SCSS Calculator: Senior Citizens Savings Scheme at 8.2%

SCSS pays a fixed rate every quarter to people aged 60 and above. Find the income your deposit will produce.

How SCSS works

Open to residents aged 60 or older, and to retired defence personnel and some retirees from 50 or 55, subject to conditions.
Invest up to ₹30 lakh per person, in one or more accounts.
The rate is fixed on the day you invest and holds for five years. It is 8.2% for October to December 2026.
Interest is paid on the first working day of each quarter. The account can be extended by three years.

₹15 lakh at 8.2% pays ₹30,750 every quarter, ₹1.23 lakh a year, and returns the ₹15 lakh after five years.

Is SCSS interest taxable?

Yes, at your slab rate. Banks and post offices deduct TDS above the threshold for senior citizens unless you submit Form 15H where eligible.

Can I close it early?

Yes, with a penalty: 1.5% of the deposit if closed after one year and before two, and 1% after two years.