Senior Citizen Savings Scheme Calculator

Calculate the quarterly interest payout and total returns on a Senior Citizen Savings Scheme (SCSS) deposit over its 5-year tenure.

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Enter your SCSS deposit amount to calculate the quarterly interest payout at the current 8.2% rate, paid out over the scheme's 5-year tenure.

Deposit amount *

₹

Maximum deposit limit is ₹30,00,000 (single or joint account combined).

Your result

₹30,750

Quarterly interest payout

Annual interest payout₹1,23,000

Total interest over 5-year tenure₹6,15,000

Principal + interest at maturity₹21,15,000

AI explanation

Formula

Annual interest = principal × rate. Quarterly payout = annual interest / 4. Interest is paid out, not compounded.

Worked example

₹15,00,000 deposit

Worked example: ₹15,00,000 deposit
Field	Value
Deposit amount	1500000
Quarterly interest payout	30750
Annual interest payout	123000
Total interest over 5-year tenure	615000
Principal + interest at maturity	2115000

Assumptions

SCSS interest rate is 8.2% p.a., notified for the Jul-Sep 2026 quarter and revised quarterly by the Ministry of Finance.
Interest is paid out quarterly rather than compounded — the principal is returned in full at maturity.
Standard 5-year tenure assumed (extendable once by 3 years on maturity, not modeled here).

Frequently asked questions

Who can open an SCSS account?

Indian residents aged 60+ (55+ for those who took voluntary retirement, and retired defence personnel of any age) can open an SCSS account at a post office or authorised bank.

Is SCSS interest taxable?

Yes, SCSS interest is fully taxable as per your income tax slab. TDS applies if total interest exceeds the threshold specified under Section 194A.

Can I extend my SCSS account after 5 years?

Yes, SCSS accounts can be extended once for an additional 3 years within one year of maturity, at the interest rate applicable on the date of extension.

Related calculators

Sources

Senior Citizens' Savings Scheme — rules and current interest rate — Ministry of Finance, Government of India. Effective 02-08-2004, reviewed 13-09-2026.

This calculator provides an estimate only. SCSS interest rates are revised quarterly by the Ministry of Finance — actual returns depend on the rate in force when you open the account and during any extension. Not personalized financial advice.

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