SCSS Calculator 2026 (Senior Citizens Savings Scheme)

Calculate government-backed 8.2% p.a. quarterly interest income for senior citizens (up to ₹30 Lakh limit)

SCSS Deposit Inputs

Deposit Amount (₹)

Quarterly Payout (4x / Year)₹30,750 / quarter

Annual Payout: ₹1.23 L (at 8.2% p.a.)

5-Yr Total Interest₹6.15 L

Sec 80C Tax Deduction₹1.50 L

5-Year SCSS Payout Schedule

Year	Quarterly Interest	Annual Interest Paid	Cumulative Interest	Maturity Repayment
Year 1	₹30,750 / qtr	₹1.23 L	₹1.23 L	₹15.00 L
Year 2	₹30,750 / qtr	₹1.23 L	₹2.46 L	₹15.00 L
Year 3	₹30,750 / qtr	₹1.23 L	₹3.69 L	₹15.00 L
Year 4	₹30,750 / qtr	₹1.23 L	₹4.92 L	₹15.00 L
Year 5	₹30,750 / qtr	₹1.23 L	₹6.15 L	₹15.00 L

SCSS Quarterly Interest Formula & Live Calculation

Standard Formula

Quarterly Payout = (Deposit Amount × Annual Interest Rate) / 4

Live Calculation (Plugging Your Values)

Deposit Amount (P):₹15.00 L

Annual Interest Rate (r):8.2% p.a.

Tenure (n):5 Years (Extendable by 3 Yrs)

Section 80C Deduction (80C):₹1.50 L

Substituted Equation:

Quarterly Payout = (₹15.00 L × 8.2%) / 4 = (₹1.23 L) / 4

Quarterly Payout Amount:₹30,750 / quarter

SCSS pays a guaranteed quarterly interest credited directly on April 1, July 1, October 1, and January 1. Under Section 80TTB, senior citizens can also claim up to ₹50,000 deduction on interest income.

Senior Citizens Savings Scheme (SCSS) FAQs

What is the current SCSS interest rate?

The Senior Citizens Savings Scheme currently pays 8.2% per annum, among the highest of any government-backed fixed-income option. The rate is notified quarterly by the Ministry of Finance, but the rate at the time you open the account is locked for the full 5-year term.

Who is eligible to open an SCSS account?

Resident individuals aged 60 years or above are eligible. Retired civilian employees aged 55-60 years and retired defense personnel aged 50-60 years can also open an account within 1 month of receiving retirement benefits.

What is the maximum deposit limit for SCSS in 2026?

The maximum deposit limit for Senior Citizens Savings Scheme (SCSS) is ₹30 Lakhs per individual (increased from ₹15 Lakhs in Budget 2023). Deposits can be made in multiples of ₹1,000.

How are SCSS interest payouts disbursed?

SCSS interest is paid out quarterly on the first working day of April, July, October, and January directly into the subscriber bank account linked with India Post or participating banks.

Does SCSS qualify for Section 80C tax deduction?

Yes, principal deposits made in SCSS qualify for tax deduction under Section 80C up to the statutory maximum cap of ₹1,50,000 per financial year (under the Old Tax Regime).

Is SCSS interest subject to TDS?

Yes, if total interest across all SCSS accounts exceeds ₹1,00,000 in a financial year for senior citizens, TDS is deducted at 10% under Section 194A. The threshold rose from ₹50,000 on 1 April 2025. Non-taxable seniors can submit Form 15H to avoid TDS.

What penalty applies if I close an SCSS account early?

Closure is allowed any time after opening, but the deduction depends on when. Close within the first year and all interest already paid to you is recovered from the principal. Close after one year but before two, and 1.5% of the deposit is deducted. Close after two years, and 1% is deducted. On the death of the account holder no penalty applies at all and the balance is paid to the nominee at the applicable rate.