Who is eligible for SCSS?

Indian residents aged 60 years or above. Retirees aged 55-60 with VRS, and defence retirees aged 50+, can also open an account subject to conditions.

How is the quarterly interest calculated?

Quarterly interest = Principal × Annual rate / 100 / 4. It is paid on the first working day of April, July, October and January.

What is the maximum SCSS investment limit?

₹30,00,000 across all SCSS accounts held by an individual (revised from ₹15 lakh in April 2023).

Is SCSS interest taxable?

Yes, fully taxable as per slab. TDS applies once annual interest exceeds ₹50,000 (Section 194A). Principal qualifies under Section 80C up to ₹1.5 lakh.

SCSS Calculator

Compute the quarterly interest and total return from the Senior Citizen Savings Scheme.

Inputs

Investment amount

INR

Maximum permissible investment is ₹30,00,000 (across all SCSS accounts).

Interest rate (p.a.)

Govt-notified SCSS rate (currently 8.2%, Q3 FY 2025-26).

Tenure (years)

yrs

Initial tenure 5 years, extendable once by 3 years.

Result

Quarterly Interest

₹30,750.00

At 8.2% on ₹1,500,000.00

Total Interest (5 yrs)₹615,000.00

Principal Returned at Maturity₹1,500,000.00

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Formula

Formula: Quarterly Interest = P × r / 100 / 4 Total Interest = P × r / 100 × t Maturity Value = P + Total Interest (interest paid out, principal returned at end) Variable definitions: • P = Investment amount (INR) • r = Annual interest rate (%) • t = Tenure in years (5, extendable to 8)

How it works

The Senior Citizen Savings Scheme (SCSS) is a Govt-backed scheme for residents aged 60+ (or 55+ with VRS / 50+ defence retirees) offering quarterly interest payouts on a lump-sum deposit.

Example

Example: Example: ₹15,00,000 at 8.2% for 5 years. Quarterly Interest = 15,00,000 × 8.2 / 100 / 4 = ₹30,750 Total Interest (5 yrs) = 15,00,000 × 8.2 / 100 × 5 = ₹6,15,000 At maturity, ₹15,00,000 principal is returned.

Frequently Asked Questions

Disclaimer: Results are estimates for informational purposes only and should not be considered financial, medical, legal, or professional advice. Always consult a qualified professional before making decisions.