SCSS Calculator: Senior Citizens Savings Scheme Interest & Benefits
8.2% Quarterly Payout — Built for Retirement Income
SCSS is the highest-yielding government scheme available to senior citizens (60+). With quarterly interest payouts, it’s designed to provide regular income in retirement. Investment limit is ₹30 lakh, and it qualifies for 80C deduction.
Key Features
| Feature | Detail |
|---|---|
| Interest rate | 8.2% per annum (paid quarterly) |
| Max investment | ₹30,00,000 |
| Tenure | 5 years (extendable by 3 years) |
| Eligibility | 60+ years (55+ for retired government employees, 50+ for retired defence) |
| Tax | Interest taxable at slab; TDS if interest > ₹50,000/year. 80C deduction on investment. |
Income from ₹30L Investment
₹30L at 8.2% = ₹2,46,000/year = ₹61,500 per quarter = ~₹20,500/month. This provides a steady, predictable retirement income. For tax-free alternative income, combine SCSS with SWP from mutual funds.
Premature Withdrawal
- After 1 year but before 2 years: 1.5% of deposit deducted as penalty
- After 2 years: 1% penalty
- Death of depositor: no penalty; nominee receives balance