Senior Citizen Savings Scheme Calculator
A Senior Citizen Savings Scheme (SCSS) deposit of ₹30,00,000, the per-individual maximum, pays ₹61,500 every quarter for the full term at the current 8.2% rate, then returns your ₹30,00,000 in full. The calculator below takes your deposit, rate, and tenure and shows the quarterly interest, the monthly income equivalent, the total interest over 5 or 8 years, and the maturity amount.
Minimum ₹1,000. Maximum ₹30,00,000 per individual, across all your SCSS accounts.
Currently 8.2% (July to September 2026). Set quarterly by the Ministry of Finance and locked at the rate on your opening date.
5-year base term, or 8 years after one 3-year extension.
Interest is credited on the first working day of April, July, October, and January. Your principal comes back in full at maturity.
Quarterly interest payout
₹30,750
- Monthly income equivalent
- ₹10,250
- Total interest over 5 years
- ₹6,15,000
- Maturity value (your deposit back)
- ₹15,00,000
The math behind the calculator
SCSS pays simple interest, credited quarterly, so the formula is short:
Quarterly interest = Deposit × (rate ÷ 100) ÷ 4- Deposit is your one-time lump sum, up to ₹30,00,000.
- rate is the annual rate (8.2% for the July to September 2026 quarter).
- The interest is paid out to your savings account each quarter, so nothing compounds. The monthly income equivalent is that quarterly figure divided by 3.
- Total interest over the term is the quarterly payout times 4 times the number of years, and the maturity value is simply your deposit returned in full.
Because the interest is simple and paid out, SCSS is built for income rather than growth. A compounding instrument like PPF suits a lump sum you want to grow; SCSS is for a steady quarterly cheque with your capital preserved.
Quarterly income by deposit
At the current 8.2% rate, this is what common deposit sizes pay each quarter over the 5-year base term, with the monthly equivalent and the total interest. Your principal comes back in full at the end.
| Deposit | Quarterly payout | Monthly equivalent | Total interest (5 years) |
|---|---|---|---|
| ₹5,00,000 | ₹10,250 | ₹3,417 | ₹2,05,000 |
| ₹10,00,000 | ₹20,500 | ₹6,833 | ₹4,10,000 |
| ₹15,00,000 | ₹30,750 | ₹10,250 | ₹6,15,000 |
| ₹30,00,000 (maximum) | ₹61,500 | ₹20,500 | ₹12,30,000 |
A worked example
Take the per-individual maximum of ₹30,00,000 at the current 8.2% rate:
- Deposit: ₹30,00,000
- Quarterly payout: ₹61,500 (30,00,000 × 0.082 ÷ 4)
- Monthly income equivalent: ₹20,500
- Total interest over 5 years: ₹12,30,000; over the 8-year extended term, ₹19,68,000
- Maturity value: ₹30,00,000, your full deposit back
A retired couple holding ₹30 lakh each draws about ₹1,23,000 a quarter between them, roughly ₹41,000 a month, without touching capital. One caution on that ₹30 lakh account: its ₹2,46,000 of annual interest is well above the ₹1,00,000 senior-citizen TDS threshold, so 10% TDS applies unless Form 15H is filed and total income sits below the taxable limit.
Pair this calculator with the explainers
For the full SCSS rules, eligibility, deposit limits, tax treatment, premature-withdrawal penalties, and how to open an account, see the companion guide: What Is Senior Citizen Savings Scheme (SCSS). For a monthly cheque instead of a quarterly one, the Post Office Monthly Income Scheme pays 7.4% monthly (use the POMIS calculator). For a lump sum you want to grow rather than draw, compare a PPF (use the PPF calculator). And for every India Post and government savings option side by side, see Indian Government Savings Schemes Explained.
Frequently asked questions
What interest rate does the SCSS calculator use?
It defaults to 8.2% per annum, the rate notified by the Ministry of Finance for the July to September 2026 quarter (announced 30 June 2026), unchanged since April 2023. SCSS rates are reviewed every quarter, but once you open an account the rate is locked for the full term regardless of later revisions. The rate field is editable so you can model a future rate, but 8.2% is the current number.
How is the SCSS quarterly interest calculated?
SCSS pays simple interest, credited quarterly, so the quarterly payout is deposit multiplied by the annual rate divided by 4. At 8.2%, a ₹30,00,000 deposit gives 30,00,000 x 0.082 / 4 = ₹61,500 every quarter for the whole term. There is no compounding, because the interest is paid out to your savings account each quarter rather than reinvested into the SCSS principal.
Is SCSS interest paid monthly or quarterly?
Quarterly, not monthly. Interest is credited on the first working day of April, July, October, and January. The calculator shows a 'monthly income equivalent' (the quarterly payout divided by 3) so you can compare SCSS against a monthly-income product like POMIS, but SCSS itself pays four times a year, not twelve.
What is the maximum I can put in SCSS?
₹30,00,000 per individual, across all your SCSS accounts combined, raised from ₹15 lakh in Budget 2023. The minimum is ₹1,000, in multiples of ₹1,000. At the ₹30 lakh ceiling and 8.2%, the quarterly payout is ₹61,500 (about ₹20,500 a month equivalent). A married couple can hold ₹30 lakh each in separate accounts, so a household can deploy ₹60 lakh.
How much quarterly income does ₹15 lakh give in SCSS?
At 8.2%, a ₹15,00,000 deposit pays 15,00,000 x 0.082 / 4 = ₹30,750 every quarter, about ₹10,250 a month equivalent, then the ₹15,00,000 back at maturity. For ₹5 lakh it is ₹10,250 a quarter; for ₹10 lakh, ₹20,500; for ₹30 lakh (the maximum), ₹61,500 a quarter.
Will TDS be deducted on the interest this calculator shows?
It can. For senior citizens, TDS applies once SCSS interest crosses ₹1,00,000 in a financial year (raised from ₹50,000 in Budget 2025, effective FY 2025-26). A ₹15 lakh deposit at 8.2% earns ₹1,23,000 a year, above the threshold, so TDS at 10% applies unless you file Form 15H and your total income is below the taxable limit. The calculator shows interest before any TDS.
Sources
- Ministry of Finance, Department of Economic Affairs, Small Savings Schemes Quarterly Rate Notifications, dea.gov.in
- India Post, Senior Citizens Savings Scheme, indiapost.gov.in
- Income Tax Department of India, Section 194A TDS and Section 80TTB, incometax.gov.in