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SCSS vs Senior Citizen FD Scheme: There is a large population of senior citizens in the country, who like to invest risk free. Generally, most banks offer more interest on fixed deposit schemes to customers above 60 years of age than to normal customers.

Apart from this, the post office is also offering strong returns on deposits to the customers through the Senior Citizen Saving Scheme. In such a situation, if you are thinking of investing in Senior Citizen Savings Scheme and any one of the top banks, then we are telling you about the interest rates available on both.

This much interest is being received on Senior Citizen Saving Scheme

Under the Post Office Savings Scheme, Senior Citizen Saving Scheme, senior citizens are getting the benefit of interest rate at the rate of 8.20 percent on the deposited amount. Under this scheme you can invest from Rs 1,000 to Rs 30 lakh. The government decides the interest rate of this scheme on a quarterly basis and credits it in the account. Under this scheme you can invest money for a total of 5 years. By investing in this, you get a rebate of Rs 1.5 lakh under Section 80C of Income Tax.

SBI FD Scheme

State Bank of India is offering interest rates ranging from 3.50 percent to 7.50 percent on FDs of 7 days to 10 years to its senior citizen customers. At the same time, the bank is offering maximum interest of 7.60 percent to senior citizens under Amrit Kalash Scheme (400 days FD scheme).

Bank of Baroda FD Scheme

Big public sector bank i.e. Bank of Baroda is offering 3.50 percent to 7.50 percent interest rate to senior citizens on FD ranging from 7 days to 10 years. Whereas the bank is offering maximum interest rate of 7.75 percent on FD scheme for 2 to 3 years.

HDFC Bank FD Scheme

HDFC Bank, the largest private sector bank, is offering interest rates ranging from 3.50 percent to 7.75 percent to senior citizens for FDs for tenure ranging from 7 days to 10 years. The benefit of maximum interest i.e. 7.75 percent interest is available only on FD schemes for 5 to 10 years.

ICICI Bank FD Scheme

ICICI Bank is giving the benefit of 0.50 percent additional interest rate to senior citizen customers as compared to general customers. General customers are getting interest rates ranging from 3.50 percent to 7.50 percent on FD schemes ranging from 7 days to 10 years. Whereas the benefit of maximum interest rate is available on FD schemes ranging from 15 months to 2 years.

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State Bank The name of this special FD scheme is Amrit Kalash Yojana. The bank has restarted this FD scheme. Earlier the bank had launched this retail term deposit scheme for a fixed period and it was available for investment from February 15, 2023 to March 31, 2023.

How much interest is being received?

According to SBI’s website, the bank will pay interest at the rate of 7.10 per cent on the 400-day special fixed deposit scheme ‘Amrit Kalash’. Apart from this, senior citizens will get interest at the rate of 7.60 percent under this. This scheme has been re-opened for investment from 12 April 2023 and this scheme is available for investment till 30 June.

Can take interest every month

Those investing in Amrit Kalash scheme can take interest on monthly, quarterly and half-yearly basis. Maturity interest on this special FD deposit will be deposited in the customer’s account after deducting TDS. TDS will be levied at the rate applicable under the Act of Income Tax. Premature and loan facility is also available in Amrit Kalash Yojana.

How much interest on investment of 1 lakh?

Suppose if a normal investor invests Rs 1 lakh under this scheme, then he will earn Rs 8,017 annually as interest. At the same time, senior citizens will get Rs 8,600 as interest. This scheme will mature in 400 days. That is, you have to invest under this scheme for 400 days. You can invest up to two crore rupees in Amrit Kalash Special FD. There is a provision for premature withdrawal of this scheme. Along with this, the facility of taking loan is also available.

Can invest online

According to the bank, there is no need for a separate product code to invest in the Amrit Kalash scheme. You can use SBI’s Yono banking app to invest in this scheme. Apart from this, you can also invest in this scheme by visiting the branch.

In the last financial year, the Reserve Bank had continuously increased the repo rate. After this, the banks of the country had increased the interest rates of their FD scheme. To make FD attractive, banks had also started a new scheme along with the increase in the interest rate.

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On the other hand, if we talk about senior citizens, they get interest at better rates than other people. At the same time, after increasing the repo rate of RBI, all the banks have also increased the interest rates of FDs. SBI’s name is also included in the list of these banks.

In SBI’s FD, customers can make a lump sum deposit in different tenures of 1-10 years. If you want to avoid the risk of market fluctuations, then you can choose the option of Fixed Deposit. Know here how much interest the common people and senior citizens are getting on FDs of how many years under the SBI FD Scheme?

Interest Rates for Senior Citizens

For senior citizens in SBI, interest is being given at the rate of 3.50 percent for FDs from 7 days to 45 days, 5 percent for 46 days to 179 days. 5.75 for 180 days to 210 days and 6 percent for FDs of more than 211 days but less than 1 year. If you get FD done for more than 1 year but less than two years, then the interest rate will be 6.60 percent per annum, whereas if you get FD done for more than 2 years but less than 3 years, you will get interest on FD at 6.75 percent.

On getting FD for more than 3 years but less than 5 years, interest will be given at the rate of 6.60 percent annually and for more than 5 years and up to 10 years, at least 6.90 percent interest will be given to senior citizens from the bank. will be given.

Interest rates for general public

3% for general public FDs from 7 days to 45 days, 4.50% for 46 days to 179 days, 5.25 for 180 days to 210 days, FDs of more than 211 days but less than 1 year Interest is being received at the rate of 5.50 percent. If you get FD done for more than 1 year but less than two years, then you get 6.10 percent, for more than 2 years but less than 3 years, 6.25 percent, for getting FD for more than 3 years but less than 5 years Annual interest will be given at the rate of 6.10 percent and for more than 5 years and up to 10 years, interest will be given by the bank at the rate of at least 6.10 percent.

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