Why does nothing compound here?

Because the interest is paid out to you every quarter rather than staying in the account. That is the purpose of the scheme — a predictable income — and it is why the total is lower than a cumulative deposit's.

Is the rate locked for five years?

Yes, at whatever applied on the date of deposit. Later re-notifications affect new accounts only.

What is the deposit limit?

Thirty lakh rupees per person. A couple can hold separate accounts, which doubles the household ceiling.

Is tax deducted from the quarterly payment?

Above the threshold that applies to senior citizens, yes. If your total income is below the taxable limit, a declaration filed with the bank or post office prevents the deduction rather than leaving you to reclaim it.

SCSS Calculator

Quarterly income from the Senior Citizens Savings Scheme.

Everything runs inside your browser. Your files never leave your device.

Result

The result appears here as you type.

Ask about SCSS Calculator

Questions about what this tool does, which option to pick, or what it can and cannot handle.

The question you type here is sent to an AI provider to be answered — your files and whatever you put in the tool above are not, and the assistant cannot see them. Answers are generated and can be wrong. The tool itself is not guessing: it runs deterministic code on your device.

About the SCSS Calculator

The Senior Citizens Savings Scheme takes a deposit, pays interest every quarter, and returns the capital at the end of five years. It is designed to produce income rather than growth, and the arithmetic reflects that: nothing compounds, because the interest leaves the account each quarter.

That is the trade at the centre of the scheme and the tool states it plainly. A deposit that compounds for five years ends larger than one that pays out; a deposit that pays out gives you money to live on in the meantime. Neither is better in the abstract — they answer different questions — but comparing the maturity value of one against the other without noticing the difference is a mistake.

The quarterly payment is straightforward to work out and the tool also states it as a monthly equivalent, because household budgets run monthly and quarterly figures are awkward to think in.

Two limits shape the scheme. The deposit is capped at thirty lakh rupees per person, and eligibility generally begins at sixty, with earlier entry allowed for some retirees under specific conditions. The rate is fixed at the time of deposit for the full five years, so a re-notification afterwards leaves an existing account untouched — the same lock-in that applies to the National Savings Certificate.

The interest is fully taxable and deduction at source applies above the threshold for senior citizens, which is higher than the ordinary one. Where total income stays below the taxable limit, a declaration can prevent the deduction rather than reclaiming it later.

The account can be extended by three years once the initial term ends.

How to use it

1Enter the deposit, keeping within the per-person ceiling.
2Set the rate from the current notification for the quarter in which you are depositing.
3Read the quarterly payment and the monthly equivalent beside it.
4Check the total interest against what the same amount would have earned if it compounded instead.

Questions

Why does nothing compound here?: Because the interest is paid out to you every quarter rather than staying in the account. That is the purpose of the scheme — a predictable income — and it is why the total is lower than a cumulative deposit's.
Is the rate locked for five years?: Yes, at whatever applied on the date of deposit. Later re-notifications affect new accounts only.
What is the deposit limit?: Thirty lakh rupees per person. A couple can hold separate accounts, which doubles the household ceiling.
Is tax deducted from the quarterly payment?: Above the threshold that applies to senior citizens, yes. If your total income is below the taxable limit, a declaration filed with the bank or post office prevents the deduction rather than leaving you to reclaim it.