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Senior Citizens Savings Scheme Calculator

Senior Citizens Savings Scheme quarterly payouts. SCSS pays out rather than compounds, so the return is the stated rate and not more, which makes it comparable to a monthly income plan rather than a cumulative deposit.

Also called: senior citizens savings scheme, scss interest calculator.

₹
%
%
After five years
Quarterly payout
₹61,500

₹61,500 every quarter, ₹2,46,000 a year, on a deposit of 30,00,000 at 8.2%. Over the five year term that is ₹12,30,000 in total. Small savings rates are revised quarterly by the government. Check the current quarter rate before relying on this.

Annual interest
₹2,46,000
Monthly equivalent
₹20,500
Interest over five years
₹12,30,000
Annual interest after tax
₹2,06,800
Covered by 80TTB
₹50,000
On the rate
Small savings rates are revised quarterly by the government. Check the current quarter rate before relying on this.
On the deposit limit
The deposit ceiling is per individual across all SCSS accounts, so a joint account does not double it.
How this is calculated
Method and background

This is what the calculation gives for the numbers you entered. It is an estimate, not advice, and it knows nothing about your situation beyond those numbers. Rules for India change on a published schedule; the effective date is shown on every rule-based tool.

How this is calculated

SCSS pays simple interest every quarter into your account. It does not compound, so ten years of SCSS at 8.2 percent does not behave like a cumulative deposit at 8.2 percent, and comparing it against one is comparing different things. The scheme is open to those aged sixty and above, with a deposit ceiling per individual, a five year term extendable once by three years, and interest fully taxable at slab subject to 80TTB.

SCSS pays simple interest quarterly, it does not compound
P
Deposit
r
Annual rate

Worked examples

Each of these is asserted on every build. If a change to the engine ever moved one of these answers, the build would fail before the page could print it.

thirty lakh at 8.2 percent

Amount deposited
₹30,00,000
SCSS rate
8.2%
Tax slab
20%
After five years
Withdraw

Quarterly payout₹61,500

30,00,000 x 8.2% / 4

Open this example

extending adds three years of payouts

Amount deposited
₹30,00,000
SCSS rate
8.2%
Tax slab
20%
After five years
Extend by three years

Quarterly payout₹61,500

boundary: 8 years rather than 5

Open this example

Method and limits

What it assumes

  • The rate is fixed at the quarter of opening for the whole term.

What it deliberately does not model

  • The rate applying to your account is the one at the quarter you opened it, not the current one.
  • The deposit ceiling is per individual and applies across all SCSS accounts.

Formula version 1.0.0 · definition 1.0.0 · India · Report a problem with this calculator

Frequently asked questions

Does SCSS compound?
No. Interest is paid out quarterly, so the money leaves the scheme. Reinvesting it elsewhere is your decision and the return depends on where.
Is the rate fixed?
For your account, yes: it is locked at the rate prevailing when you opened it. New accounts get the current quarter rate.