What is the maximum limit for SCSS in 2026?

The government has recently increased the maximum deposit limit for the Senior Citizen Savings Scheme (SCSS) to ₹30 Lakh per individual. If both spouses are eligible, a household can invest up to ₹60 Lakh.

What are the current SCSS interest rates (April 2026)?

As of April 2026, the SCSS interest rate remains highly attractive for fixed-income seekers. The government reviews this rate every quarter based on small savings yield benchmarks.

Can I open a joint SCSS account with my spouse?

Yes, you can open a joint account with your spouse. The primary account holder must be a senior citizen (60+ years), but there is no age limit for the second (joint) holder.

Is SCSS interest paid monthly or quarterly?

SCSS interest is paid out quarterly. It is credited on the 1st working day of April, July, October, and January. It does NOT compound; it is a simple interest payout scheme.

What are the tax benefits of SCSS under Section 80C?

Investments in SCSS qualify for a tax deduction of up to ₹1.5 Lakh per year under Section 80C. However, the quarterly interest received is fully taxable as per your income slab.

What is the lock-in period for SCSS? Can it be extended?

The initial tenure is 5 years. After maturity, you can extend the account for one additional block of 3 years by submitting an application within one year of maturity.

What are the premature withdrawal rules for SCSS?

You can close the account after 1 year. The penalty is 1.5% of the deposit if closed before 2 years, and 1% if closed between 2 and 5 years.

Is TDS applicable on SCSS interest payouts?

Yes, if the total interest exceeds ₹50,000 in a financial year, the bank/post office will deduct TDS. You can submit Form 15H if your total income is within the tax-free limit.

Can NRIs invest in the Senior Citizen Savings Scheme?

No, Non-Resident Indians (NRIs) and Hindu Undivided Families (HUFs) are not eligible to open SCSS accounts. If an Indian resident becomes an NRI after opening the account, they can continue it till maturity on a 'non-repatriation' basis.

SCSS vs Fixed Deposit: Which is better for seniors in 2026?

SCSS usually offers a much higher interest rate (currently 8.2%) compared to regular senior citizen FDs (approx 7.5%). SCSS also offers 80C tax benefits, making it superior for the first ₹30 Lakh of investment.

SCSS Calculator (2026): ₹15L Deposit = ₹30,750 Quarterly...

Item: SCSS Calculator (2026): ₹15L Deposit = ₹30,750 Quarterly
Rating: 5
Author: Mahavir Hirani

What is SCSS? The Senior Citizen Savings Scheme (SCSS) is a government-backed retirement planning program designed explicitly to offer regular, risk-free income to Indian senior citizens. Offering one of the highest interest rates among fixed-income instruments (currently 8.2% p.a.), it pays out interest quarterly directly into your savings account.

Use our SCSS Calculator to find out exactly how much quarterly pension you will receive based on your initial deposit, ensuring you can plan your post-retirement cash flow securely.

How Does the SCSS Calculator Work?

Unlike the PPF or EPF which feature compound interest, SCSS operates strictly on Simple Interest calculated and paid out every quarter. Therefore, your principal amount deposited on Day 1 remains untouched and is returned to you upon maturity (after 5 years).

Quarterly Interest = (P × R) / (100 × 4)

Where:

• P = Principal deposit (Max ₹30L)
• R = Annual Interest Rate (Currently 8.2%)
• Example: (15,00,000 × 8.2) / 400 = ₹30,750 per quarter

Quarterly Payouts: Interest is strictly credited on the 1st of April, July, October, and January.
No Compounding: Unclaimed interest does not earn further interest.
Maximum Limit: An individual can deposit a maximum of ₹30 Lakhs (doubled recently from ₹15 Lakhs).
Taxation: While the deposit qualifies for an ₹1.5L deduction under Section 80C, the interest earned is fully taxable as per your slab rate.

Example: ₹30 Lakh Maximum Deposit

Modeling a deposit of ₹15L into an SCSS account at the current 8.2% rate.

• Annual Interest: Calculated
• Quarterly Payout = ₹30,750
• Status: Govt Backed Safety.

For 5 straight years, you will receive an auto-credited 'pension' of ₹30,750 every 3 months. At the end of the 5th year, your principal is returned in full.

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SCSS Calculator (2026): ₹15L Deposit = ₹30,750 Quarterly

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