SCSS Calculator
Quarterly interest income from Senior Citizen Savings Scheme
Maximum ₹30L per individual (₹30L per spouse in joint account)
Current: 8.2% p.a. (Govt-announced quarterly). Fixed at time of deposit.
Term Extension (+3 Years)
Income Tax Slab
Annual Interest — 5 Years
Full Term Summary
Deposit amount
₹10.00 L
Total gross interest (5 yr)
₹4.10 L
Total tax (20% slab)
₹82,000
Total net interest
₹3.28 L
Maturity value (pre-tax)
₹14.10 L
Post-tax total return
₹13.28 L
TDS status
TDS threshold: ₹50,000 annual interest per branch
Applicable (₹8,200 p.a.)
80C deduction on deposit
₹1.50 L
SCSS Rules & Tips
→ Eligible: 60+ years, or 55–60 if retired on superannuation/VRS (must open within 3 months of retirement).
→ Interest paid on 1st of April, July, October, January — can set up auto-credit to savings account.
→ Submit Form 15H to avoid TDS if total income is below taxable limit.
→ Premature closure: after 1yr but before 2yr → 1.5% penalty; after 2yr → 1% penalty. After 5yr maturity, no penalty.
→ Deposit qualifies for 80C up to ₹1.5L. Husband and wife can each open SCSS with up to ₹30L each.
Also compare: FD rates for senior citizens (some: 8.5%+).
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FAQ
SCSS Calculator — FAQ
Common questions about this calculator
Senior citizens (60+), or those aged 55–60 who took VRS/superannuation. Deposited within 1 month of retirement.
Calculations are approximate and for educational purposes only. Excludes surcharge for income above ₹50L. Consult a Chartered Accountant for personalised tax advice.