Senior Citizen Savings Scheme
Calculate SCSS interest and maturity for senior citizens
SCSS Details
Max ₹15,00,000 per account
Fixed Terms: Interest Rate 8.2% p.a. | Tenure: 5 Years
Interest paid quarterly.
Interest paid quarterly.
Enter investment amount and click Calculate
Maturity Amount (5 Years)
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Investment
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Total Interest
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Quarterly Interest Payout
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How to Use
- Enter the Deposit Amount (maximum ₹30 lakh per individual).
- The interest rate is pre-filled at 8.2% p.a. — update if revised.
- Tenure is fixed at 5 years (extendable by 3 years once).
- Click Calculate — see quarterly interest income and total maturity value.
Senior Citizen Savings Scheme (SCSS)
SCSS is one of the highest-yielding government-guaranteed savings schemes in India, designed exclusively for senior citizens (60+). It pays interest quarterly — providing a regular income stream — making it ideal for retirees who rely on investment income.
Key Terms (2025)
| Feature | Details |
|---|---|
| Interest Rate | 8.2% p.a. (highest among small savings schemes) |
| Interest Payout | Quarterly (April, July, October, January) |
| Minimum Deposit | ₹1,000 |
| Maximum Deposit | ₹30 lakh (individual) / ₹60 lakh (joint) |
| Tenure | 5 years + 3-year extension |
| Eligibility | 60+ years; 55+ for VRS retirees; 50+ for defence personnel |
| Tax on Interest | TDS applicable; 80TTB exemption up to ₹50,000 for seniors |
SCSS vs Senior Citizen FD
SCSS at 8.2% beats most bank senior citizen FDs (7.5–8%). It is government-backed (zero default risk) and offers quarterly payouts — making it superior for income-seeking retirees. Open an account at any Post Office or authorised bank.
Frequently Asked Questions
Indian citizens aged 60 or above can open SCSS. Additionally: those aged 55–60 who have taken Voluntary Retirement Scheme (VRS) can open within 1 month of receiving retirement benefits; defence retirees aged 50+ are also eligible.
No — NRIs and PIOs are not eligible to open SCSS accounts. The scheme is exclusively for resident Indian citizens.
Interest is paid quarterly — on the 1st of April, July, October, and January. If the interest is not withdrawn, it is not compounded; it sits in the account without earning further interest. Withdraw it quarterly and reinvest elsewhere for compounding.
SCSS interest is fully taxable as 'Income from Other Sources.' However, senior citizens get a deduction under Section 80TTB of up to ₹50,000 per year on savings/FD/SCSS interest combined. TDS is deducted at 10% if annual interest exceeds ₹50,000.
Yes — SCSS can be extended once for a further 3 years (making it 8 years total). The extension must be applied within 1 year of maturity. Extension at the prevailing interest rate at the time of extension.