Principal Deposited
₹ 10,00,000
Quarterly Payout
₹ 20,500
Total Interest Earned
₹ 4,10,000
Total Maturity Value
₹ 14,10,000
About the Senior Citizen Savings Scheme (SCSS) Calculator
Our free Senior Citizen Savings Scheme (SCSS) Calculator helps retired individuals compute their guaranteed quarterly interest payouts, cumulative interest earned, and final maturity corpus under the Government of India's Senior Citizen Savings Scheme.
How SCSS Interest and Payouts Are Calculated
The Senior Citizen Savings Scheme offers high security and attractive regular income with interest paid out on a quarterly basis:
$$\text{Quarterly Interest Payout} = \frac{\text{Principal Deposit} \times \text{Interest Rate (\% p.a.)}}{4 \times 100}$$
- Tenure: The scheme has a standard maturity period of 5 years (extendable by an additional 3 years).
- Investment Ceiling: The maximum deposit limit across all SCSS accounts per individual is ₹30 Lakhs.
How to Use the Calculator
Simply enter your deposit details or adjust the range slider:
- Deposit Amount: The lump-sum principal amount invested (up to the ₹30 Lakh limit).
- Interest Rate: The prevailing quarterly interest rate notified by the Ministry of Finance.
- Tenure: Switch between Years and Months to simulate standard or extended investment terms.
Click the Calculate Returns button to instantly view your principal deposited, guaranteed quarterly payout, total interest earned, and final maturity value.
Frequently Asked Questions (FAQs)
Who is eligible to invest in the SCSS scheme?
Indian citizens aged 60 years or older, retired civilian employees aged 55 to 60 (under specific conditions), and retired defense personnel aged 50 to 60 are eligible to open an SCSS account.
Is the interest earned under SCSS taxable?
Yes, interest earned from SCSS is fully taxable according to your income tax slab. Banks or post offices will deduct TDS if the total interest exceeds ₹50,000 in a financial year for senior citizens.
Can SCSS deposits qualify for tax deductions?
Yes, investments made in the Senior Citizen Savings Scheme qualify for tax deductions under Section 80C of the Income Tax Act up to the limit of ₹1.5 Lakhs per financial year.
