SCSS Calculator
Enter your deposit and see the quarterly interest you will receive under the Senior Citizens Savings Scheme (SCSS) at the current 8.2% rate – the highest rate among Post Office schemes. Use this post office SCSS calculator to check quarterly, yearly and total interest on any deposit up to ₹30 lakh.
Results update live as you type. SCSS interest is simple interest paid out every quarter – it is not compounded.
The highest interest rate in the Post Office, paid straight into your account every three months - that is the Senior Citizens Savings Scheme (SCSS), the government scheme made only for those above 60.
Deposit once, receive interest every quarter for 5 years, and take your full deposit back at the end. Use the calculator above for exact figures, then read the eligibility, limits and closure charges below.
What Is the Senior Citizens Savings Scheme (SCSS)?
It is a Government of India deposit scheme available at Post Offices and authorised banks such as SBI, open only to senior citizens. Its purpose is regular income after retirement, which is why the interest is paid out every quarter instead of being added to the deposit.
The deposit stays fully backed by the government. The interest amount is fixed from the day you open the account - it will not rise or fall for 5 years, whatever happens to market rates. It sits in the same Post Office small-savings family as the 5-year recurring deposit - our Post Office RD Calculator covers that monthly-deposit member of the family.
How to Use This SCSS Calculator
Step 1: Pick an amount from the chips or type your own deposit. It must be in multiples of ₹1,000 and within the ₹30 lakh limit.
Step 2: The rate is set to the current 8.2%. You can change it to test other rates.
Step 3: Read your quarterly interest, yearly interest and the 5-year total in the pink box. This SCSS calculator monthly average is also shown for comparison - the money actually arrives once every quarter.
SCSS Interest Rate 2026
The Senior Citizens Savings Scheme rate of interest is 8.2% per year for the October-December 2026 quarter - the highest rate among all Post Office small savings schemes. It has stayed at this level since April 2023.
Interest is paid on the first working day of April, July, October and January into your savings account. Two rules matter here. First, your rate is locked at opening - if the government changes the rate later, only new accounts get the new rate. Second, there is no compounding: interest is paid out, not added to your deposit, and interest left lying in the savings account earns nothing further. Withdrawing it each quarter and putting it to work - for example in a Recurring Deposit (our RD Calculator shows the maturity figures) - is the smarter way to use it; our Interest Calculator shows what compounding does to the same amount.
SCSS Interest Chart - ₹1 Lakh to ₹30 Lakh
| Deposit | Quarterly Interest | Yearly Interest | Total Interest in 5 Years |
|---|---|---|---|
| ₹1,00,000 | ₹2,050 | ₹8,200 | ₹41,000 |
| ₹3,00,000 | ₹6,150 | ₹24,600 | ₹1,23,000 |
| ₹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 |
| ₹20,00,000 | ₹41,000 | ₹1,64,000 | ₹8,20,000 |
| ₹30,00,000 (Maximum) | ₹61,500 | ₹2,46,000 | ₹12,30,000 |
The headline figure: at the maximum deposit of ₹30 lakh, SCSS pays ₹61,500 every quarter - ₹2,46,000 a year - without the deposit amount ever changing. Few safe options in India pay a retired person this much, this regularly.
Who Can Open an SCSS Account?
- Age 60 or above: any resident Indian can open, no other condition
- Age 55 to 60: only those who have retired on superannuation or under VRS/Special VRS; the account must open within 1 month of receiving retirement benefits, and the deposit cannot exceed those benefits
- Retired defence personnel: eligible from age 50, with the same 1-month and benefit-amount conditions
- Not eligible: NRIs and HUFs cannot open an SCSS account
- Joint account: allowed only with your spouse; the spouse can be below 60, because eligibility is judged on the first holder
- Multiple accounts: you may hold more than one account, single and joint together, as long as the total stays within your ₹30 lakh limit - a husband and wife with separate accounts can hold ₹60 lakh between them
Most deposits here come out of retirement money - provident fund and gratuity received at the end of service. Our Gratuity Calculator shows how that end-of-service amount is worked out.
Deposit Limits in SCSS
The minimum deposit is ₹1,000, always in multiples of ₹1,000. The maximum is ₹30 lakh per person across all SCSS accounts together - this limit was doubled from ₹15 lakh in April 2023.
In a joint account, the full deposit counts against the first holder limit. If you deposit more than ₹30 lakh in total by mistake, the excess is refunded to you and earns no interest.
SCSS or MIS - Which Is Better for Senior Citizens?
| Point | SCSS | Post Office MIS |
|---|---|---|
| Interest rate | 8.2% | 7.4% |
| Interest paid | Every quarter | Every month |
| Maximum deposit | ₹30 lakh | ₹9 lakh single / ₹15 lakh joint |
| Who can open | Only 60+ (and special retiree cases) | Any adult |
| Interest on ₹9 lakh | ₹18,450 per quarter | ₹5,550 per month |
On rate and limit, SCSS wins clearly - it was designed for seniors, and MIS gives them no special benefit. The only reason to prefer MIS is the monthly rhythm of income. Many retirees use both: SCSS up to its limit for the higher rate, and MIS for a monthly amount. Check the monthly figures on our Post Office MIS Calculator.
