Senior Citizen Saving Scheme vs SBI, HDFC Bank, ICICI Bank, Axis Bank, and PNB fixed deposits: Which gives the highest interest rate? – Newz9

SCSS vs senior citizen FDs: The Senior Citizen Saving Scheme (SCSS) offered by the postal service and fixed deposits (FDs) in banks are generally chosen funding avenues for older people. This comparability outlines the interest charges provided by SCSS and financial institution FDs for senior residents.
SCSS interest fee
According to ET, the SCSS interest fee stays unchanged at 8.2% for January-March 2024.The scheme has a 5-12 months tenure (extendable by Three years), with quarterly absolutely taxable interest funds. The minimal deposit is Rs 1000, in multiples of Rs 1000, as much as a most of Rs 30 lakh per particular person throughout all SCSS accounts. Also, investments in the scheme qualify for Section 80C advantages below the Income Tax Act, 1961.Now, let’s examine the interest charges provided by main banks for senior citizen fixed deposits with a 5-12 months tenure.
SBI senior citizen FD
As per the SBI web site, the financial institution presents interest charges between 4% and 7.50%, together with SBI We Care, for durations of seven days to 10 years. Specifically, the interest fee for a 5-12 months tenure is 7.25%.
Canara Bank senior citizen FD
Canara Bank presents interest charges from 3.50% to 7.75% for durations of seven days to 10 years. Specifically, there’s a 7.30% interest fee for a 5-12 months tenure.
PNB Bank senior citizen FD
Punjab National Bank presents interest charges for senior residents starting from 4% to 7.75% for intervals of seven days to 10 years. For tremendous senior residents, the charges vary from 4.30% to eight.05%. Specifically, the financial institution supplies a 7% interest fee for senior residents and a 7.30% fee for tremendous senior residents on a 5-12 months tenure.

HDFC Bank senior citizen FD
HDFC Bank presents interest charges for senior residents starting from 4% to 7.75%, which incorporates the HDFC Bank Senior Citizen Care FD. Specifically, the financial institution supplies a 7.50% interest fee for a 5-12 months tenure.
ICICI Bank senior citizen FD
ICICI Bank presents interest charges starting from 3.50% to 7.50%, which incorporates the ICICI Golden Years FD. Specifically, the financial institution supplies a 7.50% interest fee for a 5-12 months tenure.
Axis Bank senior citizen FD
Axis Bank presents interest charges for senior residents starting from 3.50% to 7.75%. Specifically, the financial institution supplies a 7.75% interest fee for tenures starting from 5 to 10 years.
Comparison between SCSS and FDs for senior residents in SBI, HDFC Bank, ICICI Bank, Axis Bank, and PNB: