Senior Citizen Savings Scheme Calculator

Calculate your SCSS returns and interest earnings

Regular SCSS Account

For senior citizens aged 60 years and above

Retired Personnel Account

For retirees aged 55-60 years with retirement benefits

Interest Payout
₹8,200
Per quarter
Total Interest
₹32,800
Per year
Principal Amount
₹1,00,000
5-year lock-in
Maturity Amount
₹1,00,000
December 2028
Year Opening Balance Interest Earned Interest Payout Closing Balance
1 ₹1,00,000 ₹8,200 ₹8,200 ₹1,00,000
2 ₹1,00,000 ₹8,200 ₹8,200 ₹1,00,000
3 ₹1,00,000 ₹8,200 ₹8,200 ₹1,00,000
4 ₹1,00,000 ₹8,200 ₹8,200 ₹1,00,000
5 ₹1,00,000 ₹8,200 ₹8,200 ₹1,00,000

The Senior Savings Scheme (SCSS) is a government-backed savings scheme specifically designed for the elderly in India that offers guaranteed returns and tax benefits under Section 80C of the Income Tax Act.

Key Features of SCSS

Feature Details Benefits
Interest Rate 8.2% p.a. (Oct-Dec 2024) Quarterly compounding, Guaranteed returns
Investment Limit ₹1,000 to ₹15 lakhs Multiple accounts allowed
Lock-in Period 5 years Option to extend for 3 years
Tax Benefits Section 80C applicable Up to ₹1.5L deduction

Eligibility Criteria

Regular Account
  • Age 60 years or above
  • Indian resident
  • Valid ID and address proof
  • Bank account details
Retired Personnel Account
  • Age 55-60 years
  • Retirement through superannuation/VRS
  • Must open within 1 month of retirement benefits
  • Retirement proof required

Interest Calculation and Payout

Quarterly Payout

Interest is calculated quarterly and paid at:

  • 1st April
  • 1st July
  • 1st October
  • 1st January
Monthly Payout Option

Monthly interest payout available:

  • Slightly lower effective interest rate
  • Suitable for regular income needs
  • Auto-credit to linked account
  • No TDS on monthly interest below threshold

Tax Implications

Component Tax Treatment Remarks
Principal Investment Tax deduction under 80C Up to ₹1.5 lakhs per year
Interest Income Taxable as per slab TDS applicable above ₹50,000/year
TDS Exemption Form 15H/15G applicable If total income below taxable limit

Premature Withdrawal Rules

Withdrawal Penalties
  • Before 1 year: Not allowed
  • After 1 year but before 2 years: 1.5% of deposit deducted
  • After 2 years: 1% of deposit deducted
  • Death of account holder: No penalty

Account Extension Rules

Extension Process
  • One-time extension for 3 years
  • Apply within 1 year of maturity
  • Original interest rate not guaranteed
  • New rate as per extension date
Important Notes
  • Extension is optional
  • Partial withdrawal allowed
  • No fresh deposits during extension
  • All other features remain same

How to Use This Calculator

  1. Enter Deposit Amount:
    • Minimum: ₹1,000
    • Maximum: ₹15,00,000
    • Use slider or enter amount directly
  2. Select Account Type:
    • Regular Account (60+ years)
    • Retired Personnel Account (55-60 years)
  3. Verify Interest Rate:
    • Current rate: 8.2% p.a.
    • Rate updated quarterly
  4. Choose Payout Frequency:
    • Quarterly payout
    • Monthly payout option
Important Notes:
  • Interest rates are subject to quarterly revision by the government
  • The rate at account opening remains fixed for the entire 5-year term
  • Joint account facility available with spouse only
  • Maximum of two deposits allowed per account holder