Knowledge Base

Senior Citizen Savings Scheme

Interest = Principal × Rate × Time

Exclusive for 60+ citizens (55+ for retirees). Max deposit: ₹30 Lakhs.

Current rate: 8.2% p.a. — paid quarterly, providing regular income.

5-year tenure, extendable by 3 years once.

Tax deduction under 80C on deposits. Interest is taxable but 80TTB gives ₹50K exemption.

Safest option for retirement income — backed by Government of India.

Pro Tip

Combine SCSS with PMVVY and Post Office deposits to create a diversified retirement income ladder.

Senior Citizen Savings Scheme - Complete Guide

Everything you need to know about Senior Citizen Savings Scheme and how to optimize your financial strategy.

Understanding the Formula

The core calculation is based on:

Interest = Principal × Rate × Time

Key Concepts & Rules

Exclusive for 60+ citizens (55+ for retirees). Max deposit: ₹30 Lakhs.

Current rate: 8.2% p.a. — paid quarterly, providing regular income.

5-year tenure, extendable by 3 years once.

Tax deduction under 80C on deposits. Interest is taxable but 80TTB gives ₹50K exemption.

Safest option for retirement income — backed by Government of India.

Expert Strategy

Combine SCSS with PMVVY and Post Office deposits to create a diversified retirement income ladder.

How to use this Calculator?

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