Senior Citizens Savings Scheme Calculator

Calculate quarterly interest payouts and maturity amount for SCSS

Deposit Amount (₹)

Interest Rate (% p.a.)

Tenure

Your Tax Slab (%)

About Senior Citizens Savings Scheme (SCSS)

Eligibility: Senior citizens aged 60 years and above (55-60 for retired defence personnel; 50-55 for retired civilian employees)
Maximum deposit: ₹30 lakh (increased from ₹15 lakh in Budget 2023)
Current interest rate: 8.2% p.a. (as of Q1 2024-25), paid quarterly
Tenure: 5 years, extendable by 3 more years
Section 80C benefit: Deposits qualify for deduction up to ₹1.5 lakh
Premature closure: After 1 year — 1.5% penalty; after 2 years — 1% penalty on deposit amount
Interest is taxable as per your income tax slab; TDS deducted if interest exceeds ₹50,000/year
Can open account individually or jointly with spouse

About Senior Citizens Savings Scheme Calculator

The Senior Citizens Savings Scheme (SCSS) Calculator computes the interest income and maturity amount from SCSS deposits, which offer 8.2% per annum (Q1 FY 2026-27) payable quarterly. SCSS is a government-backed savings instrument exclusively for senior citizens (60+ years, or 55+ for retired personnel), with a maximum deposit limit of ₹30 lakh (increased from ₹15 lakh in Budget 2023). The scheme qualifies for Section 80C deduction and provides guaranteed quarterly income.

SCSS is one of the highest-yielding safe investment options for senior citizens in India. The interest is paid on the first business day of April, July, October, and January. The account has a 5-year tenure, extendable by 3 years on maturity. Premature closure is allowed after 1 year with a penalty (1.5% after 1 year, 1% after 2 years). The interest income is taxable and TDS at 10% is deducted if interest exceeds ₹50,000 per year. Our calculator helps plan your retirement income effectively.

Key Features

Quarterly interest computation at 8.2% p.a.
Maturity amount after 5 years
Section 80C tax saving benefit
Premature closure penalty calculation
TDS deduction on interest income

Frequently Asked Questions

What is the SCSS interest rate for 2026?

The Senior Citizens Savings Scheme interest rate for Q1 FY 2026-27 is 8.2% per annum, payable quarterly. The rate is reviewed and revised by the government every quarter. Interest is paid on the first business day of April, July, October, and January. For a ₹30 lakh deposit, the quarterly interest would be approximately ₹61,500, providing a steady income stream for retirees.

What is the maximum deposit limit for SCSS?

The maximum deposit limit for SCSS is ₹30 lakh (increased from ₹15 lakh in Budget 2023). The minimum deposit is ₹1,000, in multiples of ₹1,000. An individual can open multiple accounts, but the total across all accounts cannot exceed ₹30 lakh. Joint accounts with spouse are allowed, and the limit applies per individual, not per account.

Senior Citizens Savings Scheme Calculator