SCSS Calculator
The Senior Citizen Savings Scheme (SCSS) is a government-backed deposit for retirees that pays interest every quarter, giving a dependable income stream. This SCSS calculator takes your deposit and the current rate and shows both your quarterly payout and the total interest over the 5-year term. It helps you plan retirement cash flow and see how much regular income a given lump sum will generate before you invest.
Maximum ₹30 lakh.
Quarterly Payout
₹30,750
Total Interest (5 yrs)
₹6,15,000
Principal Returned
₹15,00,000
About the SCSS Calculator
An SCSS calculator estimates the fixed quarterly income and cumulative interest from a Senior Citizen Savings Scheme deposit over its 5-year term at the current rate (around 8.2%). It is open to residents aged 60 and above, or 55 to 60 for those who have taken voluntary retirement.
Why it is useful
For retirees, predictable income matters more than growth. Because SCSS pays interest quarterly rather than reinvesting it, a calculator lets you see the exact rupee amount landing in your account every three months. You can size your deposit — up to the ₹30 lakh ceiling — to match your monthly expenses.
How the calculation works
The quarterly payout is straightforward: quarterly interest = P × annual rate ÷ 4, where P is your deposit. The principal stays untouched and is returned at the end of 5 years, so each quarter you receive only the interest, not any part of your capital.
Key inputs explained
- Deposit amount: Your lump sum, up to the ₹30 lakh maximum across all SCSS accounts.
- Interest rate: The rate at deposit, fixed for the term (currently around 8.2%).
- Tenure: Fixed at 5 years, extendable once by a further 3 years.
Example calculation
Inputs
- Deposit (P)
- ₹15,00,000
- Interest rate
- 8.2% p.a.
- Tenure
- 5 years
Calculation breakdown
- Annual interest
- 15,00,000 × 8.2% = ₹1,23,000
- Quarterly payout
- 1,23,000 ÷ 4
- Total interest (5 yrs)
- 1,23,000 × 5
You receive about ₹30,750 every quarter and roughly ₹6,15,000 in total interest over 5 years, with your ₹15 lakh principal returned at maturity. Since annual interest exceeds ₹50,000, TDS will apply unless you submit Form 15H.
Benefits
- Regular quarterly income backed by a government guarantee.
- Higher rate than most bank FDs of comparable safety.
- The deposit qualifies for Section 80C under the old tax regime.
Limitations
- Interest is fully taxable at your slab rate, and TDS applies if annual interest exceeds ₹50,000.
- The maximum you can invest is capped at ₹30 lakh across all accounts.
- Premature closure attracts a penalty of 1% to 1.5% of the deposit, depending on timing.
Tips
- Submit Form 15H if your total income is below the taxable limit to avoid TDS.
- A couple can open separate accounts to invest up to ₹30 lakh each.
- Note the quarterly payout dates so you can align them with recurring bills.
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About this calculator
The SCSS Calculator is built and maintained by the PaisaBot team. All calculations run instantly in your browser using established financial formulas, and we use high-precision arithmetic to keep the results reliable.
Data accuracy: Interest rates, tax slabs, and scheme rules are updated periodically, but figures can change with RBI, government, and lender revisions. Always confirm the latest rates with your bank or an official source before acting.
Educational purpose: This tool is provided for general information and financial education only. It does not constitute investment, tax, or legal advice. For decisions specific to your situation, please consult a qualified financial advisor.