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SCSS Calculator

Calculate quarterly interest, annual income and total returns for Senior Citizens Savings Scheme

tuneSCSS Details
Deposit Amount
₹
≈ 15 Lakh (Max ₹30L)
Interest Rate
% p.a.
6%10%
Tenure
Years
5 yrs8 yrs
Quarterly Interest
₹30,750
≈ ₹10,250/month equivalent
Annual Interest
₹1,23,000
Paid Apr, Jul, Oct, Jan
Principal Deposit
₹15,00,000
Returned at maturity
Total Interest Earned
₹6,15,000
41% of principal (5 yrs)
Maturity Amount
₹15,00,000
Principal returned
Effective Income
₹10,250/mo
Quarterly ÷ 3
Interest
41%
Principal ₹15,00,000
Total Interest ₹6,15,000

functions SCSS Formula

Quarterly Interest = P × Rate / 400

Total Interest = P × Rate / 100 × Tenure

Simple interest | Paid quarterly | Eligibility: 60+ yrs

SCSS — Regular Income with Government Safety

Senior Citizens Savings Scheme (SCSS) is a government-backed savings scheme for individuals aged 60+ (55+ for VRS retirees). At 8.2% p.a. paid quarterly, it provides regular income with sovereign guarantee — one of the highest government-guaranteed rates available.

Invest up to ₹30 lakh in SCSS for a 5-year tenure (extendable by 3 years). The deposit qualifies for Section 80C deduction up to ₹1.5 lakh. TDS applies if annual interest exceeds ₹50,000 — submit Form 15H to avoid it.

lightbulb Example Calculation
Scenario: ₹15 Lakh at 8.2% p.a. for 5 years
1Quarterly = 15,00,000 × 8.2% ÷ 4 = ₹30,750
2Annual = ₹30,750 × 4 = ₹1,23,000
3Total Interest (5 yrs) = ₹6,15,000
✓ Quarterly Income ₹30,750 | Total Gain ₹6.15L | Principal returned at maturity
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Frequently Asked Questions

SCSS for senior citizens — everything you need to know

Is the SCSS interest rate locked at account opening?
Yes. The SCSS rate applicable at the time of account opening is locked for the entire tenure — subsequent quarterly revisions by the government do not affect existing accounts. A future rate increase benefits only new accounts; a rate decrease does not affect your locked rate. This makes SCSS particularly valuable during periods of falling interest rates.
Who is eligible for SCSS and can NRIs invest?
Eligible: Indian residents aged 60+ or 55–59 who retired under VRS (must open within 3 months of retirement). NRIs are NOT eligible. Married couples can open separate SCSS accounts (each up to ₹30L) — combined household maximum ₹60L. HUFs and trusts are also not eligible.
How does SCSS compare to Senior Citizen Bank FDs?
SCSS at 8.2% p.a. typically offers higher rates than most bank FDs for senior citizens. SCSS advantages: sovereign guarantee (vs DICGC guarantee limited to ₹5L per depositor per bank), rate locked at opening, quarterly payout schedule. Bank FD advantages: flexible tenures (7 days to 10 years), immediate liquidity, and no age restriction.

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