Senior Citizen Savings Scheme (SCSS) Calculator
Calculate quarterly interest payouts, annual regular income, tax deductions under Section 80TTB, and 5 to 8-year cash flows under the 8.2% SCSS scheme.
Adjust Parameters
Deposit Parameters
Minimum ₹1,000, Maximum ₹30,00,000 per senior citizen.
Current statutory rate is 8.2% p.a.
Age 60+ (or 55+ for VRS retirees) to qualify for SCSS.
Credited Every 3 Months (8.2% p.a.) | ~₹10,250/month
Section 80TTB Tax Exemption for Senior Citizens
Under Section 80TTB of the Income Tax Act, senior citizens can deduct up to ₹50,000 of interest income each financial year from their taxable income.
• Annual Interest Income: ₹1,23,000
• Sec 80TTB Exempt Portion: ₹50,000
• Taxable Balance: ₹73,000 (taxed at slab rate; submit Form 15H if total income is below basic exemption).
5-Year Regular Income Schedule
| Year | Invested Principal | Quarterly Payout | Annual Payout | Cumulative Interest |
|---|---|---|---|---|
| Year 1 | ₹15,00,000 | ₹30,750 | ₹1,23,000 | ₹1,23,000 |
| Year 2 | ₹15,00,000 | ₹30,750 | ₹1,23,000 | ₹2,46,000 |
| Year 3 | ₹15,00,000 | ₹30,750 | ₹1,23,000 | ₹3,69,000 |
| Year 4 | ₹15,00,000 | ₹30,750 | ₹1,23,000 | ₹4,92,000 |
| Year 5 | ₹15,00,000 | ₹30,750 | ₹1,23,000 | ₹6,15,000 |
Senior Citizen Savings Scheme (SCSS) Key Rules & Benefits
The Senior Citizen Savings Scheme is a premier government-guaranteed retirement investment option offering security, high yields, and quarterly cash flow:
- Enhanced ₹30 Lakh Investment Limit: In the Union Budget 2023, the central government doubled the individual deposit ceiling from ₹15 Lakhs to ₹30 Lakhs. A senior citizen couple can jointly/individually invest up to ₹60 Lakhs, yielding ₹1,23,000 in guaranteed quarterly income.
- Strict Quarterly Payouts: Interest is credited automatically on the 1st day of April, July, October, and January into the senior citizen's bank or post office savings account.
- Sovereign Security: Backed directly by the Government of India, SCSS carries zero credit risk, making it substantially safer than corporate fixed deposits or cooperative bank schemes.
- Premature Withdrawal: Funds can be withdrawn before maturity after 1 year subject to minor statutory deductions (1.5% deduction between 1-2 years, 1% deduction after 2 years).
How This Is Calculated
Transparent mathematical formulas and assumptions used across our financial engines.
Variables & Legend
Step-by-Step Calculation
- Quarterly Payout:
\frac{P \times R}{400}Annual interest divided into 4 equal quarters.
- Annual Cash Flow:
4 \times QTotal guaranteed regular income earned per year.
- Total Interest:
4 \times Q \times TCumulative interest received over the entire tenure.
- Maturity:
P + \text{Total Interest}Principal returned in full at maturity alongside regular quarterly payouts.
Conventions & Assumptions
- Maximum deposit limit was increased from ₹15 Lakhs to ₹30 Lakhs in Union Budget 2023.
- Senior citizens (60+) can claim tax exemption of up to ₹50,000 on interest income under Section 80TTB.
- Interest does not compound; it is credited directly to the depositor's savings account each quarter.