Why Use Our SCSS Calculator?

📊 Real-time SCSS interest & maturity calculations
💰 Visual breakdown of quarterly payouts over 5 or 8 years
📅 Compare 5-year and 8-year investment scenarios
🇮🇳 Built specifically for Indian senior citizens' retirement planning
📱 Mobile-friendly, lightweight, and AdSense-ready
🔒 Official Post Office & Bank SCSS rates for accurate calculations

SCSS Earnings Calculator

Investment Amount (₹)

₹1,000 ₹30,00,000

Maximum investment limit: ₹30 lakh (in multiples of ₹1,000)

Annual Interest Rate (%)

6% 12%

Current SCSS rate: 8.2% (Q4 FY 2024-25)

Investment Start Date

For calculating quarterly interest payment dates

Investment Period

SCSS allows 3-year extension after initial 5 years

Interest Payout

SCSS interest is paid quarterly (fixed)

Age Category

SCSS eligibility varies by age and retirement status

Your SCSS Investment Plan

₹10,250 Quarterly Interest Income

Investment Details

Principal: ₹5,00,000

Period: 5 Years

Rate: 8.2% p.a.

Returns Overview

Total Interest: ₹2,05,000

Maturity Value: ₹7,05,000

Quarterly: ₹10,250

Total Interest Earned

₹2,05,000

Maturity Amount

₹7,05,000

Annual Interest Income

₹41,000

Monthly Equivalent Income

₹3,417

Total Quarters

Tax Status

Taxable

Your SCSS Benefits

Quarterly Income: ₹10,250 every 3 months for guaranteed cash flow

Government Backing: 100% secure investment backed by Government of India

Tax Deduction: Investment eligible for ₹1.5 lakh deduction under Section 80C

Extension Option: Can extend for 3 more years after initial 5-year period

Nomination Facility: Seamless transfer to nominee in case of unfortunate events

SCSS Key Features

Minimum Investment ₹1,000

Maximum Investment ₹30,00,000

Interest Rate (2024-25) 8.2% p.a.

Interest Payment Quarterly

Initial Tenure 5 Years

Extension Period 3 Years

*As per Government of India guidelines

SCSS Investment Tips

Invest maximum ₹30 lakh for highest quarterly income
Open account within 1 month of retirement for seamless transition
Consider extending for 3 years if rates remain attractive
Plan for TDS on quarterly interest if applicable
Keep account active to avoid closure penalties
Combine with other senior citizen schemes for portfolio
Review rates quarterly as they change with government policy

Complete Guide to Senior Citizens Savings Scheme (SCSS)

The Senior Citizens Savings Scheme (SCSS) is a government-backed savings scheme exclusively designed for senior citizens aged 60 years and above. Launched to provide regular income and financial security during retirement, SCSS offers attractive interest rates with quarterly payouts.

Key Features of SCSS

Guaranteed Quarterly Income

Fixed quarterly interest payments directly to your bank account.

Interest paid every 3 months
Direct credit to savings account
No market risk - guaranteed returns
Government backing ensures safety

Flexible Investment Amount

Invest anywhere from ₹1,000 to ₹30 lakh based on your needs.

Minimum: ₹1,000 only
Maximum: ₹30,00,000
Must be in multiples of ₹1,000
Single or multiple accounts allowed

Tax Benefits

Investment qualifies for tax deduction under Section 80C.

Deduction up to ₹1.5 lakh under 80C
Interest income is taxable
TDS applicable if interest > ₹40,000/year
Higher TDS limit for senior citizens

Premature Withdrawal

Partial or complete withdrawal allowed with certain conditions.

