SCSS Calculator (Senior Citizen Savings Scheme)
Quarterly interest income from the Senior Citizen Savings Scheme at 8.2% on up to ₹30 lakh — quarterly and annual payout, TDS threshold, 80C benefit and 5-year total.
How it works
Quarterly interest = deposit × rate ÷ 4 (simple, paid out — not compounded); 5-year term extendable by 3 years
The Senior Citizen Savings Scheme is the highest-paying government small-savings product, open to anyone 60 or over (55 for those retiring on superannuation, 50 for retired defence personnel). Interest — 8.2% currently — is paid out every quarter rather than compounded, making it a regular-income product. Budget 2023 doubled the ceiling to ₹30 lakh per person, so a couple can place ₹60 lakh. The deposit qualifies for Section 80C; the interest is taxable, and TDS applies once it crosses ₹1 lakh a year (the threshold was raised from ₹50,000 in April 2025) unless Form 15H is submitted. The five-year term can be extended once by three years at the rate then prevailing.
Worked example
₹15 lakh at 8.2%: ₹30,750 every quarter, ₹1,23,000 a year and ₹6,15,000 over five years; TDS applies since interest exceeds ₹1 lakh.
Frequently asked questions
Can I withdraw early?
Yes, with a penalty: 1.5% of the deposit if closed after one year but before two, and 1% between two and five years. Closing within the first year forfeits the interest already paid.
Does the rate change during my term?
No — the rate at the time of deposit is locked for the full five years (and for the extension, the rate at extension applies).
Related calculators
Uses Indian income-tax rules for FY 2025-26 (AY 2026-27) as enacted in the Finance Act 2025, including 4% health and education cess. Scheme interest rates are those notified for the current quarter and change every quarter. Educational estimate, not tax advice.