BackHigher than Senior Citizen Savings Scheme (SCSS) interest rate offered by these banks on fixed deposits (FDs) to elderly
The current interest rate for Senior Citizen Savings Scheme (SCSS) deposits is 8.2%
PremiumBank fixed deposit (FD) schemes of several small finance banks are offering higher interest rates than Senior Citizen Savings Scheme (SCSS) these days. There are at least four banks that are offering 9% or more FD interest rates to senior citizens while other banks, including, the State Bank of India (SBI), HDFC, and ICICI, among others, are offering more than 7% on select deposits.
Senior Citizen Savings Scheme (SCSS) latest interest rates
The current interest rate for SCSS deposits is 8.2%.
Here is a list of 4 banks offering 9% or more interest on FD to senior citizens.
Unity Bank latest interest rate for senior citizens
Unity Small Finance Bank (SFB) is offering a maximum return of 9.5% on a deposit with a 1001-day term to senior citizens. According to Unity Small Finance Bank's official website, the new FD rates take effect on May 2nd, 2023.
Suryoday Bank latest interest rate for senior citizens
Suryoday Small Finance Bank has revised interest rates on fixed deposits below ₹2 crore. Now, senior citizens will earn from 4.50% to as high as 9.60%. The new interest rates have come into effect from May 5, 2023.
Utkarsh Bank latest interest rate for senior citizens
On a deposit tenor of 700 days, the bank is offering a maximum interest rate of 8.25% to the general public and 9.00% for senior citizens. These rates are applicable on deposits of less than ₹2 crore with effect from 27 February 2023.
Fincare Bank latest interest rate for senior citizens
On a deposit tenor of 1000 days, the general public will get a maximum return of 8.41% whereas senior citizens can earn 9.01%. These rates are applicable from 24 March 2023 on fixed deposits of less than ₹2 crore.
Senior citizens FD rates 2023: What SBI, HDFC Bank, ICICI, Kotak, PNB, and Axis offer
Senior Citizen Fixed Deposits (FDs) are term deposit plans with special interest rates offered by leading banks to individuals who are over the age of 60. Apart from the additional rate of interest, these FD accounts offer a wide 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 these high-interest FDs, senior citizens should note that a higher interest rate doesn’t mean these fixed deposit schemes are better than SCSS.
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