SCSS Calculator (Senior Citizens Savings Scheme)

SCSS is a government-backed savings scheme in India for depositors aged 60 and above (or 55+ for certain retirees), offered through post offices and authorised banks. It pays a fixed rate of interest, reviewed every quarter for new accounts, and runs for a 5-year term that can be extended once by 3 years.

SCSS pays simple interest, not compound interest. Interest is calculated only on your original deposit and is paid out to you every quarter rather than being added back to the principal, so it never compounds — unlike a recurring or fixed deposit where reinvested interest earns further interest.

Interest is credited quarterly, on the first working day of April, July, October and January, directly into your linked savings account. It is not accumulated until maturity.

The maximum deposit limit is ₹30,00,000 per depositor (raised from ₹15,00,000 in 2023). The minimum deposit is ₹1,000, and amounts must be in multiples of ₹1,000.

The rate is set by the Ministry of Finance every quarter for new deposits. This calculator defaults to 8.2% per annum, the rate that has applied since Q2 2023, but check nsiindia.gov.in or your bank/post office for the rate applicable when you actually open the account — once opened, your rate stays fixed for the full tenure.

Yes, but with a penalty: closing the account before 2 years forfeits 1.5% of the deposit, and closing between 2 and 5 years forfeits 1% of the deposit. Premature closure is not modelled in this calculator's figures — it always shows the full-tenure result.

Yes. Interest earned is fully taxable as per your income tax slab and is not eligible for the same exemptions as PPF. TDS is deducted only if the total interest across your SCSS accounts exceeds the Section 194A threshold, which the Finance Act 2025 raised to ₹1,00,000 a year for senior citizens (from ₹50,000 previously), effective from FY 2025-26 — and even then, submitting Form 15H avoids it if your total income is below the taxable limit.

Yes — the amount you deposit into SCSS is eligible for deduction under Section 80C of the Income Tax Act, up to the overall ₹1,50,000 annual 80C cap shared with other instruments like PPF, ELSS and life-insurance premiums. This deduction applies to the deposit itself, not the interest — the interest you receive each quarter remains fully taxable regardless of the 80C claim, and 80C is only available if you file under the old tax regime.

At maturity your full principal is returned to you (interest has already been paid out quarterly along the way), so the maturity value shown here is simply your deposit plus the total interest already disbursed. You can withdraw the principal, or extend the account once for a further 3 years at the rate then applicable.

Yes, you can hold multiple SCSS accounts, individually or jointly with your spouse, as long as the combined deposit across all your accounts does not exceed the ₹30,00,000 ceiling.

SCSS typically offers a higher, government-guaranteed rate than most bank fixed deposits, plus a regular quarterly income stream, but it locks your money for 5 years (with penalties for early exit) and caps the deposit at ₹30 lakh. A senior-citizen FD may offer more flexible tenures and higher deposit limits but usually at a lower or variable rate.

Because SCSS interest is paid out each quarter rather than reinvested, the interest for year 2 is calculated on exactly the same principal as year 1 — there is no compounding effect. That is why total interest is simply the annual interest multiplied by the number of years, unlike a compound-interest or FD calculation where the base grows over time.