SCSS Calculator
An SCSS calculator is a free online tool that computes the quarterly interest payout, total interest, and maturity value of the Senior Citizen Savings Scheme — India's highest-rate government savings scheme for 60+ citizens.
Maximum: ₹30,00,000 per individual
Current rate: 8.2% (Q3 FY 2025-26). Editable as rates revise.
Post-Tax Income
Section 80C Benefit: Deposit qualifies for deduction up to ₹1.5L under 80C. TDS @ 10% applies if annual interest exceeds ₹50,000 (₹1L for seniors) — submit Form 15G/15H if eligible.
For residents aged 60+. 5-year tenure, extendable by 3 more years at maturity. Rates revised quarterly.
How to use SCSS Calculator
- Enter deposit amount — Type the amount you want to deposit (max ₹30L).
- Set interest rate — Defaults to 8.2% — editable as rates revise.
- Choose tax slab — Select your slab for post-tax quarterly income.
- See quarterly income — View quarterly interest, total interest, and maturity value.
Key features
- Quarterly interest payout calculation
- 5-year tenure (extendable by 3 years)
- Current 8.2% rate (editable)
- Post-tax income by slab
- ₹30 lakh maximum cap check
- Tax deduction under Section 80C
- Total interest & maturity value
What is SCSS?
The Senior Citizen Savings Scheme (SCSS) is a Government of India savings scheme designed exclusively for citizens aged 60 and above. It offers quarterly interest payouts at the highest rate among all major small savings schemes — currently 8.2% per annum. With a maximum deposit of ₹30 lakh per person, SCSS gives a retiree a safe, government-backed income stream that pays ₹6,150/month on a ₹30 lakh deposit — significantly more than most FDs.
SCSS vs FD vs MIS
SCSS: 8.2%, quarterly payout, 5 years (extendable 3 more), ₹30L cap, 60+ only. Post Office MIS: 7.4%, monthly payout, 5 years, ₹15L single / ₹30L joint, any age. Bank FD (senior): 7.5-8%, quarterly payout, flexible tenure, ₹5L insurance only. SCSS wins on rate, safety, and cap — but is restricted to seniors. For anyone 60+, SCSS should typically be the first ₹30L of fixed income allocation.
SCSS Tax Treatment
Interest from SCSS is fully taxable at your income slab. But the SCSS deposit qualifies for Section 80C deduction (up to ₹1.5L per year). If you're in the 0% slab (income below ₹5L under new regime, or ₹7L effective with rebate), your quarterly interest is tax-free. TDS at 10% applies if annual interest exceeds ₹50,000 (₹1L for seniors). Form 15G/15H can be submitted to avoid TDS if income is below taxable limit. Post-tax return for a 30% slab taxpayer is 5.74% — still competitive with most FDs.
5-Year Extension Option
At the end of the initial 5-year tenure, SCSS offers a one-time extension option for 3 more years at the prevailing rate on the date of maturity. This makes the effective maximum tenure 8 years. If the extension option is not exercised, the maturity amount (principal + last interest) is credited to your account. Extension is ideal if you don't need the principal and rates remain attractive. Our calculator shows the 5-year maturity value; you can rerun it with the extension period to estimate the 8-year total.
Pro tips
- Invest early in the quarter to maximize interest (interest is paid quarterly)
- Take joint account with spouse to double the ₹30L cap
- Use Section 80C to save up to ₹46,800 in tax on ₹1.5L deposit
- Consider extension for 3 years if rates stay above 7.5%
Common use cases
- Retirement income planning for seniors
- Safe quarterly cash flow from lump sum
- Comparing SCSS with FDs and MIS
- Post-retirement tax planning
- Laddering SCSS accounts for higher returns
Frequently asked questions
What is SCSS?+
The Senior Citizen Savings Scheme is a government-backed scheme for Indian citizens aged 60+ (55+ for certain cases), offering quarterly interest payouts on deposits up to ₹30 lakh for 5 years.
What is the current SCSS interest rate?+
8.2% per annum (Q3 FY 2025-26). Rates are revised quarterly by the government. It's the highest rate among major small savings schemes.
Who is eligible for SCSS?+
Indian citizens aged 60+ on the date of opening. Early retirees at 55-60 (under VRS) can open with conditions. Defence personnel at 50+ can also open.
What is the maximum deposit?+
₹30 lakh per individual. A couple can each open their own account, effectively depositing ₹60 lakh between them.
Is SCSS interest taxable?+
Yes, interest is taxable at your slab. However, deposits qualify under Section 80C (up to ₹1.5L). TDS applies if annual interest exceeds ₹50,000 for seniors.
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