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Estimate the quarterly interest payout and maturity value of your SCSS investment. See how much regular income your retirement corpus can generate.
Enter your investment amount and current SCSS interest rate
Fill in your investment amount and interest rate to see your quarterly payout and maturity value.
Interest is fully taxable as Income from Other Sources.
SCSS pays simple interest on a quarterly basis.
The Senior Citizens' Savings Scheme (SCSS) is a government-backed savings scheme designed specifically for senior citizens. It offers one of the highest interest rates among small savings schemes at 8.2% per annum, paid quarterly from the date of deposit [citation:5][citation:6].
SCSS investments qualify for tax deduction under Section 80C (old tax regime) up to ₹1.5 lakh. However, the interest earned is fully taxable as Income from Other Sources at your applicable slab rate [citation:2].
Under the new tax regime, no Section 80C deduction is available. There is also no TDS on SCSS interest, but you must report it in your income tax return.
| Parameter | Value |
|---|---|
| Investment Amount | ₹12,20,000 |
| Interest Rate | 8.2% p.a. |
| Quarterly Interest | ₹25,010 |
| Annual Interest | ₹1,00,040 |
| Total Interest (5 years) | ₹5,00,200 |
| Principal at Maturity | ₹12,20,000 |
At 8.2%, an investment of ₹12.20 lakh generates approximately ₹25,010 every quarter. This calculation assumes the quarterly interest is withdrawn rather than reinvested [citation:2].
The current interest rate for the Senior Citizens' Savings Scheme is 8.2% per annum for the July-September 2026 quarter. Once you open an SCSS account, the interest rate applicable at that time remains fixed for the entire 5-year tenure [citation:1][citation:2].
SCSS interest is calculated on a quarterly basis. It accrues up to 31 March, 30 June, 30 September and 31 December, and is paid on the first working day of April, July, October and January, respectively. This means investors receive four interest payouts every year [citation:2].
An individual who has attained the age of 60 years on the date of opening the account is eligible. Additionally, individuals aged 55 years or more but less than 60 years who have retired on superannuation or otherwise can open an account within one month of receiving retirement benefits. Retired Defence Services personnel (excluding civilian defence employees) can open an account at age 50 [citation:7].
Premature withdrawal is allowed after completing one year, but penalties apply. If you close after 1 year but before 2 years, a penalty of 1.5% of the deposit is deducted. If you close after 2 years but before 5 years, the penalty is 1%. If closed before 1 year, no interest is paid [citation:4][citation:8].
The maximum deposit limit in SCSS is ₹15 lakh per account. You can open more than one account, but the total deposits across all accounts should not exceed ₹15 lakh. A joint account can be opened with a spouse, and the age of the first account holder determines eligibility [citation:7].
Yes, after completing the initial 5-year tenure, you can extend the account for another 3 years. To do this, you must submit an application within one year from the date of maturity. During the extension period, you continue earning interest at the rate applicable at the time of extension [citation:4].