SCSS vs Bank FD: Senior citizens have many investment options but they prefer to invest in bank FD for investment. Senior Citizen Saving Scheme is a special scheme made for senior citizens. In this scheme, interest is being given at the rate of 8.2 percent between July and September 2023. The government decides the interest rate of Senior Citizen Savings Scheme every quarter. This scheme is being run by the government. Here we are telling you about the interest available on Senior Citizen Saving Scheme and Bank EPD.
Senior Citizen Saving Scheme
You can invest money in Senior Citizen Saving Scheme for a total of 5 years. An interest rate of 8.2 percent is available on the amount invested in this scheme. You can invest from Rs 1,000 to Rs 30 lakh in this government scheme. Talking about tax exemption, tax exemption is available on investment of Rs 1.5 lakh under Section 80C of Income Tax. If we compare it with banks, then according to the time period, they are getting more interest than bank FD.
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Private sector bank is offering maximum interest of 8.25 percent on FD to senior citizens.
2. Bandhan Bank
Bandhan Bank is offering interest at the rate of 8.35 percent to customers above 60 years of age.
3. Ujjivan Small Finance Bank
Ujjivan Small Finance Bank is offering maximum interest rate of 8.75 percent on FD to its senior citizen customers.
4. Suryoday Small Finance Bank
Suryoday Small Finance Bank is offering 9.6 percent interest to senior citizen customers.
5. Jana Small Finance Bank
Jana Small Finance Bank is offering 9.00 percent interest on FD to senior citizens.
6. ESAF Small Finance Bank
ESAF Small Finance Bank is offering 9 percent interest rate to its senior citizens.
7. Utkarsh Small Finance Bank
Utkarsh Small Finance Bank is offering 8.6 percent interest on FD scheme to customers above 60 years of age.
8. Unity Small Finance Bank
Unity Small Finance Bank is offering 9.5 percent interest rate to senior citizens on its FD scheme.
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