Question 1

What is the current SCSS interest rate?

Accepted Answer

The SCSS interest rate is revised quarterly by the government. As of 2024, it is around 8.2% per annum, paid out quarterly. Check the latest government notification for the current rate.

Question 2

What is the maximum deposit limit in SCSS?

Accepted Answer

The maximum deposit limit in SCSS is Rs 30 lakh per individual. Joint accounts are also allowed with the spouse, but the investment limit remains per depositor.

Question 3

How is SCSS interest calculated?

Accepted Answer

SCSS interest is calculated on the deposit amount at the declared rate, and paid out quarterly. The formula is: Quarterly Payout = (Deposit x Annual Rate) / 4. Interest is not compounded as it is paid out each quarter.

Financial Calculators