How much quarterly interest does ₹30 lakh in SCSS pay?

At 8.2% a year, ₹61,500 a quarter: ₹30,00,000 × 8.2% ÷ 4. That is ₹2,46,000 a year.

When is SCSS interest paid?

On the first working day of April, July, October and January. The first payment covers the days from the deposit to the end of that quarter.

What is the most I can deposit in SCSS?

₹30 lakh for each person, across all their SCSS accounts.

Can SCSS be extended after 5 years?

Yes, in blocks of 3 years, as many times as you like, at the rate in force on the date of maturity.

Is SCSS interest taxable?

Yes, at your slab rate. The deposit counts towards the ₹1.5 lakh deduction under the old tax regime.

SCSS Calculator: Senior Citizens Savings Scheme Interest

Type the amount you deposit. See the interest the Senior Citizens Savings Scheme pays every quarter, every year and over 5 years, at the rate for this quarter.

Rate for October to December 2026, from the Ministry of Finance office memorandum F. No. 1/4/2019-NS of 30 September 2026; checked 11 October 2026. All small savings rates

How to use it

Type the amount you deposit: at least ₹1,000, in multiples of ₹1,000, up to ₹30 lakh.
The rate opens on the SCSS rate for this quarter. Change it to test another.

You get the interest paid each quarter, each year and over the 5 years, and what it comes to a month on average.

How SCSS works

You deposit once. Interest at the rate fixed on the day of the deposit is paid every quarter, on the first working day of April, July, October and January, for 5 years. It is paid out, not added to the deposit, so it does not compound. After 5 years the deposit comes back, or the account can be extended in blocks of 3 years.

Quarterly interest = deposit × yearly rate ÷ 4

Worked example

₹30,00,000 at 8.2% a year: ₹30,00,000 × 8.2% ÷ 4 = ₹61,500 a quarter, ₹2,46,000 a year, about ₹20,500 a month on average. Over 5 years, 20 payments add up to ₹12,30,000. The first payment covers only the days from the deposit to the end of that quarter, so it is smaller unless the deposit is made at the start of a quarter.

Who can open it

Anyone aged 60 or more.
People aged 55 to 60 who retired on superannuation or under a voluntary or special voluntary retirement scheme, within three months of getting their retirement benefits and up to the amount of those benefits.
Retired defence personnel (not civilian defence staff) aged 50 or more, on the same terms.
Since November 2023, the spouse of a government employee who died in service after turning 50, on similar terms.

Rules that shape the numbers

Limit: ₹30 lakh for each person across all their SCSS accounts. A joint account can be held only with a spouse, and the whole deposit counts towards the first holder’s limit.
Early closure: in the first year, any interest paid is taken back from the deposit; between 1 and 2 years, 1.5% of the deposit is cut; after 2 years, 1%.
Extension: after 5 years the account can be extended in blocks of 3 years, as many times as you like, at the rate in force on the date of maturity. Closing it within a year of an extension costs 1% of the deposit.

Tax

SCSS interest is taxable at your slab rate, and tax is deducted at source once a year’s interest crosses the limit for senior citizens. Under the old tax regime, the deposit counts towards the ₹1.5 lakh a year deduction.

Questions people ask

How much quarterly interest does ₹30 lakh in SCSS pay?: At 8.2% a year, ₹61,500 a quarter: ₹30,00,000 × 8.2% ÷ 4. That is ₹2,46,000 a year.
When is SCSS interest paid?: On the first working day of April, July, October and January. The first payment covers the days from the deposit to the end of that quarter.
What is the most I can deposit in SCSS?: ₹30 lakh for each person, across all their SCSS accounts.
Can SCSS be extended after 5 years?: Yes, in blocks of 3 years, as many times as you like, at the rate in force on the date of maturity.
Is SCSS interest taxable?: Yes, at your slab rate. The deposit counts towards the ₹1.5 lakh deduction under the old tax regime.

SCSS calculator