After the RBI’s decision, many banks have reduced interest rates. In such a situation, interest rates on fixed deposits (FD) are also decreasing. However, investors are still getting 8.2 percent interest rates in many small savings schemes.

Most small savings schemes offer high returns between 7-8 percent per annum, while fixed deposits generally offer returns between 6-7 percent per annum. SBI offers 6.7 percent interest to general customers on its 1-year FD. Whereas, on one-year FD, Union Bank of India offers 6.75 percent, Bank of Baroda 6.85 percent, HDFC Bank 6.6 percent and ICICI Bank 6.7 percent interest. Along with this, senior citizens get an additional 0.50 percent interest on these deposits. Small savings schemes running in the country offer interest ranging from 6.7 to 8.2 percent. Investors get 8.2 percent interest in Senior Citizens Savings Scheme (SCSS) and Sukanya Samriddhi Yojana (SSY).

Sukanya Samriddhi Account Scheme

The interest rate on Sukanya Samriddhi Account Scheme is 8.2 percent. In January 2025, the government increased this interest rate from 8 percent to 8.2 percent. The interest on this account is increased annually.

Senior Citizen Savings Scheme (SCSS)

Senior Citizen Savings Scheme (SCSS) is offering 8.2 percent interest on quarterly basis. This interest rate was increased from 8 percent to 8.2 percent in April 2023 and is applicable till now. The minimum deposit in this scheme starts from Rs 1000 and investors can invest up to Rs 30 lakh.

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Private bank Axis Bank once again increased the interest rates on fixed deposits on Friday, September 9, 2022. Under the new hike, the interest rate on domestic FDs within 2 crores is increasing. This is the second hike by the bank in a week. The bank has said in an official announcement that there has been an increase of 25 basis points on FDs with maturity period from seven days to six months.

These new rates have come into effect from September 9. All these interest rates will be applicable on Regular Deposit and Senior Deposit equally.

what are the new rates

• The bank is giving interest from 2.75 percent on fixed deposits with maturity period of seven to 29 days.
• The bank is giving 3.25 percent interest on FDs with maturity period of 30 days to three months.
• 3.75 percent interest is available on FDs with maturity from three months to six months.

The interest rates of the bank on the maturity above this are as follows-

• 4.65 per cent at 6-7 months and 4.40 per cent at 7-8 months. 4.9 per cent for the first term for senior citizens and 4.46 per cent for the second term.
•  4.65 percent for regular customers and 4.9 percent for senior citizens for 8-9 months.
• 4.75 percent for regular customers and 5 percent for senior citizens for 9 months to 1 year.
• 5.45 percent for regular customers and 6.20 percent for senior citizens on FDs with maturity of 1 year to 1 year 11 days.
• 5.75 percent for regular customers and 6.50 percent for senior citizens on FDs with maturity period of 1 year 11 days to 1 year 25 days.
• Between 1 year to 2 years, 6.35 percent to regular customers and 5.60 percent to senior citizens.
• Between 2 to 5 years, the bank is giving 5.70 percent to regular customers and 6.45 percent to senior citizens.
• On FDs with maturity period of 5 to 10 years, the bank is giving 5.75% interest to regular customers and 6.50% to senior citizens.

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