Banking
SCSS Calculator
Computes the quarterly interest payout from a Senior Citizen Savings Scheme deposit over its 5-year term.
Your details
₹
%
Quarterly payout
₹30,750
Total interest over 5 years
₹6,15,000
A ₹15,00,000 deposit pays approximately ₹30,750 every quarter, totaling around ₹6,15,000 in interest over the 5-year term (interest only — principal is returned at maturity).
How this is calculated
Quarterly payout = deposit × rate ÷ 100 ÷ 4 (simple interest, paid out rather than compounded). Total over 5 years = quarterly payout × 20 quarters.
Source: SCSS rate is revised quarterly by the Ministry of Finance; default shown is illustrative — verify the current rate and deposit cap.
Frequently asked questions
Who can open an SCSS account?
Individuals aged 60+ (with some earlier-access provisions for retirees under specific conditions), with a current maximum deposit cap set by the scheme rules.
Is SCSS interest taxable?
Yes — fully taxable as per your income tax slab, with TDS applicable above a threshold.
Can the deposit be withdrawn early?
Yes, with a penalty on the interest rate depending on how early the withdrawal happens relative to the 5-year term.