SCSS Calculator

Find out how much interest the Senior Citizens' Savings Scheme will pay you every quarter, and every rule that applies.

Year	Interest paid	Total interest so far
Year 1	₹1,23,000	₹1,23,000
Year 2	₹1,23,000	₹2,46,000
Year 3	₹1,23,000	₹3,69,000
Year 4	₹1,23,000	₹4,92,000
Year 5	₹1,23,000	₹6,15,000

Senior Citizens' Savings Scheme (SCSS): all the rules

Tap a heading to expand it. Rules checked on 7 October 2026.

Who can open an account

Anyone aged 60 or above on the day of opening.
People aged 55 to 60 who have retired (on superannuation or otherwise), if they open the account within three months of receiving their retirement benefits. Their deposit cannot exceed those benefits.
Retired defence personnel (not civilian defence staff) from age 50, under the same conditions.
The spouse of a Central or State government employee who died in service at age 50 or above (rule added 9 November 2023).
You can open an account alone or jointly with your spouse only. In a joint account, only the first holder must be eligible (the spouse has no age limit), and the whole deposit counts towards the first holder's limit. NRIs and HUFs cannot open accounts.

Deposit

Each account takes a single deposit: minimum ₹1,000, in multiples of ₹1,000. No further deposits can be added.
You may hold several accounts, but your deposits across all of them cannot exceed ₹30,00,000 (raised from ₹15 lakh on 1 April 2023). Spouses who are each eligible can each have their own limit.
Any amount above the limit is refunded, with interest at the Post Office Savings Account rate (currently 4%) until refund.
After closing an account, you can open a new one, within the limit.

How interest is paid

Interest is paid every quarter, on the first working day of April, July, October and January. The first payment covers the days from your deposit date to the end of that quarter.
It can be credited automatically to your savings account. Interest is paid out, not compounded; interest you do not collect earns nothing extra, but you can claim it any time later.
Your rate is the one in force when you deposit, and it stays the same until maturity.
If the account is neither closed nor extended at maturity, it earns only the Post Office Savings Account rate (currently 4%) after that.

Maturity and extension

The deposit is repaid after 5 years.
You can extend the account in blocks of 3 years, any number of times (since 9 November 2023). Apply within one year of maturity or of the end of a block; the extension counts from the maturity date. The extended account earns the rate in force on the maturity date.

Closing early

You can close the account at any time, but only in full — partial withdrawals are not allowed.
Before 1 year: no interest; any interest already paid is recovered from the deposit.
After 1 year but before 2 years: 1.5% of the deposit is deducted.
After 2 years but before 5 years: 1% of the deposit is deducted.
An extended account: 1% is deducted if closed within one year of the extension; after one year there is no deduction.

Tax

The deposit qualifies for a deduction under Section 123 of the Income-tax Act, 2025 (the old Section 80C), up to ₹1,50,000 a year in total across all eligible investments. This deduction is available only if you choose the old tax regime; the new (default) regime under Section 202 does not allow it.
If you withdraw the deposit before 5 years, the amount withdrawn is added back to your income and taxed in that year (interest already taxed is not counted twice).
Interest is fully taxable at your slab rate. Senior citizens (60+) can also deduct up to ₹50,000 a year of interest from bank and post office deposits under Section 153 (the old Section 80TTB) — again only under the old tax regime.
The post office deducts TDS only if your interest from its deposits exceeds ₹1,00,000 in a tax year (the limit for senior citizens). If your total income is below the taxable limit, you can give the post office a self-declaration so that no TDS is deducted.

Death and nomination

You can nominate one or more people. On the holder's death the account is closed and paid to the nominee or legal heir, with scheme interest up to the date of death and the Post Office Savings Account rate (currently 4%) after that. No early-closure deduction applies.
If the spouse is the joint holder or sole nominee and is eligible in their own right, they can apply to continue the account on the same terms.
If both spouses hold separate accounts and one dies, the deceased spouse's accounts are closed.

Sources

Rules can change. Always confirm with your post office or bank before investing.

How SCSS interest is calculated

Interest is paid out every quarter and not compounded, so each payment is the same:

Quarterly interest = deposit × yearly rate ÷ 4

Example: a deposit of ₹15,00,000 at 8.2% pays₹30,750 every quarter — ₹6,15,000over 5 years — and the full deposit comes back at maturity.

Frequently asked questions

What is the SCSS interest rate now?

8.2% a year for Oct–Dec 2026. The rate on the day you deposit stays the same for the full 5 years, even if the government changes it later.

How much interest can I get every quarter?

At 8.2%, the maximum deposit of ₹30,00,000 pays ₹61,500 every quarter — ₹2,46,000 a year.

When is the interest paid?

On the first working day of April, July, October and January. The first payment covers only the days from your deposit date to the end of that quarter, so it is usually smaller than the full quarter shown here.

Is SCSS interest taxable?

Yes, at your slab rate. Under the old tax regime, senior citizens can deduct up to ₹50,000 a year of interest from bank and post office deposits (Section 153), and the deposit itself qualifies under Section 123 (the old Section 80C). TDS applies only if your post office interest exceeds ₹1,00,000 in a tax year.

Last updated 7 October 2026. For information only — not financial advice. Check the final figures with your lender or bank.

Interest paid each year

Senior Citizens' Savings Scheme (SCSS): all the rules

How SCSS interest is calculated

Frequently asked questions

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