HomeFinanceCatch a higher fixed deposit interest rate with these top banks

Catch a higher fixed deposit interest rate with these top banks

Higher than SCSS Interest Rate Offered by These Banks on Fixed Deposits (FDs)

Fixed Deposits (FDs) are a popular form of investment. They offer a guaranteed return and are considered to be a low-risk investment option. FDs are preferred by individuals who want to invest their savings and earn a steady interest income. Banks in India offer different interest rates on fixed deposits, depending on the amount invested and the tenure selected. In this article, we will discuss some banks that offer higher interest rates on Fixed Deposits compared to the Senior Citizen Savings Scheme (SCSS).

Fixed Deposit Interest Rates Offered by Banks

The post office offers the Senior Citizen Savings Scheme (SCSS), which is a popular investment option for senior citizens. The interest rate on the SCSS scheme is 7.4% per annum, payable quarterly. However, some banks offer higher interest rates on Fixed Deposits compared to the SCSS scheme. Let’s take a look at some of these banks.

1. DCB Bank

DCB Bank offers an interest rate of up to 7.75% per annum on its Fixed Deposit scheme. The bank offers a flexible tenure ranging from 7 days to 10 years. Senior citizens are eligible for an additional interest rate of 0.5%. The interest rate on a 5-year Fixed Deposit is 7.50%, while on a 10-year Fixed Deposit, it is 7.25%.

2. RBL Bank

RBL Bank offers an interest rate of up to 7.50% per annum on its Fixed Deposit scheme. The bank offers a flexible tenure ranging from 7 days to 20 years. Senior citizens are eligible for an additional interest rate of 0.50%. The interest rate on a 5-year Fixed Deposit is 7.25%, while on a 10-year Fixed Deposit, it is 7.00%.

3. Yes Bank

Yes Bank offers an interest rate of up to 7.25% per annum on its Fixed Deposit scheme. The bank offers a flexible tenure ranging from 7 days to 10 years. Senior citizens are eligible for an additional interest rate of 0.50%. The interest rate on a 5-year Fixed Deposit is 7.10%, while on a 10-year Fixed Deposit, it is 6.75%.

4. IndusInd Bank

IndusInd Bank offers an interest rate of up to 7.25% per annum on its Fixed Deposit scheme. The bank offers a flexible tenure ranging from 7 days to 10 years. Senior citizens are eligible for an additional interest rate of 0.25%. The interest rate on a 5-year Fixed Deposit is 7.10%, while on a 10-year Fixed Deposit, it is 6.75%.

5. HDFC Bank

HDFC Bank offers an interest rate of up to 6.25% per annum on its Fixed Deposit scheme. The bank offers a flexible tenure ranging from 7 days to 10 years. Senior citizens are eligible for an additional interest rate of 0.50%. The interest rate on a 5-year Fixed Deposit is 6.00%, while on a 10-year Fixed Deposit, it is 5.50%.

6. SBI

SBI offers an interest rate of up to 6.20% per annum on its Fixed Deposit scheme. The bank offers a flexible tenure ranging from 7 days to 10 years. Senior citizens are eligible for an additional interest rate of 0.80%. The interest rate on a 5-year Fixed Deposit is 5.70%, while on a 10-year Fixed Deposit, it is 5.40%.

Conclusion

Investing in Fixed Deposits is considered to be a safe investment option, especially for senior citizens. The Senior Citizen Savings Scheme (SCSS) offered by the post office is a popular investment option for senior citizens. However, some banks offer higher interest rates on Fixed Deposits, making them a better investment option for individuals looking for a higher return on their investment. It is advisable to do thorough research before investing in any Fixed Deposit scheme to ensure that the investment meets your financial goals and objectives.

Sara Marcus
Sara Marcushttps://unlistednews.com
Meet Sara Marcus, our newest addition to the Unlisted News team! Sara is a talented author and cultural critic, whose work has appeared in a variety of publications. Sara's writing style is characterized by its incisiveness and thought-provoking nature, and her insightful commentary on music, politics, and social justice is sure to captivate our readers. We are thrilled to have her join our team and look forward to sharing her work with our readers.
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