Who can open an SCSS account?

Individuals aged 60 or above, or 55+ for those who've taken voluntary retirement, can open an SCSS account, subject to the scheme's deposit limits.

Is SCSS interest taxable?

Yes — SCSS interest is fully taxable as per your income slab, and TDS applies once the interest crosses the prescribed annual threshold.

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Savings & investments

SCSS Calculator

SCSS pays interest quarterly rather than compounding it — see your quarterly income and total interest over the term.

Deposit details

Deposit amount ₹15,00,000

Interest rate (annual) 8.2%

Tenure (years) 5 yrs

Payout details

Quarterly payout

₹0

Deposit amount₹0

Total interest over tenure₹0

Annual payout₹0

How SCSS payout is calculated

Quarterly payout = (Principal × Annual rate) ÷ 4
Interest is paid out each quarter rather than compounded, so the deposit itself stays constant through the tenure.

SCSS is available to individuals aged 60+ (or 55+ for certain retirees), with a maximum deposit limit set by the scheme and a base tenure of 5 years, extendable by 3 more years. The rate is revised quarterly by the government.

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Figures are estimates for planning purposes only and do not constitute financial advice.