SCSS Calculator
Calculate your regular quarterly income from the Senior Citizen Savings Scheme—one of the highest interest programs offered by the government.
Deposit Details
Currently stable at robust 8.2%
Quarterly Income Payout
₹30,750
EVERY 3 MONTHSPrincipal (Returned at Year 5)
₹15,00,000
Total Interest Extracted
₹6,15,000
Receipt Breakdown
Yearly SnapshotPaid sequentially
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).
Understanding Senior Citizen Savings Scheme
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.
Ideal for Regular Income
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.
Safety & Limit
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.
Frequently Asked Questions
Who is eligible for SCSS?
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.
What is the maximum investment limit in SCSS?
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.
How is the SCSS interest paid?
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.
Are there any tax benefits?
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.
Can I extend SCSS after 5 years?
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.