Senior Citizen: Senior Citizen Savings Scheme, a government scheme that provides post-retirement income for senior citizens, pays an annual interest of 8.2 percent. Many banks are giving more interest to senior citizens than the Senior Citizen Savings Scheme. Here information is being given about four such banks, which are giving up to 9% interest on fixed deposits to senior citizens.
Unit Small Finance Bank is giving maximum interest to senior citizens. 9.5% interest is being given to senior citizens on term deposits of 1001 days. According to the official website, these FDs are effective from May 2.
Suryoday Small Finance Bank is offering interest ranging from 4.50 per cent to 9.60 per cent on fixed deposits of less than Rs 2 crore, which is effective from May 5, 2023.
Utkarsh Finance Bank is paying 8.25 percent interest for general public and 9 percent interest for senior citizens on 700 days tenure. This interest rate is effective from 27 February.
On behalf of Fincare Bank, 8.41 percent interest is being given for the common people and 9.01 percent for the senior citizens on the tenure of 1000 days. This interest rate is effective from 24 March.
Explain that higher interest does not mean that Fixed Deposit Scheme will be better than Senior Citizen Saving Scheme. Many more benefits are available in this plan. You can choose the one which is appropriate on the basis of your discretion.
