After the presentation of Budget 2023 , senior citizens have got both huge financial relief and benefits. Days after raising investment limits under Senior Citizens Savings Scheme (SCSS) and Post Office Monthly Income Scheme (POMIS) in the general budget, banks have now increased interest on FDs to attract large depositors. Senior citizens are getting double benefit from this.
Bandhan Bank and Jana Small Finance Bank are among the banks that have announced an increase in fixed deposit interest rate. These banks are offering attractive interest rates on FDs to senior citizens and others.
Now interest on FD up to 8.80%
Bandhan Bank has increased the interest rate of fixed deposits by 50 bps on Monday. The bank said that the revised rates will be applicable on FDs up to Rs 2 crore. The new rates have become effective from 6 February 2023. However, these new rates will be available for a limited period only. Bandhan Bank is now offering the highest interest rate of 8.5% for FDs of 600 days duration to senior citizens, while the bank’s interest rate for non-senior citizens is 8%.
Jana Small Finance Bank has increased interest rates on Regular Fixed Deposits with effect from February 1, 2023 and on FD Plus scheme from February 6, 2023. At the same time, Jana Bank is also offering up to 8.8% interest to senior citizens on recurring deposits with effect from February 1, 2022.
Jana Bank is now offering up to 8.8% interest on FDs of 2 years to 3 years for senior citizens, while the rate for non-senior citizen customers is 8.10%. At the same time, customers can get a benefit of 8.25% as interest on FD Plus for a period of more than 2-3 years.
Finance Minister gave big relief in the budget
Let us tell you that Finance Minister Nirmala Sitharaman has increased the maximum limit of investment in Senior Citizen Savings Scheme (SCSS) from Rs 15 lakh to Rs 30 lakh in the general budget. This scheme is a savings scheme run by the government for the senior citizens of the country. This scheme was started in 2004.
Its objective is to provide financial assistance to retired people. Account can be opened under this scheme in many banks and post offices across the country. The Central Government has increased the interest rate on Senior Citizen Savings Scheme (SCSS) to 8 percent for the quarter ending March 31, 2023.
