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Work out the quarterly interest from the Senior Citizens’ Savings Scheme at 8.2% (Oct–Dec 2026), on deposits up to ₹30 lakh, and the total over 5 years.
Your deposit
The rate is fixed for the whole term when you open the account, even if later rates change.
What you receive
Interest is paid on 1 April, 1 July, 1 October and 1 January, and is taxed at your slab rate.
The Senior Citizens’ Savings Scheme (SCSS) is a government scheme run by post offices and banks that pays interest every quarter. It pays 8.2% for accounts opened in Oct–Dec 2026, fixed for the whole term.
It suits retirees who want a steady, safe income: up to ₹30 lakh can be deposited, for 5 years, extendable by 3.
Quarterly interest = deposit × rate ÷ 4
Ramesh, 62, deposits ₹15 lakh
Anyone aged 60 or more. People aged 55 to 60 who retired on superannuation or under a voluntary scheme, and retired defence staff aged 50 or more, can open one within a month of receiving their retirement benefits.
8.2% a year for accounts opened in Oct–Dec 2026. The rate is fixed for the account’s whole term.
Yes, at your slab rate. The deposit itself can be claimed under 80C in the old regime.
Yes, once, by 3 years, at the rate applying when you extend.
Results are estimates. Returns are assumed constant, rates and tax rules can change, and your actual numbers will differ. This is not financial or tax advice.