What is the quarterly payout on a ₹12 lakh SCSS deposit?
Based on these numbers, your ₹12,00,000 deposit pays out about ₹24,600 every quarter — ₹4,92,000 in total interest over the 5-year term, with your ₹12,00,000 returned in full at maturity.
What is the Senior Citizen Savings Scheme?
A savings scheme specifically for senior citizens (60+, or 55+ for certain retirees), with a 5-year term and one of the highest official rates among small savings schemes. Unlike a Time Deposit or NSC, the interest here is paid out to you every quarter rather than added back to your deposit — so your deposit amount itself never grows, but you receive a steady quarterly income, and get the full original deposit back at maturity.
What this simplifies
The real scheme allows a one-time extension of 3 years after the initial 5-year term, has a maximum deposit limit (₹30 lakh as of recent rules), and premature closure carries a penalty — none of that is modeled here. This shows the standard 5-year term only.