SCSS Calculator
Enter the amount you deposit in the Senior Citizens' Savings Scheme. You get the interest paid to you every quarter at the current 8.2% rate, what that works out to per month, and what's left after tax.
By Hardik Vegad, founder of WealthGamma · Last updated
You get every quarter
₹30,750/ quarter
That's about ₹10,250 a month for 5 years. Your ₹15,00,000 comes back in full at the end.
Interest every year
₹1,23,000
Total interest in 5 years
₹6,15,000
Each quarter after tax
₹24,354
Tax saved under 80C
₹31,200
| Deposit | Every quarter | Per month |
|---|---|---|
| ₹5L | ₹10,250 | ₹3,417 |
| ₹10L | ₹20,500 | ₹6,833 |
| ₹15L | ₹30,750 | ₹10,250 |
| ₹20L | ₹41,000 | ₹13,667 |
| ₹30L | ₹61,500 | ₹20,500 |
Your interest is more than ₹1,00,000 a year, so tax will be deducted at source.
What is the SCSS interest rate now?
The SCSS interest rate is 8.2% a year for accounts opened from October to December 2026. It is the highest rate among the post office small savings schemes, and it is paid to you every quarter.
The Ministry of Finance reviews the rate every quarter. It has stayed at 8.2% since 1 April 2023. Whatever the rate is on the day you open the account, it stays fixed for the 5 years.
What is the SCSS interest rate history?
The rate has moved between 7.4% and 9.3% since 2012. It was lowest from April 2020 to September 2022, and rose three times in a row to reach 8.2% in April 2023.
| Opened from | To | Interest rate |
|---|---|---|
| 1 April 2023 | 31 December 2026 | 8.2% |
| 1 January 2023 | 31 March 2023 | 8% |
| 1 October 2022 | 31 December 2022 | 7.6% |
| 1 April 2020 | 30 September 2022 | 7.4% |
| 1 July 2019 | 31 March 2020 | 8.6% |
| 1 October 2018 | 30 June 2019 | 8.7% |
| 1 July 2017 | 30 September 2018 | 8.3% |
| 1 April 2017 | 30 June 2017 | 8.4% |
| 1 October 2016 | 31 March 2017 | 8.5% |
| 1 April 2016 | 30 September 2016 | 8.6% |
| 1 April 2015 | 31 March 2016 | 9.3% |
| 1 April 2013 | 31 March 2015 | 9.2% |
| 1 April 2012 | 31 March 2013 | 9.3% |
Rates are from the Ministry of Finance's quarterly notifications, listed by the National Savings Institute.
How is SCSS interest calculated?
It is simple interest on your deposit, split into four equal payments a year:
Quarterly interest = Deposit × Interest rate ÷ 4
Yearly interest = Deposit × Interest rate
Total interest = Yearly interest × 5
Worked through for ₹15,00,000 at 8.2%:
- ₹15,00,000 × 8.2% = ₹1,23,000 a year
- ₹1,23,000 ÷ 4 = ₹30,750 every quarter
- ₹1,23,000 × 5 = ₹6,15,000 over the full term
The interest is not compounded. If you leave a payout in your savings account, it earns only the savings rate.
How much interest will your deposit earn?
At 8.2%, the maximum ₹30L deposit pays ₹61,500 every quarter, which is about ₹20,500 a month.
| Deposit | Every quarter | Per month | Every year | In 5 years |
|---|---|---|---|---|
| ₹5,00,000 | ₹10,250 | ₹3,417 | ₹41,000 | ₹2,05,000 |
| ₹10,00,000 | ₹20,500 | ₹6,833 | ₹82,000 | ₹4,10,000 |
| ₹15,00,000 | ₹30,750 | ₹10,250 | ₹1,23,000 | ₹6,15,000 |
| ₹20,00,000 | ₹41,000 | ₹13,667 | ₹1,64,000 | ₹8,20,000 |
| ₹30,00,000 | ₹61,500 | ₹20,500 | ₹2,46,000 | ₹12,30,000 |
A couple who each deposit ₹30L in their own names get ₹1,23,000 a quarter between them, about ₹41,000 a month. An older account pays less: ₹15,00,000 opened at 7.4% pays ₹27,750 a quarter.
