Senior Citizen Savings Scheme (SCSS) Calculator
Calculate SCSS quarterly payouts with exact payout dates, total interest over 5 years plus any 3-year extensions, tax and TDS on the interest, the 80C saving, and what premature closure would cost — at the 8.2% rate for October–December 2026.
How it works
Quarterly payout = deposit × rate ÷ 4 · Interest per year = deposit × rate First / last part quarter = deposit × rate × days ÷ 365 · Total interest = sum of all payouts (≈ deposit × rate × 5, plus 3 years per extension) Tax = interest × slab × 1.04 (cess) · TDS = 10% when interest in a financial year exceeds ₹1,00,000 Premature closure: before 1 year no interest; 1–2 years 1.5% of the deposit deducted; 2–5 years 1%
The Senior Citizens’ Savings Scheme is a government-backed deposit sold by post offices and banks for people aged 60 and over. Retirees aged 55–60 can also join within three months of receiving retirement benefits, and retired defence personnel from 50. You can deposit ₹1,000 to ₹30 lakh, in multiples of ₹1,000. Interest is paid out every quarter, on 1 April, 1 July, 1 October and 1 January, rather than added to the balance. So the deposit never grows, and the full principal comes back after 5 years. The first payment covers only the days from your deposit date to the end of that quarter. The rate when you open the account is fixed for the term: 8.2% for accounts opened from October to December 2026. At maturity you can extend in 3-year blocks, as many times as you like, at the rate then in force. The interest is fully taxable at your slab rate plus 4% cess, and TDS of 10% applies once it passes ₹1 lakh in a financial year. Under the old regime, the deposit counts for Section 80C (up to ₹1.5 lakh) and Section 80TTB exempts up to ₹50,000 of deposit interest. Closing early costs 1.5% of the deposit in the second year and 1% after that, and closing in the first year forfeits all the interest.
Worked example
A ₹15 lakh deposit at 8.2% made on 1 October 2026 pays ₹30,750 every quarter (₹1.23 lakh a year), with the first payout on 1 January 2027. Twenty payouts add up to ₹6.15 lakh of interest, and the ₹15 lakh principal comes back on 1 October 2031. At a 20% slab with 4% cess, tax takes about ₹1.28 lakh of that, leaving ₹4.87 lakh, an after-tax yield of 6.49%. Interest passes ₹1 lakh a year, so 10% TDS (₹12,300 in a full year) is deducted unless you file Form 15H. Closing the account after 3 years would cost a 1% deduction (₹15,000).
Sources: India Post — Senior Citizens Savings Scheme · Department of Posts SB Order 22/2023 — SCSS (Fourth Amendment) Scheme, 2023 · Business Today — small savings rates unchanged for Q3 FY27 (30 Sep 2026)
Frequently asked questions
What is the SCSS interest rate now?
Accounts opened from 1 October to 31 December 2026 earn 8.2% a year. The rate has been unchanged since January 2024. The government reviews it every quarter, but your account keeps the rate it was opened at for the full 5 years.
What is the SCSS deposit limit and term?
From ₹1,000 up to ₹30 lakh per person across all SCSS accounts, in multiples of ₹1,000. A couple can each open an account, up to ₹60 lakh together. The term is 5 years. After that you can extend in blocks of 3 years, any number of times, by applying within a year of each maturity.
Is SCSS interest taxable?
Yes. The interest is added to your income and taxed at your slab rate plus 4% cess. TDS of 10% is deducted once interest crosses ₹1 lakh in a financial year, unless you submit Form 15H. Under the old regime, the deposit can qualify for the Section 80C deduction (up to ₹1.5 lakh) and Section 80TTB exempts up to ₹50,000 of deposit interest.
Can I withdraw early?
Yes, at any time. Close it in the first year and you get only the deposit back: no interest, and any interest already paid is recovered. Between one and two years, 1.5% of the deposit is deducted, and after two years, 1%. Within an extension, closing in its first year costs 1%; after that there is no deduction.
Who can open an SCSS account?
Residents aged 60 or over; retirees aged 55–60 who invest within three months of receiving retirement benefits; retired defence personnel from age 50. A joint account is allowed only with your spouse. NRIs and HUFs cannot open one.
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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.