Good news for seniors, these banks are offering higher interest rates than SCSS

 Good news for seniors, these banks are offering higher interest rates than SCSS

Higher Interest: When it comes to the programmes being implemented in the nation, senior persons are given some unique amenities. There are numerous programmes available for seniors, one of which is the Senior Citizens Savings Scheme (SCSS), which was created specifically for seniors.

This is a far better plan from the standpoint of getting decent interest and saving money. Money is accessible from July to September 2023 at an interest rate of 8.2 percent.

It is noteworthy that the government updates the Senior Citizen Savings Scheme interest rate once every three months. Senior folks can take advantage of this programme and other government programmes, but they also receive significantly better interest on bank FDs.

Senior citizens can now take advantage of good yields on FDs from many institutions. According to information from Bankbazaar.com, banks are providing interest rates that are greater than SCSS.

Older Americans Savings Programme

Senior citizens have specific needs, which is why the government supports the Senior Citizens Savings Scheme. You can put money into it and receive 8.2% interest for up to 5 years.

Starting with just Rs 1,000 and depositing up to Rs 30 lakh is possible. Additionally, it provides tax exemption under Section 80C of the Income Tax Act up to Rs 1.5 lakh.

Examine bank interest rates.

Yes Bank: This private sector bank provides senior citizen customers with FD schemes with a maximum interest rate of 8.25 percent.

Bandhan Bank: Customers 60 years of age and over can take advantage of the 8.35 percent interest rate that Bandhan Bank offers.

Ujjivan Small Finance Bank: For its fixed deposit programme for elderly persons, Ujjivan Small Finance Bank provides a competitive interest rate of 8.75 percent.

Suryoday Small Finance Bank: Suryoday Small Finance Bank offers senior citizens an amazing 9.6% interest rate.

The interest rate for senior citizen FDs offered by Jana Small Finance Bank is 9.00 percent.

ESAF Small Finance Bank: Senior folks can take advantage of ESAF Small Finance Bank's 9% interest rate.

Utkarsh Small Finance Bank: For clients 60 years of age and over, Utkarsh Small Finance Bank offers an alluring 8.6% interest rate on FD programmes.

Unity Small Finance Bank: Unity Small Finance Bank provides elderly persons with an appealing interest rate of 9.5 percent on its FD programme.