Allowed after 1 year with 1.5% penalty
After 2 years with 1% penalty
Medical emergency withdrawals allowed
No penalty on maturity closure

SCSS Interest Rate History

Period	Interest Rate	Effective From	Quarterly Rate
Q4 FY 2024-25	8.2% p.a.	Jan 2025	2.05%
Q3 FY 2024-25	8.2% p.a.	Oct 2024	2.05%
Q2 FY 2024-25	8.2% p.a.	Jul 2024	2.05%
Q1 FY 2024-25	8.2% p.a.	Apr 2024	2.05%
FY 2023-24	8.0% p.a.	Apr 2023	2.0%

SCSS Eligibility Criteria

Age Requirement: 60 years and above for regular senior citizens
Early Retirement: 55+ years for defense personnel and government employees under VRS
Account Opening: Must open within 1 month of receiving retirement benefits
Residency: Indian citizens and NRIs are eligible
Documentation: Age proof, identity proof, and address proof required
Medical Certificate: May be required for certain categories

How to Open SCSS Account

Where to Apply: Post offices, public sector banks, and select private banks
Required Documents: Application form, age proof, identity proof, address proof
Initial Deposit: Minimum ₹1,000 at the time of account opening
Nominee Details: Mandatory to provide nominee information
Bank Account Linking: Link savings account for quarterly interest credit
Processing Time: Account opens immediately upon document verification

SCSS vs Other Senior Citizen Schemes

SCSS vs POMIS: SCSS offers higher rates; POMIS provides monthly income
SCSS vs Senior Citizen FD: SCSS has tax benefits; FD offers higher liquidity
SCSS vs Pradhan Mantri Vaya Vandana Yojana: SCSS is government-backed; PMVVY is insurance-based
SCSS vs NSC: SCSS gives regular income; NSC is for wealth accumulation
SCSS vs PPF: SCSS is for 60+ only; PPF is for all ages with 15-year lock-in

Important Points to Remember

Interest rates are subject to quarterly review by the Government of India
TDS is deducted if quarterly interest exceeds prescribed limits
Account can be extended for 3 years after initial 5-year maturity
Interest payment dates are fixed based on account opening date
Joint accounts are allowed with spouse only
Account closure is mandatory after 8 years (5+3 extension)
Interest income must be declared in income tax returns

Senior Citizens Savings Scheme Calculator - FAQ

What is the current SCSS interest rate for 2024-25?

The current SCSS interest rate is 8.2% per annum for Q4 FY 2024-25. This rate is subject to quarterly review by the Government of India and may change based on market conditions.

What is the maximum investment limit in SCSS?

The maximum investment limit in SCSS is ₹30,00,000 (₹30 lakh) and minimum is ₹1,000. The investment must be in multiples of ₹1,000. You can open multiple accounts to reach the maximum limit.

How is interest paid in SCSS?

Interest in SCSS is paid quarterly (every 3 months) directly to your linked savings bank account. The first interest payment is made after 3 months from the account opening date.

Can I withdraw money from SCSS before 5 years?

Yes, premature withdrawal is allowed after 1 year with 1.5% penalty, and after 2 years with 1% penalty. Complete closure is also possible in case of serious illness or other emergencies.

Is SCSS interest income taxable?

Yes, SCSS interest income is fully taxable as per your income tax slab. TDS is deducted if quarterly interest exceeds ₹40,000 for senior citizens and ₹50,000 for super senior citizens (80+).

Can I extend my SCSS account after 5 years?

Yes, you can extend your SCSS account for additional 3 years after the initial 5-year period. The extension must be requested within 1 year of maturity, and the prevailing interest rate will apply.

Where can I open an SCSS account?

SCSS accounts can be opened at post offices, public sector banks like SBI, PNB, BoB, and select private banks. You need to provide age proof, identity proof, and address proof along with the application form.

What happens to SCSS account after 8 years?

After 8 years (5 initial + 3 extension), the SCSS account must be closed mandatorily. The principal amount along with any accrued interest will be paid to the account holder or nominee.

Disclaimer: This SCSS calculator is for informational purposes only based on current government guidelines and does not constitute financial advice. Interest rates are subject to quarterly review by the Government of India. Tax implications may vary based on individual circumstances. Please consult official sources like India Post, banks, or financial advisors before investing.

SCSS Calculator – Estimate Your Retirement Earnings