Senior Citizen Savings Scheme or Bank FD, know which is more beneficial for you to invest in

Senior Citizen Schemes: Giving great relief to the investors of small savings schemes, the government has increased the interest of most of the schemes including Senior Citizen Saving Scheme. On the other hand, along with the increase in the repo rate from May 2022, banks have also increased the interest of fixed deposits several times. In such a situation, many banks are giving interest rate similar to Senior Citizen Saving Scheme for senior citizens.

Under the Senior Citizen Savings Scheme, the interest rate is revised every three months. For the quarter from April to June 2023, the government has increased the interest under the Senior Citizen Savings Scheme from 8 per cent to 8.2 per cent. If you come under the category of senior citizen and are planning to invest for higher returns, then let us know what would be the better option for you.

Senior Citizen Saving Scheme

In Budget 2023, the government has increased the investment limit for Senior Citizen Savings Scheme from Rs 15 lakh to Rs 30 lakh. Investment in this can be done on 31st March, 30th June, 30th September and 31st December. The interest for the April-June quarter has been 8.2 per cent.

SBI Senior Citizen FD Rates

State Bank of India is paying 7% interest for fixed deposits with a tenure of less than 3 years to 5 years. Whereas for the tenure between 1 year and 2 years, 7.3 percent interest is being given. Apart from this, 7.5 percent interest is being given for the tenure between 2 years to 3 years.

HDFC Bank Senior Citizen FD Rate

HDFC Bank is offering 7.50 per cent interest for senior citizens with a tenure of 18 months to 5 years and 7.60 per cent interest for a tenure of 15 months to 18 months.

ICICI Bank FD

For senior citizens, this bank is paying 7.50 percent interest for 2 years to 5 years tenure and 7.60 percent interest for 15 to 18 months.

Axis Bank FD Interest

This bank is giving interest ranging from 7.75 percent to 8.01 percent to senior citizens on tenure ranging from 18 months to 5 years.

yes bank fd interest

Yes Bank is giving interest ranging from 7.75% to 8% to senior citizens on tenure ranging from 15 months to 5 years. Under the Special Fixed Deposit, the bank is paying 8.25 per cent interest on tenure of 35 months.

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