SCSS Calculator (Senior Citizens’ Savings Scheme)
Quarterly SCSS interest, payout dates, extensions, early closure and TDS.
Payout schedule
Due on the first working day of the month shown. The last payout comes with the deposit.
Interest and TDS by tax year
How this was calculated
Results are estimates for general information and planning, not financial advice. Banks and institutions may calculate differently (rounding, fees, rate changes). Confirm figures with your lender or a qualified adviser before deciding.
About the SCSS Calculator (Senior Citizens’ Savings Scheme)
The Senior Citizens’ Savings Scheme (SCSS) is a 5-year post office deposit that pays interest every quarter — 8.2% a year on deposits made from April 2023, which is ₹61,500 a quarter on the ₹30 lakh maximum. The rate is fixed for the 5 years.
This calculator follows the scheme’s rules to the day: the first payout covers only the days from your deposit to the end of that quarter, later payouts fall due on the first working day of January, April, July and October, and the last part-quarter is paid with the deposit. Add 3-year extensions, test an early closure to see the deduction, and see the interest in each tax year with a TDS estimate against the ₹1 lakh senior-citizen threshold.
How to use it
- Enter the date of deposit (today’s date for a new account) and the amount — ₹1,000 to ₹30 lakh, in multiples of ₹1,000. The rate for that date is filled in.
- Optionally choose how many 3-year extensions you plan and the rate for them, or a date on which you might close the account early.
- Tick whether you are 60 or older in the tax year and have given your PAN, and add any other interest you get from the post office, for the TDS estimate.
- Read the quarterly interest and the payout schedule, then copy the summary or download the schedule as CSV.
Examples
₹61,500 a quarter · first payout ₹60,163 (90 of 92 days) due 1 January 2027 · ₹12,30,000 interest over 5 years · matures 3 October 2031
1% of the deposit (₹30,000) is deducted: ₹29,71,337 paid out on closure, ₹4,62,000 of interest kept overall
₹2,46,000 interest in a full tax year is above the ₹1 lakh threshold: ₹24,600 TDS, unless your tax is nil and you give the no-TDS declaration
₹205 a quarter — the figure India Post gives for ₹10,000 at 8.2%
Who can open an SCSS account
Under paragraph 3 of the Senior Citizens’ Savings Scheme, 2019, as amended (SB Order 22/2023):
- anyone aged 60 or older;
- anyone aged 55 to 60 who has retired, within three months of receiving the retirement benefits (and only up to the amount of those benefits);
- retired defence personnel (not civilian defence employees) from 50;
- the spouse of a government employee who died in service after turning 50.
You can hold several accounts, singly or jointly with your spouse, but your deposits together cannot exceed ₹30 lakh; a joint account counts entirely towards the first holder. Spouses who are both eligible can each deposit up to ₹30 lakh.
How the interest is paid
- One deposit of ₹1,000 or a multiple of it, up to ₹30 lakh (₹15 lakh for deposits made before 31 March 2023).
- Quarterly: interest for each calendar quarter is due on the first working day of the next one — January, April, July and October (para 5(2)). It is rounded to the rupee and does not earn interest if you leave it unclaimed.
- First and last payouts: the first covers the days from your deposit to the quarter end, the last the days from the final quarter start to the day before maturity — days held ÷ days in the quarter × a full quarter’s interest (para 5(9)).
- Rate: fixed for 5 years at the rate on the date of deposit — 8.2% since 1 April 2023 (NSI rate history), and India Post lists 8.2% for October–December 2026. Earlier deposits keep their own rate: 8.0% in January–March 2023, 7.6% in October–December 2022, 7.4% from April 2020 to September 2022.
Extension and early closure
- Extension: within a year of maturity you can extend the account for 3 more years, and again at the end of each block — any number of times since November 2023. The extension counts from the maturity date and earns the rate in force on that date.
- Closing early (para 6), you get the deposit back minus:
- before 1 year — all the interest already paid, and nothing for the last part-quarter;
- from 1 to 2 years — 1.5% of the deposit;
- from 2 years to maturity — 1% of the deposit;
- within the first year of an extension — 1%; after that, nothing.
- Interest is paid up to the day before closure. Only one withdrawal — the whole deposit — is allowed.
Tax, TDS and Form 15H
Under the Income-tax Act, 2025:
- Deduction: the deposit counts towards the ₹1.5 lakh limit of section 123 (Schedule XV, para 1(u)) — in the old regime only. If you claimed it and close the account within 5 years, the amount withdrawn (except interest already taxed) is treated as income of that year (Schedule XV, para 5). Deposits made before April 2026 were claimed under section 80C of the Income-tax Act, 1961.
- Interest is taxable at your slab in both regimes. In the old regime, a senior citizen can deduct up to ₹50,000 of interest on bank and post office deposits under section 153.
- TDS (section 393(1), Table serial 5(ii)): once the post office’s interest to you in a tax year passes ₹1,00,000 — or ₹50,000 if you are under 60 — it deducts 10% of all of it, or 20% without PAN. India Post counts the interest from all your accounts. If the tax on your total income will be nil, a declaration under section 393(6) stops the deduction — India Post still calls it Form 15H (60 or older) or Form 15G.
- The calculator counts each payment in the tax year in which it falls due, so the January–March interest paid on 1 April belongs to the next tax year.
Limitations
- The rate is taken from the NSI rate history and India Post for the deposit date, up to 31 December 2026. For a later date the calculator uses the latest rate and says so — check the rate for that quarter.
- Payouts are shown on the 1st of the month; when that is a holiday the post office pays on the next working day.
- An extension uses one rate for all blocks; in reality each block earns the rate in force when it starts.
- The TDS estimate assumes the same other post office interest every year and does not model Form 15H or refunds of TDS on interest that is later recovered.
- Tax on the interest itself depends on your total income and regime, and is not calculated.
- The early-closure deduction changes on the anniversary of the deposit (one year, two years); for a closure on that exact day, confirm the figure with the post office.
Privacy
Everything happens in your browser. What you enter or open here is not uploaded or stored by MySmartCoPilot.
Frequently asked questions
What is the SCSS interest rate now?
8.2% a year, paid quarterly, for deposits made from 1 April 2023 — India Post lists it for October–December 2026 too. The rate is fixed for the 5 years of your account.
How much quarterly interest will I get on ₹30 lakh in SCSS?
₹61,500 a quarter, ₹2,46,000 a year, at 8.2%. The first payout is smaller unless you deposit on the first day of a quarter, because it covers only the days up to the quarter end.
When is SCSS interest paid?
On the first working day of January, April, July and October, for the quarter just ended. You can have it credited to your post office savings account automatically.
Is TDS deducted on SCSS interest?
Yes, once the post office’s interest to you in a tax year passes ₹1 lakh (₹50,000 if you are under 60): 10% of the whole year’s interest, or 20% without PAN. If the tax on your total income will be nil, give the post office the no-TDS declaration (Form 15H, or 15G under 60) to stop it.
Can I withdraw from SCSS before 5 years?
Yes, by closing the account: within a year you lose the interest paid, from one to two years 1.5% of the deposit is deducted, and after two years 1%. Partial withdrawals are not allowed.
Can SCSS be extended after 5 years?
Yes, for 3 years at a time, as often as you like since the amendment. Apply within a year of maturity; the extension starts from the maturity date at the rate in force then.