SCSS (Senior Citizens Savings Scheme) Calculator

Quarterly interest for 60+; 5-year extendable.

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Senior Citizens Savings Scheme (SCSS) Calculator

For 60+ (or 55+ VRS / 50+ defence). Interest paid quarterly. 5-year tenure, extendable by 3 years.

Lump sum deposit (₹) — min ₹1,000, max ₹30 lakh

Interest rate (% p.a.)

Tenure (years) — 5 or 8 (with extension)

Interest is taxable. TDS may apply if interest exceeds ₹50,000 in a financial year.

Quarterly interest payout

₹20,500

Total interest over 5 years: ₹4,10,000

Maturity amount: ₹14,10,000

What is it?

Senior Citizens Savings Scheme (SCSS) is for individuals 60+ (or 55+ VRS / 50+ defence). Lump sum up to ₹30L; interest is paid quarterly. Tenure 5 years, extendable by 3.

How it works

Enter deposit amount, interest rate, and tenure. The calculator shows quarterly interest and maturity amount.

Rules, opening & closing

How to open, how to close, premature withdrawal rules, and main regulations for this scheme.

How to open an SCSS account?: Visit a post office or an authorised bank (SBI, etc.) with proof of age (showing 60+ or 55+ for VRS / 50+ for defence), identity and address proof, and the deposit amount (multiples of ₹1,000, max ₹30 lakh). Fill the SCSS application form and submit with the cheque or demand draft. Account is opened in the name of the depositor; interest is paid quarterly to a linked savings account.
How to close or withdraw at maturity?: The scheme runs for 5 years. On maturity you can withdraw the full principal. You can also extend the account by 3 years within 1 year of maturity by submitting Form 2. If you do not extend, the balance is repaid with interest accrued till maturity. No partial withdrawal is allowed; only full closure at maturity (or premature closure under rules).
Can I close or withdraw prematurely? What are the rules?: Premature closure is allowed after 1 year with a penalty: (1) If closed after 1 year but before 2 years: 1.5% deduction from the deposit. (2) If closed after 2 years: 1% deduction. No withdrawal is allowed in the first year. Closure is permitted for reasons such as withdrawal for reinvestment in another SCSS in the name of the spouse. No loan is granted against SCSS.
What are the main rules and regulations?: One account per person; joint account not permitted. Deposit in multiples of ₹1,000; minimum ₹1,000, maximum ₹30 lakh (plus maturity proceeds of earlier SCSS/PPF in one go). Tenure 5 years; extendable once by 3 years. Interest is paid quarterly and is taxable; TDS if interest exceeds ₹50,000 in a financial year. Deposit qualifies for 80C (up to ₹1.5L). Nomination is allowed.
Who is eligible and what documents are needed?: Eligible: (1) Individuals aged 60 years or more. (2) Individuals aged 55–59 who have retired on superannuation or VRS. (3) Retired defence personnel aged 50 or more. Documents: age proof, identity and address proof, and in case of VRS/retirement, proof of retirement. PAN may be required for TDS.

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