Fixed Deposit rates better than SCSS for senior citizens: There are at least five banks that are offering 8.5% or more FD interest rates to senior citizens while many other banks are offering 8% or more annual interest.
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SCSS vs FD: Fixed Deposit schemes of several small finance banks are offering higher interest rates than Senior Citizen Savings Scheme (SCSS) these days. The current interest rate for SCSS deposits is 7.6%.
There are at least five banks that are offering 8.5% or more FD interest rates to senior citizens while many other banks are offering 8% or more annual interest.
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. The Senior Citizen Savings Scheme comes with multiple benefits that are unmatched by any FD scheme. Following is a list of banks offering 8% or more interest on FD to senior citizens.
Banks offering 8.5% or more interest on FD to senior citizens
Ujjivan Small Finance Bank
Ujjivan Small Finance Bank is offering 8.75% interest to senior citizens on term deposits of 80 weeks (560 days). The bank offers 8.5% interest on deposits of 990 days ( rates effective since November 5, 2022).
Utkarsh Small Finance Bank
Utkarsh Small Finance Bank is offering 8.5% interest to senior citizens on term deposits of 700 days. The bank offers 8.25% interest on deposits of 701 days to 5 years ( rates effective since October 17, 2022).
Jana Small Finance Bank
Jana Small Finance Bank is offering 8.5% interest to senior citizens on term deposits of 2 to 3 years. The bank offers 8.45% interest on deposits of 1 to 2 years and 8.3% interest on deposits of 3 years to less than five years. On deposits of five years, Jana Bank is offering 8.2% interest. (rates effective since October 14, 2022).
Fincare Small Finance Bank
Fincare Small Finance Bank is offering 8.5% interest to senior citizens on term deposits of 1000 days. The bank offers 8.25% interest on deposits of 750 days and 8% interest on deposits for 500 days. (rates effective since November 9, 2022).
ESAF Small Finance Bank
ESAF Small Finance Bank is offering 8.5% interest to senior citizens on term deposits of 999 days). The bank offers 7.75% interest on deposits of 1000 days to less than three years & 2 years to 998 days ( rates effective since November 1, 2022).
Other banks offering 8% or more FD interest rate for senior citizens
Unity Small Finance Bank
Unity Small Finance Bank is offering 8.3% interest to senior citizens on term deposits of 1 year – 1 day. The bank offers 8.15% interest on deposits of 2 to 5 years ( rates effective since November 1, 2022).
Suryoday Small Finance Bank
Suryoday Small Finance Bank is offering 8.26% interest to senior citizens on term deposits of 999 days. The bank offers 8.01% interest on deposits of 1 year to 998 days ( rates effective since November 2, 2022).
DCB Bank
DCB is offering 8.25% interest to senior citizens on term deposits of more than 700 days to 36 months and on deposits of 26 months. The bank offers 7.75% interest on deposits of more than 36 months to 60 months days to 5 years ( rates effective since October 31, 2022).
Equitas Small Finance Bank
Equitas Small Finance Bank is offering 8% interest to senior citizens on term deposits of 888 days. The bank offers 7.9%% interest on deposits of 2 years 1 day to 887 days & 889 days to 3 years. (rates effective since October 15, 2022).
Bandhan Bank
Bandhan Bank is offering 8% interest to senior citizens on term deposits of 600 days. The bank offers 7.5%% interest on deposits of 2 to 5 years. (rates effective since November 7, 2022).
AU Small Finance Bank
AU Small Finance Bank is offering 8.24% interest to senior citizens on term deposits of 24 months 45 months. (rates effective since October 10, 2022).
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Shivalik Small Finance Bank
Shivalik Small Finance Bank is offering 8% interest to senior citizens on term deposits of 2 to 3 years. The bank offers 7.5%% interest on deposits of 3 to 5 years. (rates effective since November 10, 2022).
