Quarterly interest on a Senior Citizens’ Savings Scheme deposit. The rate starts from the current small-savings card. The account runs for five years, and you can extend it once, for three years.
One person can hold up to ₹30 lakh across these accounts. The deposit is in multiples of ₹1,000.
₹
₹1,000₹3,000₹32,000₹3.1 Lakh₹30 Lakh
One person can hold up to ₹30 lakh across these accounts. The deposit is in multiples of ₹1,000.
8.2% is the current Senior Citizens' Savings Scheme rate for 1 October 2026 to 31 December 2026. A new account uses the rate for the quarter it is opened.
0.0%3.0%6.0%9.0%12.0%
8.2% is the current Senior Citizens' Savings Scheme rate for 1 October 2026 to 31 December 2026. A new account uses the rate for the quarter it is opened.
60 or older can open it. From 55, a retired civilian can. From 50, a retired defence employee can. Both of those have to deposit within a month of the retirement benefits.
18 years39 years59 years80 years100 years
60 or older can open it. From 55, a retired civilian can. From 50, a retired defence employee can. Both of those have to deposit within a month of the retirement benefits.
Interest is taxable. Section 153 can deduct up to ₹50,000 for a person of 60 or older who is not taxed under Section 202.
0%8%15%23%30%
Interest is taxable. Section 153 can deduct up to ₹50,000 for a person of 60 or older who is not taxed under Section 202.
0 means you hold the account to the end. Before one year it cannot be closed here. From one year to just before two years, 1.5% of the deposit is deducted. After that, before the account ends, 1% is deducted. If you extend, closing after one year of that extension has no deduction.
0 months15 months30 months45 months60 months
0 means you hold the account to the end. Before one year it cannot be closed here. From one year to just before two years, 1.5% of the deposit is deducted. After that, before the account ends, 1% is deducted. If you extend, closing after one year of that extension has no deduction.
Quarterly interest
₹61,500 a quarter₹61,500a quarter
₹2,46,000 a year, and ₹12,30,000 over 5 years if this rate continues. The deposit comes back at the end. Interest already paid is not added again. The first quarter-end is 31 December 2026.
At 60 or older, you can open this account.
Interest in a year
₹2,46,000₹2,46,000
Four quarterly payments
A year after tax
₹2,46,000₹2,46,000
At the slab you set, plus cess. No senior deduction.
Interest over 5 years
₹12,30,000₹12,30,000
Five years at the rate on the slider
Early closure
No deductionNo deduction
Holding to the end
Yearly interest is above ₹1,00,000, so the payer may deduct 10% tax at source. That is a collection, not the final tax.
You can open this account at 60 or older. From 55 to 59, it is for a civilian who has retired, and the deposit has to go in within a month of the retirement benefits. From 50 to 54, it is for a retired defence employee, with the same one-month rule. Under 50, the account cannot be opened. The form still does the interest maths so you can look ahead.
The deposit is at least ₹1,000, in multiples of ₹1,000. One person stops at ₹30,00,000 across every account they hold. A joint account counts in full toward the first holder. The term is 5 years. You can extend it once, for 3 years.
The current rate, paid each quarter
8.2% is the current Senior Citizens’ Savings Scheme rate for 1 October 2026 to 31 December 2026. A new account uses the rate for the quarter it is opened. The rate is on the small-savings card. Interest is the deposit times the yearly rate, divided by 4, rounded to the nearest rupee. It is paid on 31 March, 30 June, 30 September, and 31 December. The form shows the next of those dates after the opening. It does not split the first quarter by the day count.
A worked example: ₹30 lakh
₹30,00,000 at 8.2% pays ₹61,500 a quarter. A year of interest is ₹2,46,000. Over five years that is ₹12,30,000. The deposit comes back at the end. Interest already paid is not added again.
If you extend and this same rate continues, eight years of interest is ₹19,68,000. The real extension earns the rate in force on the maturity date. The slider lets you type that rate when you know it.
Tax and TDS
The interest is taxed at your slab. The form starts at 0%, so it does not assume a bracket. A person of 60 or older who is not taxed under Section 202 can deduct up to ₹50,000 of interest under Section 153 (this was Section 80TTB). Section 202 does not allow that deduction. Tick the box only when it applies.
On the ₹30,00,000 example, at a 20% slab, with that deduction, tax is ₹39,200 and cess is ₹1,568. A year of interest left after tax is ₹2,05,232. Yearly interest of ₹2,46,000 is above the ₹1,00,000 line for a senior citizen, so the payer may deduct 10% tax at source under Section 393. That is a collection. It is not the final tax. The line for someone under 60 is ₹50,000.
The deposit can count toward Section 123, shared with your other Section 123 investments, up to ₹1,50,000. This page does not apply that cap. The section 123 guide lists what else shares it, and the early-withdrawal rule that can pull the deduction back. Closing the ₹30,00,000 account at 18 months deducts ₹45,000. At 24 months the deduction is ₹30,000.
SCSS, MIS, a fixed deposit, and a withdrawal
This account pays interest once a quarter and returns the deposit at the end. A post-office monthly payout is the Post Office MIS calculator. A bank deposit is the FD calculator. Taking a mutual-fund corpus out month by month is the SWP calculator. Retirement tools are on retirement.
This is an estimate for learning, not a passbook and not advice. Read the disclaimer.
Questions
Does a joint account get its own ₹30 lakh limit?
No. The whole deposit in a joint account counts toward the first holder. One person can hold up to ₹30 lakh across every Senior Citizens’ Savings Scheme account in their name, including the joint accounts where they are first holder. This page checks one deposit.
What rate applies if I extend for three years?
The extension earns the rate in force on the maturity date. The extra three years on this page use the rate on the slider, so you can see the payout if today’s rate continued. That is not a promise that the rate stays put.
Can I close the account early?
Not in the first year. From one year up to just before two years, 1.5% of the deposit is deducted. After two years, and before the account ends, the deduction is 1%. An extended account can be closed after one year of the extension with no deduction. Interest already paid is not taken back.
