Ministry of Finance • Revised ₹30 Lakhs Statutory Cap

Senior Citizen Savings Scheme (SCSS) Calculator 2026

Calculate quarterly interest payouts at 8.20% p.a., monthly equivalent regular income, revised ₹30 Lakh individual and ₹60 Lakh couple caps, and Section 80TTB tax savings.

SCSS
Senior Citizen Savings Scheme (SCSS)
Highest Guaranteed Sovereign Return in India • Ministry of Finance
8.20% p.a.Paid Quarterly
Account Holding Type & Statutory Ceiling:Max Cap: ₹30 Lakhs (Single)
₹30,00,000
Min: ₹1,000₹15 Lakhs₹30 Lakhs

Nov 2023 amendment allows unlimited 3-year extensions after the initial 5-year lock-in.

Form 15H Active

Seniors whose total taxable income is below basic exemption can submit Form 15H to prevent TDS.

Guaranteed Sovereign Regular Income
8.20% Government Backed
Quarterly Interest Payout (Every 3 Months):
₹61,500
≈ Equivalent to ₹20,500 / month steady pension income
5-Year Total Interest
+₹12,30,000
Principal ₹30,00,000 returned 100% safe
Official Payout Schedule: Credited on 1st April, 1st July, 1st October & 1st January.
Annual Interest: ₹2,46,000

Senior Citizen Tax Benefits: Section 80C & Section 80TTB

Tax deductions specifically designed for Indian retirees under Income Tax Act, 1961

Section 80C Deduction
₹1,50,000
Up to ₹1.5L on deposit
Section 80TTB Exemption
₹50,000
Tax-free interest allowance/yr
Net Annual Taxable Interest
₹1,96,000
After ₹50k 80TTB deduction

💡 Senior Citizen Advantage: Under Section 80TTB, resident individuals aged 60+ can deduct up to ₹50,000 of interest income each financial year from SCSS and bank deposits, significantly reducing net tax liability compared to younger investors.

Comparison: SCSS vs. Bank Senior Citizen FDs (SBI / HDFC / ICICI)

Extra Earnings: +₹21,000 / year
ParameterSenior Citizen Savings Scheme (SCSS)Bank Senior Citizen FD (7.50%)
Interest Rate8.20% p.a. Guaranteed7.30% – 7.50% p.a.
Quarterly Income on ₹30L₹61,500≈ ₹56,250 (at 7.50%)
5-Year Cumulative Gain+₹1,05,000 Extra ProfitLower Yield
Credit Risk / Safety100% Sovereign (Govt of India)DICGC Insured up to ₹5 Lakhs only

Complete Quarterly Payout Calendar (5 Years / 20 Quarters)

Quarterly pension payout credits credited directly to your post office or bank savings account

Quarter #Payout MonthQuarterly InterestCumulative EarnedPrincipal Security
Quarter 11st April₹61,500₹61,500₹30,00,000
Quarter 21st July₹61,500₹1,23,000₹30,00,000
Quarter 31st October₹61,500₹1,84,500₹30,00,000
Quarter 41st January₹61,500₹2,46,000₹30,00,000
Quarter 51st April₹61,500₹3,07,500₹30,00,000
Quarter 61st July₹61,500₹3,69,000₹30,00,000
Quarter 71st October₹61,500₹4,30,500₹30,00,000
Quarter 81st January₹61,500₹4,92,000₹30,00,000
Quarter 91st April₹61,500₹5,53,500₹30,00,000
Quarter 101st July₹61,500₹6,15,000₹30,00,000
Quarter 111st October₹61,500₹6,76,500₹30,00,000
Quarter 121st January₹61,500₹7,38,000₹30,00,000
Quarter 131st April₹61,500₹7,99,500₹30,00,000
Quarter 141st July₹61,500₹8,61,000₹30,00,000
Quarter 151st October₹61,500₹9,22,500₹30,00,000
Quarter 161st January₹61,500₹9,84,000₹30,00,000
Quarter 171st April₹61,500₹10,45,500₹30,00,000
Quarter 181st July₹61,500₹11,07,000₹30,00,000
Quarter 191st October₹61,500₹11,68,500₹30,00,000
Quarter 201st January₹61,500₹12,30,000₹30,00,000
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What is the Senior Citizen Savings Scheme (SCSS)?

The Senior Citizen Savings Scheme (SCSS) is a premier sovereign retirement savings vehicle formulated by the Ministry of Finance for resident Indians aged 60+. At 8.20% p.a. guaranteed interest, it provides regular quarterly payouts on the 1st of April, July, October, and January. An individual can invest up to ₹30 Lakhs (or ₹60 Lakhs for a senior couple) across a 5-year tenure extensible in 3-year blocks.

How SCSS Interest is Calculated (Official Rules & Guidelines)

Under the Senior Citizen's Savings Scheme Rules, interest is computed on a simple quarterly basis and credited automatically every 3 months. The statutory formula is:

Quarterly Interest Payout = Principal × (Annual Rate / 4)

At 8.20% p.a., the quarterly factor is 2.05% per quarter (0.082 / 4).

