worldofcalcsSCSS Calculator
The Senior Citizens' Savings Scheme pays 8.2% a year, credited every quarter, for 5 years. For investors aged 60 and over.
₹30,00,000 in each Post Office scheme
| Scheme | Rate | What you get |
|---|---|---|
| Senior Citizens' Savings Scheme 5 years | 8.2% | ₹61,500 a quarter |
| Monthly Income Scheme 5 years | 7.4% | ₹9,250 a month * |
| National Savings Certificate 5 years | 7.7% | ₹43,47,101 at maturity |
| Kisan Vikas Patra 115 months | 7.5% | ₹60,00,000 at maturity |
| 5-year Time Deposit 5 years | 7.5% | ₹2,31,408 a year |
Rates for October–December 2026. * Calculated on the scheme's maximum deposit. MIS shown for a joint account.
What is the Senior Citizens' Savings Scheme?
The Senior Citizens' Savings Scheme (SCSS) is a government-backed savings scheme for retirees, available at post offices and many banks. You deposit a lump sum for 5 years and receive interest every quarter, which makes it a popular source of regular income after retirement. The rate for October–December 2026 is 8.2% a year, and it stays fixed for your full 5 years once you open the account.
How the interest is calculated
Interest is simple, not compounded: the same amount is paid on 1 April, 1 July, 1 October and 1 January every year, usually into your savings account. Your deposit is returned at the end of 5 years.
SCSS rules
- Open to anyone aged 60 or over; from 55 if you retired on superannuation or VRS and invest within a month of getting your retirement benefits; and from 50 for retired defence personnel.
- You can deposit from ₹1,000 up to ₹30 lakh in total across your SCSS accounts.
- Deposits qualify for the 80C deduction (up to ₹1.5 lakh) in the old tax regime.
- Interest is fully taxable. TDS is deducted if your interest crosses ₹1 lakh in a year, unless you submit Form 15H when eligible.
- After 5 years you can extend the account in blocks of 3 years at the rate then in force.
- Closing early costs you: interest is forfeited within the first year, 1.5% of the deposit is deducted in the second year, and 1% after that.
Worked example: ₹30 lakh in SCSS
- Deposit ₹30,00,000 (the maximum per person) at 8.2% a year
- Interest every quarter: ₹30,00,000 × 8.2% ÷ 4 = ₹61,500
- That is ₹2,46,000 a year, or about ₹20,500 a month
- Over 5 years you receive ₹12,30,000 in interest, and the ₹30,00,000 comes back at maturity