How is SCSS interest taxed?
SCSS interest is added to your income and taxed at your slab rate. What you keep from ₹30,750 a quarter:
| Tax slab | Each quarter after tax | Each year after tax |
|---|---|---|
| 0% | ₹30,750 | ₹1,23,000 |
| 5% | ₹29,151 | ₹1,16,604 |
| 20% | ₹24,354 | ₹97,416 |
| 30% | ₹21,156 | ₹84,624 |
- TDS. Tax is deducted at source if your SCSS interest is more than ₹1,00,000 in a year. At 8.2%, that's a deposit above about ₹12,19,512.
- No tax to pay? If your total income is below the taxable limit, submit Form 15H so no TDS is deducted.
- Section 80C. Under the old tax regime, the deposit counts toward the ₹1,50,000 a year limit, once, in the year you deposit.
- Section 80TTB. Under the old regime, senior citizens can deduct up to ₹50,000 a year of interest from deposits, which includes SCSS.
Check the current rules before you file, or ask a tax professional.
Does SCSS income keep up with inflation?
No. The payout is the same rupee amount every quarter, while prices keep rising. With 6% inflation, the ₹10,250 a month from the example buys what ₹7,659 buys today by the fifth year.
So SCSS works best as the steady part of retirement income, not all of it. To plan withdrawals from money that can grow, use the SWP calculator.
What are the rules of SCSS?
- Who. Anyone aged 60 or more. People aged 55 to 60 who have retired can join within a set time of getting their retirement benefits, and retired defence staff from age 50.
- Amount. From ₹1,000, in multiples of ₹1,000, up to ₹30L per person.
- Term. 5 years. You can extend it in blocks of 3 years.
- Payout. Interest is paid on the first working day of April, July, October and January.
- Where. Post offices and authorised banks.
- Joint account. Only with your spouse. The deposit counts as the first holder's.
- Early closure. No interest if closed within 1 year. After that, 1.5% of the deposit is deducted up to 2 years, and 1% after 2 years.
Check the current rules at your post office or bank before you open an account.
What does this SCSS calculator leave out?
It shows interest at one rate for the whole period. It doesn't count:
- The rate on extension. An extended account earns the rate in force when it is extended, which may differ. The 8-year option uses your rate throughout.
- The first payout. It covers only the days from opening to the quarter end, so it is smaller.
- Deductions. Section 80TTB and your other income, which change the real tax.
- Early closure. The deduction if you close the account before maturity.
Want a payout every month, not every quarter? The post office MIS pays monthly at a lower rate. For a lump sum that grows, see the NSC calculator.
Frequently asked questions
What is the SCSS interest rate now?
8.2% a year for accounts opened from October to December 2026, paid out every quarter. The rate has been 8.2% since 1 April 2023.
How much interest does ₹30 lakh earn in SCSS?
₹61,500 every quarter at 8.2%, which is ₹2,46,000 a year, or about ₹20,500 a month. Over 5 years that adds up to ₹12,30,000.
How is SCSS interest calculated?
Quarterly interest = deposit × interest rate ÷ 4. It is simple interest, not compounded. ₹15 lakh at 8.2% pays ₹30,750 every quarter.
What is the maximum deposit in SCSS?
₹30L per person, across all SCSS accounts. A husband and wife can each hold ₹30L in their own names, so a couple can deposit ₹60L.
When is SCSS interest paid?
On the first working day of April, July, October and January. It goes to your savings account. Interest you don't withdraw earns nothing extra.
Is SCSS interest taxable?
Yes, at your slab rate. Tax is deducted at source if your SCSS interest is more than ₹1,00,000 in a year. The deposit qualifies for Section 80C under the old tax regime, up to ₹1,50,000.
Can I close an SCSS account before 5 years?
Yes, with a cost. Within 1 year you get no interest. Between 1 and 2 years, 1.5% of the deposit is deducted, and after 2 years, 1%.