Finance · Free tool
SCSS Calculator
Senior Citizen Savings Scheme — for retirees aged 60+. Earn quarterly interest at 8.2% p.a. on deposits up to ₹30 lakh, with 80C benefit on principal.
₹15,00,000
Max ₹30 lakh (raised from ₹15L in Apr 2023).
8.2%
Current rate 8.2% — revised quarterly.
5 yrs
5 yrs default; extendable by 3 more years at maturity.
Quarterly interest
₹30,750
≈ ₹10,250 / month equivalent
Total interest
₹6,15,000
At maturity
₹21,15,000
TDS (annual)
₹12,300
Tenure
5 yrs
TDS at 10% triggers when annual interest exceeds ₹50,000. Submit Form 15H if your total income is below the basic exemption to avoid TDS.
SCSS rules quick-ref
- Eligibility: 60+, or 55+ for retirees on superannuation/VRS (within 1 month of receiving benefits).
- Tenure: 5 years; extendable by 3 more years at maturity.
- Rate: 8.2% p.a. — payable quarterly, not compounded.
- Limit: ₹30 lakh (raised from ₹15 lakh in Budget 2023).
- Tax: deposits → 80C; interest fully taxable; TDS at 10% if interest > ₹50,000/yr.
Premature withdrawal penalty
- Before 1 year: no interest paid; if any interest already credited, recovered.
- Between 1–2 years: 1.5% of deposit deducted.
- Between 2–5 years: 1% of deposit deducted.