SCSS vs Bank FD: Although senior citizens have many investment options, they still prefer to invest in small savings schemes and bank FD schemes. Senior Citizen Scheme is a special scheme for senior citizens, offering 8.2% interest rate between July and September 2023. It is important to note that the government decides the interest rate of the Senior Citizen Savings Scheme every quarter.
There are many banks that are offering strong returns on bank FDs to senior citizens. We are telling you about the bank FD schemes that are offering higher interest rates than SCSS. This list is prepared according to the data of bankbazaar.com.
Know the special things about Senior Citizen Savings Scheme.
Senior Citizen Savings Scheme is a special scheme run by the government for senior citizens. You can invest in this scheme for a total of 5 years. The money invested in this scheme is getting the benefit of 8.2% interest rate. In this scheme you can invest from Rs.1000 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 scenario, we are telling you which banks are offering higher interest rates than SCSS on FD for senior citizens.
Higher interest rates are available on FDs 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% interest rate to customers above 60 years of age.
3. Ujjivan Small Finance Bank
Ujjivan Small Finance Bank is offering 8.75% interest rate on fixed deposit scheme to its senior citizen customers.
4. Suryoday Small Finance Bank
Suryoday Small Finance Bank is offering 9.6% interest rate for senior citizens.
5. Jana Small Finance Bank
Jana Small Finance Bank is offering 9.00% interest rate on Senior Citizen FD.
6. ESAF Small Finance Bank
ESAF Small Finance Bank is offering 9% interest rate to its senior citizens.
7. Utkarsh Small Finance Bank
Utkarsh Small Finance Bank is offering 8.6% 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% interest rate to senior citizens on its FD scheme.
Mutual Fund Nomination: Mutual fund investors must complete this before September 30, otherwise the account will be frozen.