This SCSS calculator for post office accounts shows the interest you get every quarter from the Senior Citizen Savings Scheme. Enter your deposit and the calculator uses the current SCSS rate. pincodeoffice.com is an independent site, not India Post. For official rules, see the India Post website.
How SCSS in post office works
SCSS post office accounts are part of a Government of India deposit scheme for retired people. The scheme was built for people who want safe, regular income after they stop working. You make one deposit. Interest is paid every quarter for 5 years, and you get your deposit back at the end. The rate on the day you open the account stays fixed for the full 5 years. See the current rate on our post office schemes page.
Interest is paid on the first working day of April, July, October and January. It goes into your savings account. Interest left unclaimed does not earn extra interest.
Who can open an SCSS account
- Anyone aged 60 or above.
- People aged 55 to 60 who have retired on superannuation or under a voluntary scheme. They must invest within three months of receiving retirement benefits, and only up to the amount of those benefits.
- Retired defence personnel aged 50 and above, other than civilian staff, under the same conditions.
- You can open it alone or jointly with your spouse only.
- NRIs and HUFs cannot open an SCSS account.
Deposit limits and tenure
- Minimum: Rs 1,000, in multiples of Rs 1,000.
- Maximum: Rs 30 lakh in total across all your SCSS accounts.
- Tenure: 5 years.
- Extension: you can extend for 3 years at a time, any number of times. Apply within one year of maturity.
Premature closure of SCSS
- Before 1 year: interest already paid is taken back from your deposit.
- After 1 year but before 2 years: 1.5% of the deposit is cut.
- After 2 years: 1% of the deposit is cut.
- Extended account: closing within one year of extension costs 1% of the deposit. After that, there is no cut.
Tax on SCSS
The deposit qualifies for a deduction under Section 80C (Section 123 under the new Income-tax Act), within the overall limit of Rs 1.5 lakh a year. This is available only under the old tax regime. The interest is fully taxable. TDS is cut if your yearly interest crosses the limit set by the tax law. If your income is below the taxable limit, give Form 15H, or Form 15G if you are below 60.
Worked example: SCSS calculator post office for Rs 15 lakh
Say you deposit Rs 15 lakh. Type 1500000 in the calculator. It shows your interest every quarter, your interest for a year, and the total interest over 5 years at today's rate. If you deposit the full Rs 30 lakh, the interest doubles. A couple can each open their own account, so together they can put in up to the limit in each name.
This post office SCSS calculator is useful when you plan your budget after retirement. Add the quarterly figure to your pension and other income to see your total monthly spending money. Remember that tax on the interest will reduce what you keep.
The calculator shows simple interest because SCSS pays out interest every quarter instead of adding it to the deposit. Your deposit comes back in full at the end of 5 years.
SCSS in SBI vs post office
You can open an SCSS account at a post office or at many banks, including SBI. The rate, limits and rules are the same in both, because the Government of India sets them. Pick the place that is easier for you to visit. A bank may offer easier online access, while a post office may be closer to your home. You can also move an SCSS account between a post office and a bank.
How to open an SCSS account in the post office
- Visit the post office with Aadhaar, PAN, age proof and photos. Retirees aged 55 to 60 also need proof of retirement benefits. Find the nearest office with our pincode of my location tool and check the post office timings.
- Fill the SCSS form and add a nominee.
- Pay by cash up to the allowed limit, or by cheque for larger amounts.
- Link your savings account so the quarterly interest is paid there.