1. Statutory Deposit Ceilings

₹30 Lakhs Single / ₹60 Lakhs Couple

The Ministry of Finance enhanced the individual deposit cap from ₹15 Lakhs to ₹30 Lakhs. A senior citizen couple where both spouses are 60+ can legally open individual accounts to invest up to ₹60 Lakhs total.

2. Fixed Calendar Quarterly Payouts

Credited on the 1st Working Day

Unlike bank FDs with uneven compounding cycles, SCSS interest is directly credited into your savings account on fixed calendar dates: 1st April (Q4), 1st July (Q1), 1st October (Q2), and 1st January (Q3).

3. Section 80TTB Tax Exemption

₹50,000 Tax-Free Interest Allowance

Senior citizens benefit from Section 80TTB, exempting the first ₹50,000 of interest earned from banks and post offices each financial year, reducing net tax drag significantly compared to non-seniors.

4. Unlimited 3-Year Extensions

Nov 2023 Gazette Amendment

The 2023 gazette notification removed the previous restriction of a single 3-year extension. Account holders can now renew their accounts in unlimited consecutive 3-year blocks to lock in ongoing sovereign income.

Realistic Worked Retirement Income Case Studies

Case Study 1: Individual Retiree₹30 Lakhs Cap

Individual Investing Maximum ₹30 Lakhs at 8.20%

A 62-year-old retired central government official deploys ₹30 Lakhs of their retirement gratuity and commutation into SCSS:

Quarterly Payout (Every 3 Mos):₹61,500 / quarter
Monthly Equivalent Income:₹20,500 / month
Annual Interest Income:₹2,46,000 / year
5-Year Cumulative Guaranteed Interest:₹12,30,000 (Principal 100% Safe)
Case Study 2: Senior Citizen Couple₹60 Lakhs Joint

Couple Investing Combined Limit of ₹60 Lakhs

A retired couple (Husband 65, Wife 61) open two independent SCSS accounts to maximize sovereign retirement income:

Combined Quarterly Payout:₹1,23,000 / quarter
Monthly Equivalent Household Income:₹41,000 / month
Annual Household Interest:₹4,92,000 / year
5-Year Cumulative Combined Interest:₹24,60,000

Senior Retirement Scheme Comparison: SCSS vs. Bank FD vs. POMIS vs. PMVVY

Retirement SchemeInterest RatePayout FrequencyCredit GuaranteeMax Individual Cap
Senior Citizen Savings Scheme (SCSS)8.20% p.a.Quarterly100% Sovereign (Govt of India)₹30,00,000
Bank Senior Citizen Fixed Deposit7.30% – 7.50% p.a.Monthly / QuarterlyDICGC Insured up to ₹5LNo Cap
Post Office Monthly Income Scheme (POMIS)7.40% p.a.Monthly100% Sovereign (Govt of India)₹9,00,000
National Savings Certificate (NSC)7.70% p.a.Lump Sum at 5 Years100% Sovereign (Govt of India)No Cap

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Frequently Asked Questions (Senior Citizen Savings Scheme)

What is the current interest rate for SCSS and when is it paid?

The Ministry of Finance currently offers 8.20% per annum on the Senior Citizen Savings Scheme (SCSS). The interest is paid out quarterly on the first working day of April, July, October, and January directly into the depositor’s post office or bank savings account.

What is the maximum investment limit in SCSS for an individual and a married couple?

Under the Ministry of Finance notification G.S.R. 828(E), the maximum investment limit is ₹30,00,000 (₹30 Lakhs) per individual senior citizen. For a married couple where both spouses are aged 60 or above, each spouse can open an account up to ₹30 Lakhs, allowing a combined family investment of up to ₹60,00,000 (₹60 Lakhs).

How much monthly or quarterly pension does a ₹30 Lakh SCSS deposit generate?

A ₹30 Lakh investment at the official 8.20% rate yields exactly ₹61,500 every quarter (every 3 months). This is equivalent to ₹20,500 per month or ₹2,46,000 per year in guaranteed government-backed income. Over 5 years, the total interest earned is ₹12,30,000 while the entire ₹30 Lakh principal remains 100% secure.

What are the tax benefits available under Section 80C and Section 80TTB for SCSS?

Under the Old Tax Regime, the initial deposit qualifies for Section 80C deduction up to ₹1,50,000. Additionally, under Section 80TTB of the Income Tax Act, resident senior citizens can claim a deduction of up to ₹50,000 per financial year on interest income earned from SCSS and bank deposits, exempting the first ₹50,000 of interest from income tax.

Can an SCSS account be extended after 5 years?

Yes. Under the amended SCSS rules (November 2023), the account holder can extend the account for multiple blocks of 3 years each (previously only one 3-year extension was allowed) by submitting an application in Form-4 within one year of the maturity date.