Senior Citizen Savings Scheme (SCSS) Calculator – Calculate 8.2% Quarterly Payouts & Schedule
Calculate Senior Citizen Savings Scheme (SCSS) guaranteed 8.2% quarterly income payouts, Section 80TTB TDS limits, 5 vs 8-year tenure, and annual payout schedule table.
Quarterly payout rate = 2.05% per quarter
Auto-credited to your savings account
Annual & Quarterly Payout Progression Schedule
Exact quarterly income installments, annual cumulative interest earned, and 100% principal safety.
| Year | Quarterly Payout (4 Quarters) | Annual Interest Earned | Cumulative Interest | Principal Balance |
|---|
How to Use this Calculator & Formula Breakdown
Step 1: Input Financial Parameters
Enter your one-time SCSS deposit amount (₹1,000 to ₹30 Lakhs).
Step 2: Instant Client-Side Computation
Select tenure: 5 years standard or 8 years with 3-year extension block.
Step 3: Analyze Visual Breakdown & Amortization
Explore live interactive Chart.js donut chart, quarterly income amounts, and complete payout progression schedule.
Mathematical Algorithm & Formula
Frequently Asked Questions (FAQs)
What is the current interest rate on Senior Citizen Savings Scheme (SCSS)?
The Ministry of Finance offers a government-guaranteed interest rate of 8.2% per annum for SCSS accounts, payable quarterly.
When is the SCSS quarterly interest payout credited to my bank account?
Interest is credited directly to the senior citizen’s savings bank or post office account on the first working day of April, July, October, and January for the quarters ending March 31, June 30, September 30, and December 31.
What is the maximum investment limit in an SCSS account?
The Central Government has enhanced the maximum deposit ceiling for SCSS to ₹30 Lakhs per individual (or up to ₹60 Lakhs for a joint account with a senior citizen spouse).
Is there any tax benefit on SCSS investments under Section 80C and 80TTB?
Yes! SCSS deposits up to ₹1.5 Lakhs qualify for tax deduction under Section 80C. Under Section 80TTB, senior citizens can claim up to ₹50,000 of interest income as tax-free deduction per financial year.
Can the 5-year tenure of an SCSS account be extended?
Yes, after the initial 5-year maturity, depositors can extend the SCSS account for an additional 3-year block within 1 year of maturity by submitting Form 4.
Who is eligible to open an SCSS account in India?
Individuals aged 60 years or above are eligible. Retired civilian employees between 55 and 60 years who opted for VRS/superannuation and retired defense personnel aged 50+ are also eligible subject to investment timeline conditions.
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