Quarterly, monthly and yearly income from the Senior Citizen Savings Scheme.
A deposit of ₹30,00,000 (30 lakh) in the Senior Citizen Savings Scheme at 8.2% pays ₹61,500 every quarter — about ₹20,500 a month or ₹2,46,000 a year. Over the 5-year term you earn ₹12,30,000 in interest, and your ₹30,00,000 is returned at maturity.
| Rate | Quarterly | Monthly equivalent | Yearly |
|---|---|---|---|
| 7.4% | ₹55,500 | ₹18,500 | ₹2,22,000 |
| 8% | ₹60,000 | ₹20,000 | ₹2,40,000 |
| 8.2% | ₹61,500 | ₹20,500 | ₹2,46,000 |
| 8.6% | ₹64,500 | ₹21,500 | ₹2,58,000 |
The rate is fixed for your full term at the rate on the day you invest. It was 8.2% at the time of writing; the government revises it every quarter.
SCSS interest is taxable at your slab rate. Because yearly interest exceeds ₹1 lakh, the post office or bank will deduct TDS unless you submit Form 15H (if your total income is below the taxable limit). The deposit itself qualifies for section 80C under the old regime.
At 8.2%, ₹30,00,000 earns ₹61,500 every quarter, which is ₹2,46,000 a year and ₹12,30,000 over 5 years.
The maximum deposit is ₹30 lakh per individual across all SCSS accounts.