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.