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SCSS Calculator
Senior Citizen Savings Scheme — for retirees aged 60+. Earn quarterly interest at 8.2% p.a. on deposits up to ₹30 lakh, with 80C benefit on principal.
Max ₹30 lakh (raised from ₹15L in Apr 2023).
Current rate 8.2% — revised quarterly.
5 yrs default; extendable by 3 more years at maturity.
TDS at 10% triggers when annual interest exceeds ₹50,000. Submit Form 15H if your total income is below the basic exemption to avoid TDS.
SCSS rules quick-ref
- Eligibility: 60+, or 55+ for retirees on superannuation/VRS (within 1 month of receiving benefits).
- Tenure: 5 years; extendable by 3 more years at maturity.
- Rate: 8.2% p.a. — payable quarterly, not compounded.
- Limit: ₹30 lakh (raised from ₹15 lakh in Budget 2023).
- Tax: deposits → 80C; interest fully taxable; TDS at 10% if interest > ₹50,000/yr.
Premature withdrawal penalty
- Before 1 year: no interest paid; if any interest already credited, recovered.
- Between 1–2 years: 1.5% of deposit deducted.
- Between 2–5 years: 1% of deposit deducted.
FAQ
Can I open multiple SCSS accounts?
Yes, you can open multiple accounts (single or jointly with spouse) — but the combined deposits across all accounts cannot exceed ₹30 lakh per person. Joint accounts: only the first holder is the depositor for tax purposes.
Is the 8.2% SCSS rate locked for 5 years?
Yes — the rate at the time of deposit is locked for the 5-year tenure. Subsequent deposits attract whatever rate is in force on that quarter. If you extend the account by 3 years at maturity, the prevailing rate then applies.
Is TDS on SCSS interest avoidable?
Yes if your total income is below the basic exemption — submit Form 15H at the start of the FY to the post office or bank. TDS at 10% triggers when annual interest crosses ₹50,000.