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SCSS Calculator (Senior Citizen Savings Scheme)

Calculate the quarterly interest from the Senior Citizens Savings Scheme (SCSS).

Quarterly interest

₹61,500.00

Yearly interest

₹2,46,000

Total interest in 5 years

₹12,30,000

Step-by-step working

30,00,000 × 8.2 / 400 = ₹61,500 per quarter

Mathematical Formula

Quarterly interest = P × r / 400, paid on 1 April, 1 July, 1 October and 1 January for 5 years.

Overview & Explanation

SCSS is a 5-year government scheme for people aged 60+ that pays simple interest every quarter.

How It Works

Yearly interest = P × r / 100.
Divide by 4 for each quarterly payout.

Practical Applications

Retirement income planning.
Comparing with bank senior-citizen FDs.

How SCSS interest is calculated

The Senior Citizens Savings Scheme (SCSS) pays interest every quarter on a five-year deposit. Quarterly interest = deposit × annual rate ÷ 4. At 8.2% a year, a ₹10,00,000 deposit pays ₹20,500 each quarter, or ₹82,000 a year. Over five years that is ₹4,10,000 of interest, and the deposit is returned at maturity.

Interest is credited on the first working day of April, July, October and January. The rate fixed when you open the account applies for the full term.

Eligibility and limits

Individuals aged 60 or over can open an account, as can retired employees aged 55 to 60 who invest their retirement benefits within the permitted time. The maximum total deposit is ₹30 lakh per individual. The account can be extended once by three years.

Deposits qualify for Section 80C deduction under the old tax regime. Interest is fully taxable, and TDS applies if annual interest exceeds the threshold for senior citizens, unless Form 15H is submitted where eligible.