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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