What is the Senior Citizen Savings Scheme?
The Senior Citizen Savings Scheme (SCSS) is a government-backed post office savings scheme that offers an interest rate of 8.2% per annum (as of 31 March 2026), paid quarterly from the date of deposit.
Senior citizens aged 60 years and above, and individuals who retired under superannuation, VRS, or special VRS and are aged 55–59 years, can invest a minimum of ₹1,000 (in multiples of ₹1,000) up to a maximum of ₹30 lakh. The tenure is five years from account opening and can be extended by three years. Deposits qualify for deduction under Section 80C of the Income Tax Act.
How can an SCSS calculator help you?
Retirees often use SCSS for predictable quarterly income on a lump-sum deposit. A calculator saves you from working out quarterly payouts and totalling 20 quarters of interest by hand.
- See quarterly interest before opening an SCSS account at the post office or authorised bank.
- Check whether your deposit fits the ₹30 lakh per-individual limit.
- Compare SCSS payouts with the Post Office MIS calculator or lump-sum growth in the NSC calculator.
How does this SCSS calculator work?
SCSS pays simple interest quarterly on the full deposit. Quarterly interest is one-fourth of annual interest; total interest over the standard tenure equals quarterly payout multiplied by 20 quarters (five years). Maturity value is principal plus total interest credited as payouts.
Quarterly Interest = (Investment × Rate) / 400
Where –
| Investment | Lump-sum deposit in the SCSS account |
|---|---|
| Rate | Annual interest rate in percent (e.g. 8.2) |
Total interest = Quarterly interest × 20 quarters; Maturity amount = Investment + Total interest
Worked example
Deposit ₹1,00,000 in SCSS at 8.2% p.a. Quarterly interest = (1,00,000 × 8.2) / 400 = ₹2,050. Annual interest is ₹8,200; over five years you receive ₹41,000 in total interest while your ₹1,00,000 principal is returned at maturity (₹1,41,000).
At the maximum deposit of ₹30,00,000 with the same rate, quarterly interest is ₹61,500 and total interest over five years is about ₹12,30,000.
How to use this SCSS calculator
Enter your investment amount (₹1,000 minimum; up to ₹30,00,000 per individual). The interest rate defaults to 8.2% and tenure is fixed at five years—you can adjust the rate field if notifications change. Results update instantly as you move the sliders.
For monthly post office income instead of quarterly, try the Post Office MIS calculator. For long-term tax-free growth, compare with the PPF calculator.
What this calculator does not include
Tax on interest (taxable as income), TDS rules, premature closure penalties, three-year extension terms, joint-account limits, and future rate revisions after account opening are not modeled. Section 80C benefit on the deposit is not quantified here. Figures are illustrative estimates for planning—not guaranteed returns or tax advice. Confirm current scheme rules on India Post or with a tax professional before investing.
Frequently asked questions
What is the SCSS tenure and extension option?
SCSS has a fixed maturity of five years from the date of opening. You may extend the account once by three years within one year of maturity, subject to scheme rules at that time.
What is the minimum and maximum investment in SCSS?
The minimum deposit is ₹1,000 in multiples of ₹1,000. An individual can invest up to ₹30,00,000 across all SCSS accounts held in their name.
Is SCSS interest taxable?
Yes. Quarterly interest is taxable as income in your hands. The deposit qualifies for Section 80C deduction up to the overall ₹1.5 lakh limit. TDS may apply above prescribed thresholds—check the latest IT and post office guidelines.
How is SCSS different from Post Office MIS?
SCSS pays interest quarterly and is available only to eligible senior citizens; deposits qualify for Section 80C. POMIS pays monthly interest, has different eligibility and deposit limits, and does not offer Section 80C on the deposit. Use this site's Post Office MIS calculator to compare payouts on the same amount.