SCSS Calculator
Calculate quarterly interest payouts and maturity amount for Senior Citizens Savings Scheme — the highest-paying government scheme for retirees.
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How to use this calculator
- 1
Enter the lump sum amount to invest — maximum ₹30 lakh (joint), ₹15 lakh (single, revised to ₹30L for joint accounts from 2023).
- 2
The current SCSS rate is 8.2% p.a. — paid quarterly directly to your savings account.
- 3
SCSS has a 5-year tenure extendable by 3 years (one time).
- 4
Eligible for investors aged 60+ or 55+ if retired under a VRS/superannuation scheme.
Frequently asked questions
Who is eligible for SCSS?
Individuals aged 60 or above can open an SCSS account. Persons who have retired under VRS/superannuation are eligible at age 55+. Defence personnel retirees are eligible at age 50+.
Is SCSS interest taxable?
Yes — SCSS interest is fully taxable as per your slab. TDS at 10% is deducted if total interest in a year exceeds ₹50,000. Senior citizens can submit Form 15H if income is below the taxable threshold.
Can I have multiple SCSS accounts?
Yes — you can hold SCSS accounts individually and jointly (with spouse). The total investment across all SCSS accounts (individual + joint) cannot exceed ₹30 lakh per depositor.
Can I open SCSS at a bank?
Yes — SCSS is available at all authorised public sector banks (SBI, PNB, Bank of Baroda, etc.), some private banks, and all post offices. The interest rate is uniform across all institutions.
SCSS Calculator — Quarterly pension income for senior citizens
Why SCSS is the best option for retirees
SCSS at 8.2% p.a. (2024) is the highest government-guaranteed return available to senior citizens. The quarterly payout acts as a regular pension supplement. A ₹30L investment generates ₹61,500 quarterly (₹2,46,000 per year) — enough to cover basic living expenses for many retirees.
SCSS vs FD for senior citizens
SCSS currently offers 8.2% vs most bank FDs at 7–8% (including the 0.5% senior citizen premium). SCSS also has sovereign backing, making it safer than bank FDs (which are insured only up to ₹5L under DICGC). The limitation is the ₹30L cap — retirees with larger corpuses often combine SCSS with FDs.
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Results are estimates for informational purposes only and do not constitute professional financial, medical, legal, or technical advice. Read full disclaimer →