How to use the SCSS Calculator (Senior Citizens Savings Scheme)
- Enter the amount you will deposit, up to ₹30 lakh.
- Enter the interest rate. The default is 8.2%.
- Read the interest per quarter, per month and per year, and the total over five years.
Formula used
Quarterly interest = deposit × rate ÷ 4. Yearly interest = deposit × rate. Total over 5 years = 5 × yearly interest. The deposit is returned at maturity.
Worked example
Here is the SCSS Calculator (Senior Citizens Savings Scheme) worked through with the example values shown above, so you can check each step by hand.
| Inputs | |
|---|---|
| Deposit | ₹15,00,000 |
| Interest rate (per year) | 8.2 % |
| Result | |
| Interest paid each quarter | ₹30,750 |
| Monthly equivalent | ₹10,250 |
| Interest per year | ₹1,23,000 |
| Total interest over 5 years | ₹6,15,000 |
Interest by deposit
At the default 8.2% a year.
| Deposit | Interest paid each quarter | Interest per year |
|---|---|---|
| ₹5,00,000 | ₹10,250 | ₹41,000 |
| ₹10,00,000 | ₹20,500 | ₹82,000 |
| ₹15,00,000 | ₹30,750 | ₹1,23,000 |
| ₹20,00,000 | ₹41,000 | ₹1,64,000 |
| ₹30,00,000 | ₹61,500 | ₹2,46,000 |
How the payout is worked out
SCSS interest is paid on 31 March, 30 June, 30 September and 31 December, and it is simple interest on the deposit. A deposit of ₹15,00,000 at 8.2% pays ₹30,750 every quarter, which is ₹1,23,000 a year, or about ₹10,250 a month if spread evenly. Over five years the interest comes to ₹6,15,000.
The deposit itself is returned at maturity. Because interest is paid out rather than reinvested, there is no compounding, so the total is just five times the yearly amount.
The rate and the limit
The SCSS rate was 8.2% for October to December 2026. The government reviews small-savings rates each quarter, and the rate on your account is fixed from the date you open it.
The maximum deposit is ₹30 lakh across all SCSS accounts. At the maximum and 8.2%, the quarterly interest is ₹61,500. A deposit of ₹5,00,000 pays ₹10,250 a quarter. The table above shows more amounts.
Who can invest and for how long
The scheme is for residents aged 60 or over, with some earlier-age conditions for retirees under specific rules. The term is five years, and a holder may extend the account once for a further three years. Premature closure is allowed but usually brings a deduction from the deposit or interest.
Rules, limits and rates can change, so confirm the details with a post office or an authorised bank before you invest.
Tax on the interest
SCSS interest is taxable and appears in your income. The bank or post office may deduct tax at source if the interest crosses a threshold, and there is a higher limit for senior citizens before this applies. Submit the right declaration if your income is below the taxable limit.
Under the old tax regime the deposit may qualify for a deduction under section 80C. Treat the calculator’s figures as before-tax, and look at your overall tax picture with the income tax calculator.
Frequently asked questions
What is the SCSS interest rate?
It was 8.2% for October to December 2026, and the rate on your account stays fixed for its term.
When is SCSS interest paid?
Every quarter, with payments on 31 March, 30 June, 30 September and 31 December.
What is the maximum I can deposit?
₹30 lakh, in multiples of ₹1,000.
Is there compounding?
No. Interest is paid out, so it is simple interest.
Who can open an account?
Generally people aged 60 or above. Check the current rules for retirees below 60.
Is the interest taxable?
Yes. It is added to your income and taxed at your slab rate.
This calculator gives estimates for information only. Actual figures from a bank, employer, tax authority or doctor may differ. It is not financial, tax, legal or medical advice.