# SCSS offers Rs 61,500 quarterly on Rs 30 lakh at 8.2% interest 2026-10-21T15:07:48+00:00 | Business & Economy | Indian Opinion Desk Corroboration: 1 independent outlet The Senior Citizens Savings Scheme (SCSS) currently offers an annual interest rate of 8.2%, allowing eligible retirees to earn Rs 61,500 every quarter on the maximum investment of Rs 30 lakh. This translates into a monthly income of Rs 20,500, though interest is paid quarterly. The scheme is primarily available to individuals aged 60 and above, with exceptions for retired civilian employees aged 55 to 60 and retired defence personnel aged 50 to 60. Accounts can be opened at designated banks and post offices, individually or jointly with a spouse. The minimum investment is Rs 1,000, in multiples of Rs 1,000. Interest income is taxable as per the investor's income tax slab, and deposits qualify for Section 80C deductions under the old tax regime. The scheme has a five-year maturity period, with premature closure allowed but penalties ranging from 1% to 1.5% of the deposit depending on when the account is closed. For a Rs 30 lakh investment, total interest over five years would amount to Rs 12.30 lakh, assuming the rate remains fixed. Extensions of three years are also permitted. Interest is paid on the first working day of April, July, October and January. ## Indian Opinion Analysis The 8.2% rate for the October-December 2026 quarter locks in a fixed quarterly payout for five years, giving retirees a predictable income stream in a falling-rate environment. However, the Rs 61,500 figure is before tax, and the actual post-tax amount depends on the investor's slab, which may erode the real return for those in higher brackets. The scheme's five-year tenure and penalty for early closure mean that retirees must carefully assess their liquidity needs before committing the full Rs 30 lakh. For couples, joint accounts can double the maximum investment, though each account holder must meet age and eligibility rules. ## Coverage - livemint.com Straight factual guide with calculations, no political framing. This brief was synthesised by AI from the source linked above. Tags: National Savings Institute, Section 80C, Senior Citizens Savings Scheme Canonical: https://indianopinion.org/scss-offers-rs-61500-quarterly-on-rs-30-lakh-at-8-2-interest/ License: Summary and commentary (c) Indian Opinion, reusable with attribution. Facts belong to the linked sources. Cite: https://indianopinion.org/scss-offers-rs-61500-quarterly-on-rs-30-lakh-at-8-2-interest/#story-in-brief How this brief was made: an AI model read the report linked above and wrote this summary and analysis, which were published automatically. Published briefs are sampled every hour by an automated quality check; the editor verifies its findings and approves corrections, and corrected briefs carry a dated correction line. We do no original reporting. Methodology: https://indianopinion.org/ai-use-policy/