Senior Citizen Savings Scheme Calculator – SCSS Interest
Min: ₹1,000 · Max: ₹30,00,000
Current SCSS rate: 8.2% per annum (Q1 FY 2025-26)
What is SCSS?
The Senior Citizen Savings Scheme (SCSS) is a government-backed investment designed specifically for senior citizens. It offers a safe, predictable quarterly income at one of the highest rates available among small savings schemes — currently 8.2% per annum. With a 5-year tenure extendable by 3 more years and a maximum investment limit of ₹30 lakh, SCSS is a popular post-retirement income tool.
Key Features of SCSS
- Interest rate: 8.2% per annum, paid quarterly.
- Tenure: 5 years, extendable by 3 years on maturity.
- Investment limit: Minimum ₹1,000, maximum ₹30 lakh.
- Quarterly payouts: Interest credited on 31 March, 30 June, 30 September, and 31 December.
- Premature withdrawal: Allowed after 1 year with penalty.
- Nomination facility: Available to designate a nominee for the account.
Frequently Asked Questions About SCSS
What is SCSS?
SCSS (Senior Citizen Savings Scheme) is a government-backed fixed deposit scheme for senior citizens aged 60 and above. It has a 5-year tenure (extendable by 3 years) and offers one of the highest guaranteed interest rates among small savings schemes.
Who is eligible for SCSS?
Indian residents aged 60 or above are eligible. Retired defence personnel can invest from age 50. Those who opted for VRS can invest between ages 55 and 60 within one month of receiving retirement benefits.
What is the current SCSS interest rate?
The current SCSS interest rate is 8.2% per annum for Q1 FY 2025-26. The rate is reviewed quarterly. Interest is paid quarterly — not compounded — making it ideal for regular pension-like income.
When is SCSS interest paid?
SCSS interest is paid quarterly on the last working day of March, June, September, and December, directly to your linked bank or post office account.
What is the maximum investment in SCSS?
The maximum investment is ₹30 lakh per individual (raised from ₹15 lakh in Budget 2023). Minimum investment is ₹1,000.
Can I open multiple SCSS accounts?
Yes, you can open multiple SCSS accounts individually or jointly with your spouse. However, the combined deposit across all accounts cannot exceed ₹30 lakh.
What happens after SCSS maturity?
On maturity after 5 years, you can close the account and withdraw the principal, or extend it for a further 3 years at the prevailing rate. Extension must be applied for within one year of maturity.
Is SCSS interest taxable?
Yes, SCSS interest is taxable as per your income slab. TDS is deducted if annual interest exceeds ₹50,000 for senior citizens. Submit Form 15H to avoid TDS if your total income is below the taxable limit.
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