SCSS Calculator

₹1000₹30,00,000
Time Period
5 Yr (fixed)
Rate of Interest
8.2% (fixed)
Quarterly Receivable Interest
₹2,050
Total Interest
₹41,000
Maturity Value
₹1,41,000

Interest is paid to you every quarter. Your deposit is returned after 5 years.

What is Senior Citizens’ Savings Scheme?

The Senior Citizens’ Savings Scheme (SCSS) is a government-backed savings scheme for people aged 60 and above. You deposit a lump sum once, and it pays you interest every quarter for 5 years.

The interest is paid into your savings account on the first working day of April, July, October and January. At the end of the 5 years, you get your full deposit back, and you can extend the account for another 3 years.

With one of the highest interest rates among small savings schemes, SCSS is a popular choice for a safe, regular income after retirement.

Good to know

Retired employees aged 55 to 60 can also open an account, if they invest within a month of receiving their retirement benefits.

What is an SCSS Calculator?

An SCSS calculator works out the interest you will receive every quarter, the total interest over 5 years, and the total you will receive, based on the amount you invest.

Why you should use an SCSS Calculator?

  • Plan your retirement income: Know exactly how much you will receive every three months.
  • Choose how much to invest: Work out how much to deposit for the income you need, up to the ₹30,00,000 limit.
  • Compare with other options: Compare SCSS income with the Post Office MIS or senior citizen fixed deposits.

How Does an SCSS Calculator Work?

The calculator works on the following inputs:

  • Amount Invested: The lump sum you deposit, from ₹1,000 to ₹30,00,000, in multiples of ₹1,000.
  • Time Period: 5 years.
  • Rate of Interest: The current rate, set by the government.

The calculator relies on the following formulas:

Quarterly Interest = Amount Invested × Rate of Interest ÷ 4 ÷ 100

Total Interest = Quarterly Interest × 20

The interest is paid out every quarter, so it doesn’t compound. The maturity value is your deposit plus all the interest you receive over 5 years.

Formula to Calculate SCSS with an Example

Consider an example for a better understanding.

  • Amount Invested: ₹10,00,000
  • Rate of Interest: 8.2% per annum

Using the formula:

Quarterly Interest = 10,00,000 × 8.2 ÷ 4 ÷ 100

After calculation, you receive ₹20,500 every quarter, or ₹4,10,000 over 5 years. Your ₹10,00,000 is paid back at the end.

Things to keep in mind

  • Tax benefit: Deposits up to ₹1,50,000 a year can be claimed as a deduction under Section 80C in the old tax regime.
  • Interest is taxable: The interest is taxed at your slab rate. TDS is deducted if your interest is more than ₹1,00,000 in a year, unless you submit Form 15H.
  • Rate is locked in: The rate on the day you invest stays the same for the full 5 years, even if the government changes it later.
  • Early closure: You can close the account early, but a penalty of 1.5% of the deposit applies in the first 2 years, and 1% after that.