SCSS vs senior citizen FDs of top banks: Which offers highest interest rate?
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SCSS interest rate
The government has not raised the SCSS interest rate for the current quarter (January- March 2024). Account holders will receive an interest rate of 8.2%. The tenure of the senior citizen savings scheme (SCSS) is 5 years and can be extended by 3 years. The interest is payable every quarter and is fully taxable. Minimum deposit shall be Rs. 1000 and in multiple of 1000, subject to maximum limit up to Rs. 30 lakh in all SCSS accounts opened by an individual.
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SBI senior citizen FD
As per the State Bank of India (SBI) website, it offers an interest rate between 4% to 7.50% (including SBI we care) for tenure ranging from 7 days to 10 years. The highest interest rate 7.50% is offered on 2 years to less than 3 years. The bank offers 7.25% on 5-year tenure.
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Canara Bank senior citizen FD
Canara Bank offers an interest rate between 3.50% to 7.75% for 7 days to 10 years for senior citizens. The highest interest rate of 7.75% is offered on tenure of 444 days. The bank offers 7.30% on 5-year tenure.
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PNB Bank senior citizen FD
Punjab National Bank offers an interest rate between 4% to 7.75% for 7 days to 10 years for senior citizens. For super senior citizens, it offers 4.30% to 8.05%. The bank offers 7% for senior citizens and 7.30% for super senior citizens on 5-year tenure.
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HDFC Bank senior citizen FD
HDFC Bank offers an interest rate between 4% to 7.75% (including HDFC Bank Senior Citizen Care FD) for senior citizens and 7.75% is the highest rate offered by the bank.The bank offers 7.50% on 5-year tenure.
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ICICI Bank senior citizen FD
ICICI Bank offers an interest rate between 3.50% to 7.65% (including ICICI Golden years FD) for senior citizens. The bank offers highest interest rate of 7.65% on tenure of 15 months to 2 years. The bank offers 7.50% on 5-year tenure.