SCSS (Senior Citizens Savings Scheme): Interest and Calculator

The Senior Citizens Savings Scheme (SCSS) is for individuals aged 60 or more (or 55+ on VRS, 50+ for defence personnel). You deposit a lump sum in multiples of ₹1,000, up to ₹30 lakh. Interest is paid quarterly at a government-notified rate (e.g. 8.2% p.a.). Tenure is 5 years, extendable once by 3 years.

SCSS can be opened at a post office or authorised bank with age and identity proof. The deposit qualifies for 80C (up to ₹1.5L); interest is taxable and TDS applies if it exceeds ₹50,000 in a year. Premature closure is allowed after 1 year with a small penalty.

Use our SCSS Calculator to see quarterly interest and maturity. For opening, closing, and penalty rules, check the Q&A on the calculator page.