Senior Citizens Savings Scheme (SCSS) Calculator
Estimate quarterly interest payouts and total maturity returns under the Senior Citizens Savings Scheme (SCSS).
Note: Maximum deposit limit is capped at ₹30 Lakhs per individual.
Interest Accumulation Chart
Frequently Asked Questions
Who is eligible to invest in the SCSS scheme?
Standard eligibility is for individuals aged 60 years or older. However, retirees under superannuation or VRS schemes can invest starting at age 55, and retired defense personnel can open accounts starting at age 50.
What is the maximum deposit limit under SCSS?
The maximum deposit limit for an individual is capped at ₹30 Lakhs. Husbands and wives can also open joint accounts or individual accounts separately to invest up to ₹30 Lakhs each.
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SCSS: The Safest Way for Senior Citizens to Earn Quarterly Income
After 35 years of service, Vijay retired with ₹20 lakhs in savings. The bank offered him a regular FD at 6.5%. His neighbour told him about the Senior Citizens Savings Scheme — a government-backed instrument at 8.2% per annum with quarterly interest payouts. The difference for Vijay: ₹38,000/quarter vs ₹32,500/quarter. Over 5 years, ₹2.75 lakhs more income from the same corpus.
SSCS (Senior Citizens Savings Scheme) is available to individuals aged 60 and above, or 55 and above who have taken voluntary retirement. The maximum deposit per individual is ₹30 lakhs. It offers quarterly interest payouts to a nominated bank account — making it ideal for covering regular living expenses in retirement.
The scheme has a 5-year tenure, extendable by 3 more years. It qualifies for 80C deduction under the Old Regime. Interest above ₹50,000/year is subject to TDS (Form 15H can be submitted if total income is below the taxable threshold).
SSCS is best paired with a SWP from a conservative hybrid or short-duration debt fund for a comprehensive retirement income strategy — covering both regular quarterly income and inflation-hedged growth.
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