Senior Citizen Saving Scheme VS Bank FD Know Which Banks Offer More Interest Rate

SCSS vs Bank FD: Although senior citizens have many investment options, but even today they prefer to invest in small savings schemes and bank FD schemes. Senior Citizen Scheme is a special scheme for senior citizens, in which 8.2 percent interest rate is being offered between July to September 2023. The thing to note is that the government decides the interest rate of Senior Citizen Saving Scheme every quarter.

There are many banks which are offering strong returns on bank FD to senior citizens. We are telling you about those bank FD schemes which are offering higher interest rates than SCSS. This list has been prepared according to the data of bankbazaar.com.

Know special things about Senior Citizen Saving Scheme

Senior Citizen Saving Scheme is a special scheme run by the government for senior citizens. You can invest money in this scheme for a total of 5 years. The amount invested in this scheme is getting the benefit of interest rate of 8.2 percent. In this scheme you can invest from Rs 1,000 to Rs 30 lakh. Talking about tax exemption, tax exemption is available on investment of Rs 1.5 lakh under Section 80C of Income Tax. In such a situation, we are telling you in which banks senior citizens are getting higher interest rates than SCSS on FD of this period.

Higher interest rates are available on FD of these banks

1. Yes Bank

Private sector bank Yes Bank is offering a maximum interest rate of 8.25 percent on FD scheme to its senior citizen customers.

2. Bandhan Bank

Bandhan Bank is offering 8.35 percent interest rate to customers above 60 years of age.

3. Ujjivan Small Finance Bank

Ujjivan Small Finance Bank is offering 8.75 percent interest rate on fixed deposit scheme to its senior citizen customers.

4. Suryoday Small Finance Bank

Suryoday Small Finance Bank is offering 9.6 percent interest rate to senior citizen customers.

5. Jana Small Finance Bank

Jana Small Finance Bank is offering 9.00 percent interest rate on Senior Citizen FD.

6. ESAF Small Finance Bank

ESAF Small Finance Bank is offering 9 percent interest rate to its senior citizens.

7. Utkarsh Small Finance Bank

Utkarsh Small Finance Bank is offering 8.6 percent interest rate on FD scheme to customers above 60 years of age.

8. Unity Small Finance Bank

Unity Small Finance Bank is offering 9.5 percent interest rate to senior citizens on its FD scheme.

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Mutual Fund Nomination: Mutual fund investors should complete this work before 30th September, otherwise the account will be frozen.