SCSS Calculator
RetirementSee exactly how much regular quarterly income the Senior Citizen Savings Scheme will pay you and what you receive over the full term.
In short: The Senior Citizen Savings Scheme (SCSS) is a government-backed deposit for people aged 60+ that pays interest quarterly at 8.2% p.a. and returns the full principal after a 5-year term (extendable by 3 years).
Your inputs
Your inputs
- Deposit amount
- ₹15,00,000
- Interest rate
- 8.2%
- Tenure
- 5 yrs
Results
Quarterly interest payout
₹30,750
Credited every 3 months
Total interest over term
₹6,15,000
Principal
₹15,00,000
Returned at maturity
Total value received
₹21,15,000
Cumulative interest received
Quarterly payouts add up over the deposit term.
Year-wise interest
| Year | Interest this year | Cumulative interest | Principal + interest |
|---|---|---|---|
| 1 | ₹1,23,000 | ₹1,23,000 | ₹16,23,000 |
| 2 | ₹1,23,000 | ₹2,46,000 | ₹17,46,000 |
| 3 | ₹1,23,000 | ₹3,69,000 | ₹18,69,000 |
| 4 | ₹1,23,000 | ₹4,92,000 | ₹19,92,000 |
| 5 | ₹1,23,000 | ₹6,15,000 | ₹21,15,000 |
Interest is paid out quarterly; the principal is returned at maturity.
How the SCSS Calculator works
Formula
- P
- Deposit amount (principal)
- r
- Annual interest rate (decimal)
- t
- Tenure in years
- ÷ 4
- Four quarterly payouts per year
Step-by-step calculation
Worked with the default values.
- 1
Annual interest
₹15,00,000 × 8.2%
= ₹1,23,000
- 2
Quarterly payout
₹1,23,000 ÷ 4
= ₹30,750
- 3
Total interest
₹15,00,000 × 8.2% × 5 yrs
= ₹6,15,000
How it works
- You deposit a lump sum (up to ₹30 lakh) in a one-time investment; interest is simple, not compounded.
- Interest is credited to your account every quarter — on 31 March, 30 June, 30 September and 31 December — giving you a steady income.
- After the 5-year term the full principal is returned; you can extend the account by a further 3 years at the rate then prevailing.
Examples
₹15,00,000 at 8.2% for 5 years
Pays about ₹30,750 every quarter — roughly ₹6.15 lakh interest in total, plus your principal back.
₹30,00,000 (maximum) at 8.2% for 5 years
Pays about ₹61,500 per quarter — around ₹12.3 lakh total interest over the term.
Understanding the SCSS Calculator
What the Senior Citizen Savings Scheme offers
The Senior Citizen Savings Scheme (SCSS) is a Government of India small-savings scheme designed to give retirees a safe, predictable income. Anyone aged 60 or above can invest a lump sum — up to ₹30 lakh — and receive interest every quarter at the notified rate, currently 8.2% per annum. Because the scheme is backed by a sovereign guarantee, both your principal and your interest rate are protected from market swings.
Unlike a cumulative fixed deposit, SCSS does not compound interest. It pays out simple interest each quarter and returns your full principal at the end of the term, which is exactly what makes it an income scheme rather than a wealth-building one.
How the payouts work
The calculator computes your annual interest as principal multiplied by the rate, then divides it into four equal quarterly payments credited on the last day of each quarter. On a ₹15 lakh deposit at 8.2%, that is about ₹30,750 landing in your account every three months. Over the 5-year term the interest simply accumulates — roughly ₹6.15 lakh on ₹15 lakh — while the ₹15 lakh principal comes back untouched at maturity.
Term, extension and taxation
The base tenure is five years, extendable once by a further three years at the rate prevailing on the extension date. The deposit qualifies for a Section 80C deduction of up to ₹1.5 lakh under the old tax regime, but the interest is fully taxable and added to your income. Banks and post offices deduct TDS once annual interest crosses the threshold, so file Form 15H if your income is below the taxable limit.
Making the most of SCSS
Because the limit applies per individual, a retired couple can open one account each and jointly secure up to ₹60 lakh at the guaranteed rate. Opening while rates are high locks that rate in for your entire term. If you do not need every rupee of the quarterly payout for expenses, redirecting part of it into a recurring deposit or SIP keeps otherwise-idle income compounding elsewhere — a simple way to blend guaranteed income with a little growth.
Pros
- Sovereign-backed with a fixed, guaranteed 8.2% return and zero market risk.
- Quarterly payouts provide dependable regular income for retirees.
- Deposit qualifies for a Section 80C deduction of up to ₹1.5 lakh (old regime).
- High ₹30 lakh limit lets a retiree park a substantial corpus in one safe scheme.
- Easy to open at any post office or authorised bank branch.
Cons
- Interest is fully taxable at your slab rate, reducing the effective post-tax yield.
- Simple interest means no compounding — a growth-oriented deposit would earn more.
- The ₹30 lakh cap limits how much a couple can deploy relative to a large corpus.
- Premature withdrawal attracts a penalty of 1–1.5% on the deposit.
Tips
- 1A couple can each open an account, effectively investing up to ₹60 lakh at the guaranteed rate.
- 2Submit Form 15H at the start of the year if your income is below the taxable limit to avoid TDS.
- 3Lock in while rates are high — the rate at opening stays fixed for your whole 5-year term.
- 4Route the quarterly payout into a SIP or RD if you do not need all of it, so idle income keeps working.
- 5Plan the 3-year extension near maturity to keep earning without opening a fresh account.
Frequently asked questions
Everything you need to know about the SCSS Calculator.
Who is eligible for SCSS?
What is the current SCSS interest rate?
How often is SCSS interest paid?
What is the maximum I can invest in SCSS?
What is the tenure of an SCSS account?
Is SCSS interest taxable?
Does SCSS qualify for a tax deduction?
Can I withdraw from SCSS before maturity?
How safe is SCSS?
Methodology & sources
How the SCSS Calculator is calculated, and where the underlying rules come from.
How we calculate it
Every result is produced by a single, shared and tested financial-formula library used across the whole site — so the maths is consistent from one calculator to the next. Figures are estimates based on the inputs you enter and standard assumptions (such as regular compounding and constant rates); real-world outcomes vary with taxes, fees and changing rates. All calculations run in your browser — nothing you type is stored or sent to a server.
Editorial policy & disclaimer. FinCalcHub provides free educational tools and estimates — not personalised financial, tax or investment advice. Verify important decisions with a qualified professional. Read our editorial approach, disclaimer and privacy policy.
Last reviewed for accuracy on .
People also calculate
Related tools you might find useful.
NPS Calculator
Project your National Pension System corpus, lump sum and monthly pension at retirement.
Post Office MIS Calculator
Estimate the fixed monthly income and total returns from the Post Office Monthly Income Scheme.
FD Calculator
Calculate the maturity value and interest earned on a fixed deposit.
Retirement Calculator
Find the corpus and monthly SIP you need to retire comfortably against inflation.
FIRE Calculator
Find your FIRE number and how many years until you can retire early.
NPS vs PPF Calculator
Compare the retirement corpus you build via NPS versus PPF with the same monthly saving.
Explore every calculator
From investments to loans and taxes — find the right tool in seconds.
Browse calculators