Higher Interest: Talking about the schemes running in the country, some special facilities are provided to senior citizens. Many schemes are also operational for senior citizens, such as one of these is the Senior Citizens Savings Scheme (SCSS), which has been specially designed for senior citizens.
This is a much better scheme for saving purposes and from the point of view of getting good interest. From July to September 2023, money is available at 8.2 percent interest rate.
It is noteworthy that the government revises the interest rate for Senior Citizen Savings Scheme every quarter. At the same time, to get good interest, senior citizens not only have this scheme or other government schemes, but they also get much better interest in FDs of banks.
Many banks are now offering strong returns on FD for senior citizens. Based on data from Bankbazaar.com banks are offering higher interest rates as compared to SCSS.
Senior Citizens Savings Scheme
The government-backed Senior Citizens Savings Scheme is specially designed for senior citizens. You can invest your money in it for up to 5 years and earn 8.2% interest rate. You can start with as little as Rs 1,000 and deposit up to Rs 30 lakh. Additionally, it offers tax exemption up to Rs 1.5 lakh under Section 80C of the Income Tax Act.
Check interest rates of banks
Yes Bank: This private sector bank offers a maximum interest rate of 8.25 percent on FD schemes for senior citizen customers.
Bandhan Bank: Customers aged 60 years and above can avail the benefit of 8.35 percent interest rate offered by Bandhan Bank.
Ujjivan Small Finance Bank: Ujjivan Small Finance Bank offers a strong interest rate of 8.75 percent on its fixed deposit scheme for senior citizens.
Suryoday Small Finance Bank: Senior citizen customers can enjoy an impressive 9.6 percent interest rate from Suryoday Small Finance Bank.
Jana Small Finance Bank : Jana Small Finance Bank gives money on senior citizen FD at 9.00 percent interest rate.
ESAF Small Finance Bank : Senior citizens can avail 9 percent interest rate from ESAF Small Finance Bank.
Utkarsh Small Finance Bank : Utkarsh Small Finance Bank offers an attractive 8.6 percent interest rate on FD schemes for customers aged 60 years and above.
Unity Small Finance Bank: Unity Small Finance Bank offers an attractive interest rate of 9.5 percent on its FD scheme to senior citizens.
