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SCSS Calculator

For senior citizens (60+). Quarterly interest, 5-year term, deposits qualify for section 80C.

Inputs

Deposit amount

₹

≈ ₹15.00 L

Cap: ₹30 lakh (revised from ₹15L in 2023)

Interest rate (% p.a.)

Q3 FY24-25 rate: 8.2%. Government revises quarterly.

Your income tax slab (%)

SCSS interest is fully taxable at your slab; TDS above ₹50k/yr for seniors.

Quarterly interest

₹30,750

Paid every 3 months to your bank account

Annual interest income (gross)₹1.23 L

Total interest over 5 years (gross)₹6.15 L

Tax on interest (20% slab)−₹1.23 L

Post-tax total over 5 years₹4.92 L

Post-tax quarterly payout₹24,600

Principal (returned at maturity)₹15.00 L

SCSS quick facts: Only for 60+ (55+ for VRS retirees). 5-year tenure, extendable in 3-year blocks. Quarterly interest payout. Section 80C benefit on deposit (old regime). Interest is fully taxable.

⚠ Purchasing-power warning: The quarterly payout is fixed for 5 years while your expenses inflate. At 7% inflation, ₹30,750 today buys only ~₹21,924 worth of goods in year 5. Best used as a safe *slice* of a diversified retirement plan, not the whole pie.

Want the full picture?

The main NetCorpus India planner rolls this into a 50-year retirement plan alongside your loans, EPF, taxes, trips, and life goals.

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Simple estimate for scss. Rates & taxes will vary — verify before acting.

Senior Citizens' Savings Scheme — a government-backed, quarterly-payout instrument specifically for people 60+ (or 55+ for those who've taken voluntary retirement), currently offering one of the higher guaranteed rates among small savings schemes.

How it's calculated

Interest is simple, paid out quarterly rather than compounded, at the declared rate (revised quarterly by the government). Deposits qualify for Section 80C deduction up to ₹1.5L (old regime). The account has a 5-year tenure, extendable once by 3 years.

Worked example

The near-maximum ₹15L deposit at 8.2% p.a. pays roughly ₹30,750 every quarter — about ₹1.23L/year — for 5 years, with the ₹15L principal returned at maturity.

Frequently asked

Is SCSS interest taxable?▾

Yes, fully taxable as income at your slab rate, and TDS is deducted if total interest exceeds ₹50,000/year (senior citizen threshold) — you can submit Form 15H to avoid TDS if your total income is below the taxable limit.

What's the maximum SCSS deposit?▾

₹30L per individual (raised from ₹15L in recent years) — check the current India Post/bank notification, since this limit has been revised.

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