See the regular income you'll receive from an SCSS account.
About SCSS
- For people aged 60 and above (55–60 for those who took voluntary retirement, with conditions; 50+ for retired defence personnel).
- Maximum deposit ₹30 lakh per individual. Term of 5 years, extendable by 3 years.
- Interest is paid every quarter (1 April, 1 July, 1 October and 1 January). The rate is fixed for your term at the rate on the day you invest — 8.2% p.a. at the time of writing.
- Tax: the deposit qualifies for section 80C (old regime). The interest is taxable; TDS applies if interest exceeds the yearly threshold (₹1 lakh for senior citizens from FY 2025-26). Form 15H can be submitted if your income is below the taxable limit.
Also see the Monthly Income Scheme, bank FD and SCSS interest for common amounts.
Frequently asked questions
Who can open a Senior Citizens Savings Scheme account?
Anyone aged 60 or above. Retired people aged 55–60 (on superannuation or VRS) can open one within one month of receiving retirement benefits, and retired defence personnel from age 50.
What is the maximum investment in SCSS?
You can invest up to ₹30 lakh in total across all your SCSS accounts, with a minimum of ₹1,000. A couple can each open their own account, so a household can invest up to ₹60 lakh.
When is SCSS interest paid?
Every quarter — on the first working day of April, July, October and January — directly into your linked savings account. The rate is fixed for the full 5 years at the rate applicable when you invest.
How is SCSS taxed?
Deposits qualify for a deduction under section 80C in the old regime. The interest is taxable, but senior citizens can claim up to ₹50,000 of interest income as a deduction under section 80TTB in the old regime. TDS applies when interest crosses ₹1 lakh a year.
Can I close SCSS early or extend it?
Early closure is allowed: before 1 year, any interest paid is recovered; between 1 and 2 years, 1.5% of the deposit is deducted; after 2 years, 1%. At maturity after 5 years, you can extend the account for 3 more years.