Senior Citizens Savings Scheme (SCSS) Calculator

SCSS is a government-backed retirement benefits program for resident Indians aged 60 and above. It offers capital protection with a regular income stream paid as quarterly interest, over a fixed 5-year tenure that can be extended once by a further three years. Those aged 55 to 60 who have retired on superannuation or under VRS may also open an account, provided they apply within one month of receiving their retirement benefits.

The maximum an individual can invest in SCSS is ₹30 lakh. This ceiling was raised from the earlier ₹15 lakh limit in the Union Budget, doubling the amount seniors can place in the scheme. The minimum deposit is ₹1,000, and deposits must be in multiples of ₹1,000. Importantly, the ₹30 lakh ceiling applies to you as an individual across every SCSS account you hold — it is not a per-bank or per-post-office limit, so holding accounts at two institutions does not double your allowance.

SCSS does not compound your interest until maturity the way a cumulative fixed deposit does. Instead it pays out on four fixed dates each year — 31 March, 30 June, 30 September and 31 December — crediting the amount directly to your linked savings account. Your first interest payment covers the period from the date of deposit to the end of that quarter, so it is often smaller than a full quarter. The principal itself is returned only at the end of the 5-year tenure.