Closing an SCSS Account Before 5 Years
| When You Close | What Happens |
|---|---|
| Before 1 year | No interest is paid at all - any interest already received is recovered from your deposit |
| Between 1 and 2 years | 1.5% of the deposit is deducted |
| After 2 years, up to 5 years | 1% of the deposit is deducted |
| On completing 5 years | Full deposit returned, no deduction |
Note the first row carefully - closing inside the first year means losing all the interest, which makes SCSS a poor place for money you may need within a year. On a ₹10 lakh deposit, the 1.5% deduction means ₹15,000 lost, so the closure decision should never be casual.
After maturity, you can extend the account in blocks of 3 years - since November 2023, repeated extensions are allowed. Apply within 1 year of maturity. The extended account earns the rate running on the maturity date, not your original rate.
Tax on SCSS
- The deposit qualifies for Section 80C deduction up to ₹1.5 lakh under the old tax regime - but if you close the account within 5 years, that deduction is added back to your income
- Interest is fully taxable at your slab; senior citizens can claim up to ₹50,000 of interest deduction separately under Section 80TTB in the old regime
- TDS is deducted when your SCSS interest in a financial year crosses ₹1,00,000 for depositors above 60 (₹50,000 for the below-60 retiree categories); Form 15H can stop the deduction if your total income is below the taxable limit
What Happens to the Account on the Depositor Death?
The account is closed and the deposit, with interest up to the date of death, is paid to the nominee or legal heir. From the date of death until the money is paid out, the balance earns only the 4% Post Office savings rate.
There is one useful exception: if your spouse is the joint holder or the sole nominee, is eligible for SCSS, and stays within the deposit limit, the account can continue till maturity at the full SCSS rate instead of being closed. This is a strong reason to hold the account jointly with your spouse.
SCSS vs Post Office FD - Which One for Seniors?
Both are government-backed and safe, but they pay differently. SCSS pays 8.2% out every quarter as usable income and accepts up to ₹30 lakh, but only if you are 60 or above. The 5-year Post Office FD pays 7.5% compounded - more total growth if you do not need the income - with no age condition and no deposit limit.
A common pattern: SCSS first, up to the ₹30 lakh limit, for quarterly income; any amount beyond that into the Post Office FD for growth. Compare the growth side on our Post Office FD Calculator. For the bank version of the same lump-sum comparison, our FD Calculator covers FD maturity at any bank rate.
Benefits and Drawbacks
Benefits:
- Highest Post Office rate at 8.2%, fully government-backed
- Fixed interest paid every quarter - a pension-like income
- High limit of ₹30 lakh per person, ₹60 lakh for a couple
- Section 80C deduction on the deposit
If the money sits in mutual funds instead of a deposit, the income question changes - our SWP Calculator shows how long a fund corpus lasts on monthly withdrawals.
Drawbacks (the disadvantages to weigh):
- Only for those 60 and above (with narrow exceptions below that age)
- No compounding - interest is paid out and earns nothing further
- Closing in the first year loses all interest; closure charges run till maturity
- Interest is fully taxable, with TDS above the yearly threshold
Disclaimer: This calculator and information are based on the official SCSS rate of 8.2% for the October-December 2026 quarter. The government can revise rates every quarter, though an opened account keeps its rate for the full tenure. Please confirm the latest rate and rules at your Post Office before depositing. PihuNow is not a government body, and this page is not investment advice.
SCSS Calculator (FAQ)
What is the SCSS interest rate in 2026?
The Senior Citizens Savings Scheme pays 8.2% per year for the October-December 2026 quarter - the highest rate among Post Office schemes. The rate is locked on the day you open the account and stays the same for the full 5 years.
How much interest do I get on ₹30 lakh in SCSS?
On the maximum deposit of ₹30 lakh at 8.2%, you receive ₹61,500 every quarter, which is ₹2,46,000 in a year and ₹12,30,000 over 5 years. Your full ₹30 lakh deposit is returned at maturity.
Who can open an SCSS account?
Any resident Indian aged 60 or above. Those aged 55-60 can open only after retiring on superannuation or VRS, within 1 month of receiving retirement benefits, and retired defence personnel can open from age 50 under the same conditions. NRIs and HUFs are not eligible.
What is the maximum deposit in SCSS?
The maximum is ₹30 lakh per person across all SCSS accounts together, and the minimum is ₹1,000 in multiples of ₹1,000. A husband and wife holding separate accounts can deposit up to ₹60 lakh between them.
Can I close my SCSS account before 5 years?
Yes, but it is costly in the early years. Closing before 1 year pays no interest at all. Between 1 and 2 years, 1.5% of the deposit is deducted, and after 2 years the deduction is 1%, which continues right up to maturity.
Is SCSS interest taxable?
Yes, the interest is fully taxable at your income tax slab, though seniors can claim up to ₹50,000 deduction under Section 80TTB in the old regime. The deposit itself gets a Section 80C deduction up to ₹1.5 lakh. TDS applies when yearly interest crosses ₹1,00,000 for depositors above 60.