SCSS Calculator (Senior Citizens Savings Scheme)
By Santaji GadepatilinUpdated October 27, 2026
The Senior Citizens Savings Scheme is a government scheme for people over 60 that pays fixed interest every quarter. This free SCSS calculator solves for whichever value you leave blank and shows the formula and steps.
How to use the SCSS calculator
Enter the deposit amount (up to ₹30 lakh) and the interest rate (currently 8.2%). You get the interest paid every quarter, its monthly equivalent, the yearly total and the total interest over the 5-year term. The deposit is returned at maturity.
SCSS formula
Quarterly interest = Deposit × Rate ÷ 4
Interest is paid on the first working day of April, July, October and January. It is simple interest — it does not compound unless you reinvest it.
Quarterly income at 8.2%
| Deposit | Quarterly | Monthly equivalent | Yearly |
|---|---|---|---|
| ₹5,00,000 | ₹10,250 | ₹3,417 | ₹41,000 |
| ₹10,00,000 | ₹20,500 | ₹6,833 | ₹82,000 |
| ₹15,00,000 | ₹30,750 | ₹10,250 | ₹1,23,000 |
| ₹20,00,000 | ₹41,000 | ₹13,667 | ₹1,64,000 |
| ₹30,00,000 | ₹61,500 | ₹20,500 | ₹2,46,000 |
Key rules
- Tenure: 5 years, which can be extended by a further 3 years.
- Premature closure: after 1 year with 1.5% penalty; after 2 years with 1% penalty.
- Joint account: allowed with spouse only; the deposit limit applies to the first holder.
- Where: post offices and authorised banks.
SCSS vs other income options
| SCSS | POMIS | Bank senior FD | |
|---|---|---|---|
| Rate (Oct–Dec 2026) | 8.2% | 7.4% | Varies by bank |
| Payout | Quarterly | Monthly | Monthly / quarterly |
| Limit | ₹30 lakh | ₹9 / 15 lakh | No limit |
| 80C benefit | Yes (old regime) | No | Only 5-year tax saver |
Compare monthly income options with the Post Office MIS calculator.
Frequently asked questions
What is the SCSS interest rate?
8.2% a year for the October–December 2026 quarter, paid quarterly. The rate on the date of deposit applies for the full 5 years.
What is the maximum investment in SCSS?
₹30 lakh per individual. A married couple can each open an account.
Who can invest in SCSS?
Residents aged 60 and above. Retirees aged 55–60 (and some defence retirees aged 50–60) can invest retirement benefits within a set period of retirement.
Is SCSS interest taxable?
Yes, at your slab rate, with TDS above the yearly threshold. Deposits qualify for deduction under section 80C in the old regime.