Frequently Asked Questions

Who is eligible for SCSS?
SCSS (Senior Citizen Savings Scheme) is available to: (1) Individuals aged 60 years and above, (2) Individuals aged 55-59 who have retired under VRS/superannuation (must open account within 3 months of retirement), (3) Defence personnel aged 50-54 who have retired under special provisions. The age proof required is the date of birth certificate.
What is the maximum deposit in SCSS?
The maximum deposit in SCSS is ₹30 lakh (₹60 lakh for joint account with spouse). The minimum deposit is ₹1,000. Deposits up to ₹1.5 lakh per financial year qualify for tax deduction under Section 80C.
How is SCSS interest paid?
SCSS interest is paid quarterly — at the end of March, June, September, and December. The interest is credited directly to the depositor's savings or current account. The current interest rate is 8.2% per annum, reviewed quarterly by the government.
Can I withdraw SCSS before maturity?
Yes, but with conditions: (1) After 1 year but before 2 years — 1.5% of the deposit is deducted as penalty, (2) After 2 years — 1% of the deposit is deducted. No penalty applies for closure after 5 years. The account can also be extended for 3 more years after maturity.
Is SCSS interest taxable?
Yes, the interest earned from SCSS is fully taxable as income from other sources. TDS is deducted if interest exceeds ₹50,000 per year (for senior citizens). However, TDS can be avoided by submitting Form 15H. The principal amount deposited is eligible for Section 80C deduction.