SCSS vs FD: Fixed deposit schemes of many small finance banks are offering higher interest than Senior Citizen Savings Scheme (SCSS) these days. The current interest rate for SCSS deposits is 7.6%.
There are five banks that are offering 8.5% or more interest on FDs to senior citizens. Many other banks are offering interest of 8% or more per annum. However, it is to be noted that higher interest does not mean that these senior citizens are better than small savings. Here you have to check FD tenure and other benefits. Let us know about the rates of these banks.
Ujjivan Small Finance Bank
Ujjivan Small Finance Bank is offering 8.75% interest on 80 weeks (560 days) deposits to senior citizens. The bank is offering 8.5% interest on deposits of 990 days. These rates are applicable from 5 November.
Utkarsh Small Finance Bank
Utkarsh Small Finance Bank is offering 8.5% interest on 700 days deposit to senior citizens. The bank is paying 8.25% interest on FDs of 5 years from 701 days. These rates are applicable from 17 October 2022.
Jana Small Finance Bank
Jana Small Finance Bank is offering 8.5% interest on deposits of 2 to 3 years to senior citizens. The bank is paying 8.45% on deposits of 1 to 2 years and 8.3% on deposits of 3 years to less than five years. These rates are applicable from 14 October 2022.
Fincare Small Finance Bank
Fincare Small Finance Bank is offering 8.5% interest on 1000 days deposit to senior citizens. The bank is offering 8.25% interest on deposits of 750 days and 8% on deposits of 500 days. These new rates are applicable from 9 November.
ESAF Small Finance Bank
ESAF Small Finance Bank is offering 8.5% interest on 999 days deposit to Senior Citizens. The bank is offering 7.75% interest on deposits from 1000 days to less than three years and from 2 years to 998 days. These rates are applicable from 1 November 2022.
Unity Small Finance Bank
Unity Small Finance Bank is offering 8.3% interest on 1 year 1 day deposit to senior citizens. The bank is offering 8.15% interest on deposits of 2 to 5 years. Bank rates are applicable from 1st November.
Suryoday Small Finance Bank
Suryoday Small Finance Bank is offering 8.26% interest on 999 days deposit to senior citizens. The bank is paying 8.01% interest on deposits of 1 year to 998 days. These rates are applicable from 2 November.
DCB Bank (DCB Bank)
DCB is offering 8.25% interest on FDs of 700 days to 36 months and FDs of 26 months to senior citizens. The bank is offering 7.75% interest on deposits ranging from 36 months to 60 months to 5 years. These rates will be applicable from October 31.
Equitas Small Finance Bank
Equitas Small Finance Bank is offering 8% interest on deposits for 888 days to senior citizens. The bank is offering 7.9% interest on deposits of 2 years 1 day to 887 days and 889 days to 3 years. These rates are applicable from 15 October.
Bandhan Bank
Bandhan Bank is offering 8% interest on 600 days deposit to senior citizens. The bank is offering 7.5% interest on deposits of 2 to 5 years. These are applicable from 7 November.
AU Small Finance Bank
AU Small Finance Bank is offering 8.24 per cent interest on term deposits of 24 months to 45 months to senior citizens. These rates are applicable from 10 October.
