State Bank of India, HDFC Bank and ICICI Bank are among the few banks which are giving more than 7 per cent returns. At present, 8.2 per cent returns are being received on the Senior Citizen Savings Scheme.
Many small savings banks are giving higher interest to senior citizens on fixed deposits as compared to the post office’s Senior Citizen Savings Scheme ie SCSS. There are at least four banks which are giving 9% and above returns on FDs to senior citizens. On the other hand, State Bank of India, HDFC Bank and ICICI Bank are among the few banks which are giving more than 7 per cent returns. At present, 8.2 per cent returns are being received on the Senior Citizen Savings Scheme. Let us also tell you that after all, which are those banks, then they are giving more returns than the SCSS of the post office.
Unity Bank is giving 9.5% return
Unity Small Finance Bank Senior Citizens is getting the highest 9.5% return on 1001 days FD. According to the official website of Unity Small Finance Bank, the new FD rates have come into effect from May 2, 2023.
How much return Suryoday Bank is giving to the elderly
Suryoday Small Finance Bank has changed the interest rates on fixed deposits of less than Rs 2 crore. Now senior citizens will get 4.50 per cent to 9.60 per cent returns from the bank’s FD. The new interest rates have come into effect from 5 May 2023.
How much is Utkarsh Bank earning for senior citizens?
On FD of 700 days, the bank is giving a maximum return of 8.25 per cent to the general public and 9 per cent to senior citizens. These rates will be applicable from February 27, 2023 on deposits of less than 2 crores.
Fincare Bank is giving 9% return to senior citizens
The general public will get a maximum return of 8.41 per cent on FD of 1000 days while citizens can earn 9.01 per cent. These rates are applicable from March 24, 2023 to FDs of less than Rs 2 crore.
RBI has increased by 2.50 percent
From May 2022 to February 2023, the Reserve Bank of India has increased its monetary policy by 2.50 percent. After this increase, the policy rate has come down to 6.50 percent. In the policy meeting held in April, the MPC of RBI had put a pause on the rate hike cycle without making any changes.
During this, there has been an increase in FD rates. If experts are to be believed, there may be a further increase in FD rates in the coming days. Due to which FD rates can be expressed beyond 10 percent. According to experts, investing in fixed deposits is very profitable at present and small savings banks are trying to give better returns to attract more and more people.
