SCSS Calculator (Senior Citizens Savings Scheme)
SCSS Calculator (Senior Citizens Savings Scheme)
The quarterly interest a Senior Citizens’ Savings Scheme deposit pays, what is left after your tax, and what those payouts are worth as prices rise over the five years.
SCSS quarterly interest
$10,00,000 in SCSS at 8.2%, no tax, 4% inflation
The quarterly payout
- P
- the amount deposited, repaid in full at the end of five years
- r
- the annual rate as a decimal; interest is paid out every quarter, not added to the deposit, so it does not compound
- tax
- your own tax rate on the interest, taken from each payout
Worked example
$10,00,000 in SCSS at 8.2%, no tax, 4% inflation
Quarterly payout = 10,00,000 × 0.082 ÷ 4 = $20,500
Over five years: 20 payouts = $4,10,000
The last payout, in 5 years, is worth 20,500 ÷ 1.045 = $16,850 in today's money
At a 30% tax rate the payout is $14,350 a quarter
Quarterly SCSS interest at 8.2%
| Deposit | Each quarter | Each year | Over 5 years |
|---|---|---|---|
| $5,00,000 | $10,250 | $41,000 | $2,05,000 |
| $10,00,000 | $20,500 | $82,000 | $4,10,000 |
| $15,00,000 | $30,750 | $1,23,000 | $6,15,000 |
| $30,00,000 | $61,500 | $2,46,000 | $12,30,000 |
How SCSS interest is paid
The Senior Citizens’ Savings Scheme is a five-year government deposit for people aged sixty or over, and for some younger retirees. It pays interest every quarter — the rate divided by four, on the full deposit — and repays the deposit at the end of the five years. Because the interest is paid out rather than added, it does not compound. At 8.2%, $10,00,000 pays $20,500 a quarter, $82,000 a year. The first payment is usually smaller, because it covers only the part of a quarter since you deposited.
The rate for deposits made in July–September 2026 is 8.2% a year, unchanged from the previous quarter, under the Ministry of Finance’s office memorandum of 30 June 2026. The rate on the day you deposit stays with that deposit for its five years; a later cut or rise does not change it. The next rate is due at the end of September.
The most you can hold across all your SCSS accounts is ₹30 lakh, raised from ₹15 lakh from 1 April 2023 by the Senior Citizens’ Savings (Amendment) Scheme, 2023. Closing early costs part of the interest or the deposit, depending on how long it has run.
Tax: SCSS interest is taxable, and tax may be deducted at source above a threshold. Enter your own rate and the page takes it from every payout. At 30% the example pays $14,350 a quarter. It does not know your slab or any exemption for senior citizens; the Income-tax Act, 2025 took effect on 1 April 2026, so check the current rules.
Inflation matters most for a fixed income. The payout stays the same for five years while prices rise, so at 4% inflation the last quarterly payment buys what $16,850 buys today, and the returned deposit is worth $8,21,927 in today’s money. To plan a whole retirement income use the retirement corpus calculator or the SWP calculator; for a bank deposit, the FD calculator. This is arithmetic on the figures you enter, not financial advice.
Frequently asked questions
What is the SCSS interest rate now?
8.2% a year, paid quarterly, for deposits made in July–September 2026 (Ministry of Finance office memorandum of 30 June 2026).
How much quarterly interest will 10 lakh in SCSS pay?
$20,500 a quarter at 8.2%, before tax — $82,000 a year and $4,10,000 over five years.
What is the maximum SCSS deposit?
₹30 lakh across all your accounts, from 1 April 2023 (Senior Citizens’ Savings (Amendment) Scheme, 2023).
Does the SCSS rate change during the five years?
No. The rate on the date of deposit is fixed for the term. New deposits get whatever rate is in force then.
Is SCSS interest taxable?
Yes. Enter your own tax rate to see the payout after tax; the page does not know your slab or exemptions.
Related calculators
References
- Ministry of Finance (Department of Economic Affairs). Senior Citizens’ Savings Scheme, 2019 (Gazette of India, 12 December 2019): interest payable quarterly; five-year term. Senior Citizens’ Savings (Amendment) Scheme, 2023, G.S.R. 240(E), 31 March 2023: maximum deposit raised from ₹15 lakh to ₹30 lakh from 1 April 2023.
- Government of India, Ministry of Finance (Department of Economic Affairs). Office Memorandum F.No.1/4/2019-NS dated 30 June 2026: rates on small savings schemes for 1 July – 30 September 2026 (second quarter of FY 2026-27) unchanged from the first quarter — Sukanya Samriddhi 8.2%, National Savings Certificate 7.7% and Kisan Vikas Patra 7.5% (maturing in 115 months), all compounded yearly; Senior Citizens’ Savings Scheme 8.2%, paid quarterly; Monthly Income Account 7.4%, paid monthly. As listed by Indian Bank, “Interest rates for Small Savings Schemes” (accessed 22 September 2026).
- Income-tax Act, 1961, replaced from 1 April 2026 by the Income-tax Act, 2025, which renumbers its provisions. Tax on small-savings interest and on NPS withdrawals depends on the current Act, your regime and your slab; this page states no rate.
- Central-bank inflation targets used as default inflation by currency: Reserve Bank of India (4% CPI, flexible inflation targeting framework); U.S. Federal Reserve (2% PCE); European Central Bank (2%); Bank of England (2% CPI); Bank of Canada (2%); Reserve Bank of Australia (2–3%); Bangko Sentral ng Pilipinas (3% ± 1). Actual inflation often runs above target.