Bank Fixed Deposit (FD) schemes of many small finance banks these days are offering higher rate of interest than Senior Citizen Savings Scheme (SCSS). there are at least four Banks offering FD interest rates of 9% or more to senior citizens, while other banks, including State Bank of India (SBI), HDFC, and ICICI, are offering over 7% on select deposits.
The current interest rate for SCSS deposits is 8.2%.
Here is a list of 4 banks offering 9% or more interest on FDs to senior citizens.
Unity Bank Latest Interest Rate for Senior Citizens
Unity Small Finance Bank (SFB) is offering senior citizens a maximum return of 9.5% on deposits of 1001 days duration. According to the official website of Unity Small Finance Bank, the new FD rates will be effective from May 2, 2023.
Suryoday Bank Latest Interest Rate for Senior Citizens
Suryoday Small Finance Bank Below is the revised interest rates on fixed deposits 2 crores. Now, senior citizens will earn from 4.50% to 9.60%. The new interest rates have come into effect from 5 May 2023.
Latest Interest Rate for Utkarsh Bank Senior Citizens
On deposit tenure of 700 days, the bank is offering a maximum interest rate of 8.25% for general public and 9.00% for senior citizens. These rates are applicable for deposits of less than 2 crore with effect from 27 February 2023.
Fincare Bank Latest Interest Rates for Senior Citizens
The general public will get a maximum return of 8.41% over a deposit period of 1000 days while senior citizens can earn 9.01%. These rates are applicable from March 24, 2023 for fixed deposits of less than Rs. 2 crores.
Senior citizen FD rates 2023: What SBI, HDFC Bank, ICICI, Kotak, PNB and Axis offer
Senior Citizen Fixed Deposit (FD) There are term deposit plans by leading banks for individuals above the age of 60 years with special interest rates. Apart from the additional rate of interest, these FD accounts offer a range of benefits to senior citizens.
State Bank of India FD rates – 3.50% to 7.60%
HDFC Bank FD Rates – 3.50% to 7.75%
ICICI Bank FD Rates – 3.50% to 7.60%
Kotak Mahindra Bank FD Rates – 3.25% to 7.70%
Punjab National Bank FD Rates – 4.00% to 7.75%
Axis Bank – 3.50% to 7.95%
However, before investing in high interest FDSenior citizens should note that higher interest rate does not mean that these fixed deposit schemes are better than SCSS.
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