SCSS Calculator - Rs 15 Lakh Deposit
Rs 15 lakh in SCSS at 8.2% earns Rs 30,750 every quarter. That is effectively Rs 10,250/month if you budget quarterly interest evenly. Over 5 years, total interest received is Rs 6.15 lakh from Rs 15 lakh invested. The principal of Rs 15 lakh is fully returned at maturity.
Quarterly Payout
₹30,750
Annual Income
₹1,23,000
Total Interest (5 yrs)
₹6,15,000
SCSS rate: 8.2% p.a. (Q1 FY 2026-27). Max deposit ₹30L. Tenure: 5 years (extendable by 3). Interest paid quarterly. TDS applicable if interest exceeds ₹50,000/year.
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Common questions about SCSS Calculator - Rs 15 Lakh Deposit
Can I use SCSS for regular monthly income?
SCSS pays quarterly (January 1, April 1, July 1, October 1), not monthly. However, many retirees pair SCSS with a Post Office Monthly Income Scheme (POMIS) or a monthly interest payout FD to smooth income. Alternatively, you can deposit Rs 15 lakh in SCSS and invest the quarterly payout in a recurring deposit for further growth.
Is there a tax deduction on the Rs 15 lakh SCSS investment?
SCSS does not have tax deduction under 80C on the principal amount invested. Only the interest enjoys the Rs 50,000 Section 80TTB exemption for senior citizens. Compare this to PPF where the deposit gets 80C benefit. This makes SCSS less tax-efficient on the principal side, but SCSS rates are significantly higher than PPF (8.2% vs 7.1%).
Can I have multiple SCSS accounts?
Yes. A senior citizen can have multiple SCSS accounts across different branches (post office or bank), but the combined balance across all accounts cannot exceed Rs 30 lakh. Both husband and wife can have separate individual accounts (Rs 30 lakh each) and one joint account (counted at Rs 30 lakh for each). Total combined household SCSS can be Rs 60 lakh.