Senior Citizen Saving Scheme Calculator (SCSS)
Calculate senior citizen savings scheme quarterly payouts and maturity.
Max ₹30 Lakhs per individual. Multiples of ₹1,000.
Can be extended by 3 more years after initial 5-year tenure
Interest Payout
Quarterly
Every 3 months
Eligible Age
60+ Years
Senior Citizens only
SCSS Maturity Formula (Compounded)
M.A = P × (1 + r/n)^(n × t)
M.A = Maturity amount
P = Principal amount = ₹ 10,00,000
r = Interest rate = 8.2%
n = Compounding frequency = 4 (quarterly)
t = Tenure = 5 years
Your Calculation
Given: P = ₹ 10,00,000, r = 8.2%, n = 4, t = 5
M.A = ₹ 10,00,000 × (1 + 0.0820/4)^(4 × 5)
M.A = ₹ 10,00,000 × (1.0205)^20
M.A = ₹ 10,00,000 × 1.500584
M.A = ₹ 15,00,584
Note: In SCSS, interest is paid out quarterly (not reinvested). Actual payout: ₹ 20,500/quarter. The formula above shows the compounded value if interest were reinvested.
Quarterly Payout
₹20,500
Every 3 months directly to your bank account
• For Senior Citizens (60+ years) only
• Tax deduction under Section 80C (up to ₹1.5L)
• TDS applicable if interest exceeds ₹50,000/year
• Premature closure allowed after 1 year (with penalty)
What Is the Senior Citizen Saving Scheme (SCSS)?
Senior Citizen Saving Scheme Interest Rate: Current & Historical
The SCSS interest rate is reviewed by the Government of India every quarter. The rate applicable at the time of account opening is locked in for the entire 5-year tenure, meaning subsequent rate revisions do not affect your existing account. Current rate (Q1 FY 2026–27, April–June 2026): 8.2% per annum. Interest is calculated quarterly and paid on the first day of April, July, October, and January each year. For a ₹10 lakh investment at 8.2%, the quarterly payout is ₹20,500, paid directly to the depositor's linked savings account.
| Quarter | SCSS Interest Rate |
|---|---|
| Q1 FY 2026–27 (Apr–Jun 2026) | 8.2% p.a. |
| Q4 FY 2025–26 (Jan–Mar 2026) | 8.2% p.a. |
| Q3 FY 2025–26 (Oct–Dec 2025) | 8.2% p.a. |
| Q2 FY 2025–26 (Jul–Sep 2025) | 8.2% p.a. |
| Q1 FY 2025–26 (Apr–Jun 2025) | 8.2% p.a. |
The SCSS interest rate has remained stable at 8.2% across the past several quarters. It continues to be one of the highest rates available among government-backed small savings schemes, offering a higher return than the Public Provident Fund (PPF) at 7.1% and the National Savings Certificate (NSC) at 7.7%.
Who Is Eligible for the Senior Citizens Savings Scheme?
SCSS is available to the following categories of individuals:
- Regular Senior Citizens Indian citizens aged 60 years or above at the time of account opening.
- Voluntary Retirees (VRS/Superannuation) Individuals aged 55–60 who have opted for voluntary retirement or superannuation, provided they open the account within one month of receiving retirement benefits.
- Retired Defence Personnel Can open an SCSS account after attaining 50 years of age, subject to fulfilment of the applicable eligibility conditions.
Not eligible: Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs), and members of Hindu Undivided Families (HUFs) cannot open an SCSS account.
SCSS Key Features at a Glance
| Feature | Details |
|---|---|
| Minimum Investment | ₹1,000 |
| Maximum Investment | ₹30 lakh per individual (revised from ₹15 lakh in 2023) |
| Tenure | 5 years (extendable by 3 years) |
| Interest Rate | 8.2% p.a. (Q1 FY 2026-27) |
| Interest Payout | Quarterly – April 1, July 1, October 1, January 1 |
| Section 80C Benefit | Yes - up to ₹1.5 lakh per year |
| TDS | Applicable if annual interest exceeds ₹50,000 |
| Joint Account | Permitted (with spouse only) |
| Multiple Accounts | Allowed - combined deposits across all accounts not to exceed ₹30 lakh |
| Where to Open | Authorised banks and post offices across India |
Premature Withdrawal from SCSS: Rules and Penalties
SCSS allows premature closure of the account but with penalties that vary based on when the closure happens. Partial withdrawals are not permitted—only full account closure.
| Timing of Premature Withdrawal | Penalty |
|---|---|
| Before 1 year from opening | No interest paid; any interest already credited is deducted from principal. |
| After 1 year, before 2 years | 1.5% of the deposit amount deducted from principal. |
| After 2 years, before maturity (5 years) | 1% of the deposit amount deducted from principal. |
| Extended account (after 3-year extension) closed after 1 year of extension | No penalty. |
| In case of account holder's death | No penalty; interest paid up to the preceding quarter. |
Important change (effective August 29, 2024): Withdrawals from SCSS accounts are exempt from tax starting August 29, 2024.
The premature withdrawal facility provides liquidity for genuine emergencies without requiring full loss of accumulated interest, making it useful for health emergencies or urgent financial needs.
Senior Citizen Saving Scheme vs Fixed Deposit – Which Is Better?
Both SCSS and bank Fixed Deposits are popular fixed-income instruments for senior citizens. Here's how they compare across the key parameters that matter most for retirees:
| Parameter | SCSS | Bank FD (Senior Citizen) |
|---|---|---|
| Current Interest Rate | 8.2% p.a. | 7.0%–7.75% p.a. (varies by bank) |
| Government Backing | Yes – Sovereign guarantee | No – DICGC insured up to ₹5 lakh per bank |
| Maximum Investment | ₹30 lakh | No upper limit |
| Tenure Flexibility | Fixed 5 years (+ 3-year extension) | 7 days to 10 years |
| Interest Payout | Quarterly – Fixed schedule | Monthly, quarterly, or at maturity |
| Section 80C Benefit | Yes | Only 5-year tax-saver FD |
| Premature Withdrawal | Allowed with penalty after 1 year | Allowed with penalty at any time |
| TDS on Interest | Above ₹50,000/year | Above ₹50,000/year (Senior Citizens) |
| Interest Taxability | Fully taxable (80TTB up to ₹50,000) | Fully taxable (80TTB up to ₹50,000) |
When to choose SCSS: Choose SCSS if you want the highest available government-backed return, predictable quarterly income, and the additional Section 80C tax benefit. It is ideal for retirees seeking a stable income stream for 5–8 years.
When to choose a Bank FD: Choose a senior citizen FD if you need greater flexibility in tenure, want to invest more than ₹30 lakh, or prefer monthly interest payouts instead of quarterly payments.
How to Use This Senior Citizen Saving Scheme Calculator
Using this SCSS calculator takes under a minute:
- Enter your investment amount Enter an amount between ₹1,000 and ₹30,00,000 in multiples of ₹1,000.
- Check the interest rate The calculator uses the current interest rate of 8.2% p.a. (Q1 FY 2026–27). Adjust it if you want to model a different rate scenario.
- Select your tenure Choose either the standard 5-year tenure or the extended 8-year tenure (with a 3-year extension).
- Read the results View your quarterly payout, yearly payout, total interest earned over the tenure, and total returns including your principal.
The interest payout figure reflects the actual amount you'll receive directly into your bank account every three months. Since SCSS pays interest quarterly rather than compounding it, this represents your real cash income rather than a compounded figure.
Frequently Asked Questions
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