- Deposit
- Total interest
- Quarterly payout
- —
- Average monthly income
- —
- Total interest
- —
- Deposit + interest
- —
Figures are estimates for planning only, not investment or tax advice.
The Senior Citizen Savings Scheme is a five-year deposit for anyone over 60 (or over 55 on superannuation), paying interest every quarter. At 8.2% it is the highest sovereign-backed rate available in India.
The quarterly payout
Interest is credited on the last working day of March, June, September and December. On the ₹30 lakh maximum at 8.2%, that is ₹61,500 a quarter, or about ₹20,500 a month averaged out.
Tax and extension
The deposit qualifies under Section 80C. The interest is fully taxable, with TDS above the annual threshold — Form 15H stops the deduction if your total income is below the exemption limit. The account can be extended once by three years at the rate prevailing on the extension date.
Frequently asked questions
What is the maximum deposit?
₹30 lakh per individual, across all SCSS accounts.
Can I open a joint account?
Only with a spouse, and the whole deposit is attributed to the first holder.
What is the penalty for closing early?
1.5% of the deposit before two years, 1% between two and five years.