Senior Citizen Savings Scheme (SCSS) Calculator
Calculate the quarterly interest payout and total interest from a Senior Citizen Savings Scheme deposit over its 5-year term.
How it works
Quarterly payout = deposit × rate ÷ 4 · Total interest = deposit × rate × 5 · Maturity = deposit (the principal is returned, interest is paid out each quarter rather than compounded)
The Senior Citizen Savings Scheme pays interest out to you every quarter rather than reinvesting it, so the principal never grows and is returned in full when the 5-year term ends. The quarterly cheque is simply one quarter of a year interest on the deposit, and the total interest over the scheme is five years of that income. Because the interest is paid rather than compounded, the maturity amount equals your original deposit.
Worked example
A ₹15 lakh deposit at 8.2% pays ₹30,750 every quarter — about ₹6.15 lakh of interest over the 5 years — and the full ₹15 lakh principal comes back at maturity.
Frequently asked questions
What is the SCSS deposit limit and term?
The scheme runs for 5 years and can be extended once by 3 more years. Since 2023 the maximum you can invest is ₹30 lakh, so a couple can hold up to ₹60 lakh across two accounts.
Is SCSS interest taxable?
Yes, the interest is fully taxable and added to your income, with TDS deducted once it crosses the annual threshold. The deposit itself can qualify for a Section 80C deduction under the old tax regime.
Who can open an SCSS account?
It is meant for individuals aged 60 and above, with earlier eligibility for certain retirees under specific conditions. The steady quarterly payout makes it popular as a low-risk income source in retirement.
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Educational estimate only, not investment advice. Interest rates on PPF, EPF, NPS, Sukanya Samriddhi and other small-savings schemes are revised periodically by the Government of India — confirm the current rate before relying on this.