SCSS calculator

See the quarterly income from the Senior Citizen Savings Scheme after tax, and how it compares with the best senior citizen FD today.

Questions people ask

Who can open an SCSS account?

Anyone aged 60 or above. Retired civilian employees aged 55 to 60 can open one within a month of getting retirement benefits, and retired defence staff from age 50.

How much can I invest, and when is interest paid?

From ₹1,000 up to ₹30 lakh per person. Interest is paid every quarter, on the first working day of April, July, October and January.

Is SCSS interest taxable?

Yes, at your slab. TDS is deducted if the interest goes above ₹1 lakh a year; if you owe no tax, submit Form 15H. The deposit is deductible under Section 80C only in the old tax regime.

Can I close SCSS early?

Yes. Closing after 1 year costs 1.5% of the deposit, and after 2 years 1%. Closing within the first year returns the deposit without interest.

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