Loading calculator…
Loading calculator…
Calculate your regular quarterly income from the Senior Citizen Savings Scheme—one of the highest interest programs offered by the government.
Currently stable at robust 8.2%
Quarterly Income Payout
₹15,00,000
₹6,15,000
TDS Warning: The regular quarterly payout shown above is gross. If total interest per year exceeds ₹50,000, 10% TDS will be deducted by the post office/bank unless you submit Form 15H (if eligible).
The Senior Citizen Savings Scheme (SCSS) is a government-backed retirement benefits program. Since its inception, it has remained the preferred choice for retirees looking for a reliable, completely safe, and high-yielding regular income stream.
Because SCSS pays out strictly every quarter, rather than keeping the money locked to compound, it perfectly mimics a pension and helps retirees manage their ongoing living expenses.
The principal is totally guaranteed. To prevent wealthy individuals from exploiting the high interest rate, the government strictly caps the investment at ₹30 Lakhs per person.
Individuals above 60 years of age are eligible. Retired civilian employees above 55 years and below 60 years, and retired defense employees above 50 years and below 60 years can also open an account, subject to certain conditions regarding the receipt of retirement benefits.
The maximum investment limit is ₹30 Lakhs per individual. If a joint account is opened with a spouse, the maximum limit is still ₹30 Lakhs combined in that specific account.
Interest is calculated and paid out every quarter (March 31, June 30, September 30, and December 31). It is auto-credited to the linked savings account.
Yes, the principal deposited is eligible for tax deduction under Section 80C up to ₹1.5 Lakhs. However, the quarterly interest earned is fully taxable. TDS is deducted if total interest in a year exceeds ₹50,000, though you can submit Form 15H if your total income isn't taxable.
Yes, once the initial 5-year tenure matures, the account can be extended for an additional 3-year block. Extension must be applied for within one year of maturity.