Anyone over the age of sixty can participate in a Senior Citizens Savings Scheme (SCSS). They provide appealing features, unparalleled security and are efficient long-term savings alternatives. For SCSS deposits, the current interest rate is 7.6 per cent. However, there are a number of small financing banks that are now offering greater interest rates than the Senior Citizen Savings Scheme. At least five banks provide senior citizens with FD interest rates of 8.5 per cent or higher, while several more banks offer 8 per cent or higher yearly interest. Let’s take a look at some of them:
Ujjivan Small Finance Bank: Senior citizens can earn 8.75 per cent interest on a fixed deposit of 80 weeks (560 days) at Ujjivan Small Finance Bank. The bank offers 8.5 per cent interest on 990-day deposits The new rates became applicable on 5 November 2022.
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Utkarsh Small Finance Bank: For a 700-day fixed deposit, Utkarsh Small Finance Bank is giving elderly people 8.5 per cent interest. For deposits made between 701 days and five years, the bank is offering 8.25 per cent interest. The rates became effective on 17 October 2022.
Fincare Small Finance Bank: Senior citizens can get 8.5 per cent interest on term deposits with a 1000-day maturity at Fincare Small Finance Bank. The bank pays 8.25 per cent interest on 750-day deposits and 8 per cent interest on 500-day deposits. The current rates came into effect from 9 November 2022.
Jana Small Finance Bank: Senior citizens can receive 8.5 per cent interest on fixed deposits for two to three years from Jana Small Finance Bank. The bank will give 8.45 per cent interest on deposits made for one to two years and 8.3 per cent on those made for three to less than five years. The interest rate offered by Jana Bank on five-year deposits is 8.2 per cent. The new rates were introduced on 14 October 2022.
ESAF Small Finance Bank: Senior citizens can earn 8.5 per cent interest on 999-day term deposits at ESAF Small Finance Bank. On deposits of 1000 days to less than three years and two years to 998 days, the bank provides 7.75 per cent interest. These rates came into effect from 1 November 2022.
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Unity Small Finance Bank: Seniors can get 8.3 per cent interest on term deposits for one year and one day at Unity Small Finance Bank. On deposits made for two to five years, the bank gives 8.15 per cent interest. These rates came into effect from 1 November 2022.
Suryoday Small Finance Bank: Elderly people who deposit money for 999 days will receive 8.26 per cent interest from Suryoday Small Finance Bank. For deposits made from one year to 998 days, the bank will give 8.01 per cent interest. The rates were introduced on 2 November 2022.
DCB Bank: On fixed deposits ranging from 26 months or more and more than 700 days, DCB is giving senior citizens 8.25 per cent interest. For deposits of more than 36 months to 60 months or up to five years, the bank gives a 7.75 per cent interest rate ( rates effective since October 31, 2022).
AU Small Finance Bank: Senior citizens can get 8.24 per cent interest on fixed rates ranging from 24 to 45 months at AU Small Finance Bank. These rates came into effect from 10 October 2022.
Among others, Bandhan Bank is giving senior citizens 8 per cent interest on term deposits for 600 days or more, while elderly people who deposit money for 888 days or more will receive 8 per cent interest from Equitas Small Finance Bank. They will receive 8 per cent interest from Shivalik Small Finance Bank for terms of two to three years.
