SCSS: Get ₹20,000/Month — How Much to Invest?
The Senior Citizens Savings Scheme (SCSS) lets people above 60 earn a fixed quarterly income from a government-backed deposit. Here's exactly how much you need to invest to receive ₹20,000 every month — and whether it's right for your retirement plan.
₹20K/month from SCSS beats most bank FD rates — and your money is government-guaranteed
Senior citizens can earn this tax-efficient income from a government-backed scheme
Key Takeaways
Calculate your target monthly income and back-calculate the required SCSS deposit: multiply monthly income by 12, then divide by 0.082 to find the lump sum needed.
Open an SCSS account at your nearest post office or authorised bank (SBI, ICICI, HDFC etc.) — you'll need age proof, address proof, and a cheque for the deposit amount.
Check whether your SCSS interest income exceeds ₹50,000/year — if it does, TDS at 10% will apply, so submit Form 15H if your total income is below the taxable limit to avoid deduction.
The Senior Citizens Savings Scheme (SCSS) lets people above 60 earn a fixed quarterly income from a government-backed deposit. Here's exactly how much you need to invest to receive ₹20,000 every month — and whether it's right for your retirement plan.
Here's what happened: SCSS currently offers 8.2% annual interest per quarter, one of the highest guaranteed returns available to senior citizens in India.. To earn ₹20,000 per month (₹60,000 per quarter), a senior citizen needs to deposit approximately ₹29.26 lakh in an SCSS account.. The maximum deposit limit in SCSS is ₹30 lakh per individual, meaning ₹20,000/month is close to the maximum possible payout from this scheme..
What you should do: Calculate your target monthly income and back-calculate the required SCSS deposit: multiply monthly income by 12, then divide by 0.082 to find the lump sum needed.. Open an SCSS account at your nearest post office or authorised bank (SBI, ICICI, HDFC etc.) — you'll need age proof, address proof, and a cheque for the deposit amount.. Check whether your SCSS interest income exceeds ₹50,000/year — if it does, TDS at 10% will apply, so submit Form 15H if your total income is below the taxable limit to avoid deduction..
Couples can double their SCSS income — husband and wife can each open separate accounts and deposit up to ₹30 lakh individually, potentially earning ₹40,000/month combined from two accounts.
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- [1]“SCSS calculator: Rs 20,000 monthly income for senior citizens; check investment required” Wealth-Economic Times · 9 Jun 2026
This article is reported by GoCredit's Editorial Team based on the source above. GoCredit synthesises, contextualises, and adds India-borrower-relevant analysis. We are not the original publisher.