About the Senior Citizen Savings Scheme Calculator
This SCSS calculator shows the income from the Senior Citizens’ Savings Scheme, the Post Office and bank deposit for people aged 60 and over. Enter your deposit and the interest rate and it returns the quarterly interest, the yearly income, the total interest over the five-year term (or eight years with one extension) and what you receive back at the end.
SCSS pays interest every quarter, on the first working day of April, July, October and January, and the rate on the day you open the account stays fixed for the term. The National Savings Institute lists 8.2% a year for accounts opened from 1 April 2023 to 30 September 2026 (the latest notified quarter when this page was updated). You can deposit from ₹1,000 up to ₹30 lakh in total. People aged 55–60 who retired on superannuation or VRS, and retired defence personnel from 50, can also open an account within the scheme conditions.
Interest is not compounded — it is paid out — and it is taxable at your slab rate, while the deposit qualifies for the old-regime 80C deduction up to ₹1.5 lakh. Turn on early closure to see the cost: closing within one year forfeits all interest, closing after one year but before two deducts 1.5% of the deposit, and closing after two years deducts 1%. The calculator counts interest for completed quarters only, which is a close approximation of the Post Office payout.
With the default inputs, the quarterly interest is ₹61,500.00. Change any value above to recalculate instantly.
How to use the senior citizen savings scheme calculator
- 1Enter the amount you plan to deposit (up to ₹30 lakh).
- 2Keep 8.2% or enter the rate in force when you open the account.
- 3Choose the full term, an extension, or early closure.
- 4Pick your tax slab to see the 80C saving and tax on the interest.
- 5Read the quarterly interest and the year-by-year payout table.
Formula and method
SCSS pays simple interest each quarter: the deposit times the annual rate divided by four. The interest is paid out rather than reinvested, so the deposit stays the same and is returned at maturity after five years, or after eight years if you extend once for three years. The extension is modelled at the same rate, although officially it earns the rate in force on the maturity date.
For early closure the calculator follows the scheme rules: no interest if closed within one year, a 1.5% deduction from the deposit after one year but before two, and 1% after two years. Interest is counted for completed quarters. The 80C value is min(deposit, ₹1.5 lakh) × slab × 1.04, and the tax on interest is the yearly interest × slab × 1.04 (4% health and education cess).
- P
- Deposit (₹1,000 to ₹30 lakh)
- r
- Annual interest rate (8.2% = 0.082)
Worked examples
₹30 lakh for 5 years
The maximum ₹30,00,000 deposit at 8.2% pays ₹61,500 every quarter, or ₹2,46,000 a year. Over 20 quarters that is ₹12,30,000 of interest, and the ₹30 lakh is returned at maturity.
₹15 lakh extended to 8 years, 20% slab
₹15,00,000 pays ₹30,750 a quarter. Holding it for 8 years (32 quarters) at the same rate brings ₹9,84,000 of interest. The 80C deduction on ₹1.5 lakh saves ₹31,200, while tax on ₹1,23,000 of yearly interest is about ₹25,584 at 20% plus cess.
₹10 lakh closed after 18 months
Six completed quarters at ₹20,500 bring ₹1,23,000 of interest. Closing after one year but before two deducts 1.5% of the deposit (₹15,000), leaving ₹9,85,000 of principal.
Frequently asked questions
What is the SCSS interest rate now?+
The National Savings Institute lists 8.2% a year, paid quarterly, for Senior Citizens’ Savings Scheme accounts opened from 1 April 2023 to 30 September 2026. The rate on your opening date applies for the five-year term.
What is the maximum deposit in SCSS?+
You can deposit up to ₹30 lakh in total across all your SCSS accounts, with a minimum of ₹1,000 in multiples of ₹1,000. A joint account can be held only with your spouse.
How much quarterly interest does ₹30 lakh earn in SCSS?+
At 8.2%, ₹30 lakh earns ₹61,500 a quarter, which is ₹2,46,000 a year or about ₹20,500 a month.
Is SCSS interest taxable?+
Yes. SCSS interest is taxable at your slab rate and the bank or Post Office may deduct TDS above the threshold for senior citizens. The deposit itself qualifies for the old-regime 80C deduction up to ₹1.5 lakh a year.
Can I extend my SCSS account?+
Yes. Within one year of maturity you can apply to extend the account for a further three years. The extended period earns the rate in force on the date of maturity rather than your original rate.
What is the penalty for closing SCSS early?+
If you close within one year you get no interest, and any interest paid is recovered. After one year but before two, 1.5% of the deposit is deducted; after two years but before five, 1% is deducted.
Results are estimates for educational purposes and are not financial advice. Rates, fees and terms vary — confirm with your lender or a licensed advisor before making decisions.