Senior Citizen Savings Scheme Calculator India
See the income a Senior Citizen Savings Scheme deposit pays each quarter, and what it adds up to over the term.
Senior Citizen Savings Scheme Calculator
Interest every quarter
₹30,750.00
- Total interest over the term₹6,15,000.00
- Deposit returned at maturity₹15,00,000.00
Works out in your browser. Nothing you type is sent anywhere.
In short: Senior Citizen Savings Scheme Calculator
A deposit of ₹15,00,000 at 8.2% pays ₹30,750.00 every quarter, which is about 10250 a month. Over 5 years the interest totals ₹6,15,000.00, and the deposit of ₹15,00,000.00 comes back at the end. The interest is paid out, so it does not compound.
What is Senior Citizen Savings Scheme?
The Senior Citizen Savings Scheme is a government deposit for people aged sixty and above, paying interest every quarter rather than compounding it.
How is Senior Citizen Savings Scheme calculated?
Multiply the deposit by the yearly rate and divide by four to get each quarter's payment. Because the interest is paid out rather than added to the balance, the deposit itself never grows and comes back unchanged at maturity.
- Pthe amount deposited
- rthe notified yearly rate, as a decimal
A worked example
| Amount deposited | ₹15,00,000 |
|---|---|
| Interest rate (% a year) | 8.2% |
| Years | 5 years |
| Result | |
| Interest every quarter | ₹30,750.00 |
| Total interest over the term | ₹6,15,000.00 |
| Deposit returned at maturity | ₹15,00,000.00 |
Every figure in this table is produced by the same calculation the tool above runs.
How to use this senior citizen savings scheme calculator
- Enter the amount being deposited, up to the scheme's ceiling.
- Leave the rate at the notified figure unless you are testing a change.
- Leave the term at the scheme's own length.
- Read the quarterly payment, which is the income this deposit provides.
Questions people ask
How much can be deposited?
The ceiling is 3000000 across all accounts held by one person, with a small minimum to open. A couple can hold separate accounts, each up to the ceiling. The limit in the sources below is the one this tool applies.
Is tax deducted from the interest?
Yes, once the interest for the year crosses the threshold for senior citizens, the post office or bank deducts tax at source. The interest is taxable as income in any case. Form 15H can stop the deduction where total income is below the taxable limit.
Can the account be extended?
Yes, it can be extended once beyond the original term, by a further block of years, at the rate in force on the date of extension. The request has to be made within the window the rules allow. Check the current conditions before relying on it.
Who is eligible to open one?
Anyone aged sixty or above can open an account, and some early retirees qualify sooner under specific conditions. Proof of age and of retirement, where relevant, is required at opening. The rules in the sources set out the exceptions.
Accuracy and sources
Where the figures come from
Estimate only. Not financial or tax advice.
This is an independent tool. It is not run by, endorsed by or connected to any government department.
Checked by the Daytoolz team on 16 October 2026. How we check our tools.
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