HDFC Bank Senior Citizen Savings Scheme (SCSS) Calculator

Plan Your Secure, Regular Income After Retirement.

Calculate Your Quarterly Interest Payout

Please Note: The SCSS interest rate is set by the government and can change for new accounts. The rate you get is locked for the entire 5-year period. Always confirm the latest rate on the official HDFC Bank website.

All About the HDFC Bank Senior Citizen Savings Scheme (SCSS)

The Senior Citizen Savings Scheme (SCSS) is a government-backed savings plan designed to give senior citizens a secure investment option and a steady income stream. You can easily open an SCSS account at any HDFC Bank branch. The scheme's main purpose is to provide financial stability and peace of mind to retired individuals through guaranteed, regular returns.

Key Highlights: Why is HDFC Bank SCSS an Excellent Choice for Seniors?

  • Complete Safety: As a government-sponsored scheme, your investment is fully protected.
  • Steady Income: Interest is paid out every three months, making it a reliable source of income for your regular expenses.
  • High Interest Rate: With an interest rate of 8.2% (current), it's one of the most attractive options for safe, fixed-income investments.
  • Tax Savings: Your investment allows you to claim a tax deduction under Section 80C of the Income Tax Act.
  • Top Private Bank: You get the modern banking convenience and excellent service of managing your account with HDFC Bank.

Who Can Open an SCSS Account with HDFC Bank? (Eligibility)

  • Any individual who is 60 years of age or older.
  • Individuals between 55 and 60 years who have retired under a Voluntary Retirement Scheme (VRS) or superannuation. They must open the account within one month of receiving their retirement benefits.
  • Retired Defence Personnel are also eligible, subject to certain conditions.
  • A joint account can be opened, but only with a spouse. The first depositor must meet the senior citizen age criteria.

Investment Rules: How Much Can You Deposit?

  • Minimum Deposit: An account can be opened with a minimum deposit of ₹1,000.
  • Maximum Deposit: The total investment limit per individual is ₹30,00,000 (thirty lakh).
  • Lump Sum Investment: The entire amount must be deposited in one single transaction at the time of opening the account.
  • Multiple Accounts: You can open more than one SCSS account, but the total investment across all your accounts (in HDFC Bank, other banks, and Post Offices) cannot go over the ₹30 lakh limit.

How You Receive Your Interest (Quarterly Payouts)

A major advantage of the SCSS is the regular interest payment. The interest is not added back to the principal (it is not compounded), but is paid out directly to your savings account every quarter. The interest payment dates are fixed:

  • March 31st
  • June 30th
  • September 30th
  • December 31st

You can link your HDFC Bank savings account to the SCSS account for hassle-free, automatic credit of your quarterly interest.

Maturity and Extension of the Account

The SCSS account matures after 5 years. On maturity, you can choose one of the following options:

  • Close the Account: You can withdraw the entire principal amount.
  • Extend the Account: You have the option to extend the account for one additional block of 3 years. You must apply for the extension within one year from the maturity date. The interest rate for the extended period will be the rate applicable for new accounts on the date of your original account's maturity.

Important Tax Rules for SCSS

It's very important to understand the tax implications for proper financial planning.

  • Tax Benefit on Investment: The amount you invest (up to ₹1.5 lakh) is eligible for a tax deduction under Section 80C of the Income Tax Act.
  • Interest is Taxable: The quarterly interest payout is considered part of your income and is taxable as per your income tax slab.
  • TDS is Applicable: Tax Deducted at Source (TDS) is applicable. If the total interest earned from your SCSS account exceeds ₹50,000 in a financial year, HDFC Bank will deduct TDS before crediting the interest.
  • How to Avoid TDS: If your total annual income is below the taxable limit, you can submit Form 15H to your HDFC Bank branch at the start of the financial year to request that no TDS be deducted.