Senior Citizen Saving Scheme vs SBI, HDFC Financial institution, ICICI Financial institution, Axis Financial institution, and PNB fastened deposits: Which supplies the best rate of interest?

SCSS vs senior citizen FDs: The Senior Citizen Saving Scheme (SCSS) offered by the postal service and stuck deposits (FDs) in banks are generally chosen funding avenues for older people. This comparability outlines the rates of interest supplied by SCSS and financial institution FDs for senior residents.
SCSS rate of interest
In response to ET, the SCSS rate of interest stays unchanged at 8.2% for January-March 2024.The scheme has a 5-year tenure (extendable by 3 years), with quarterly totally taxable curiosity 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. Additionally, investments within the scheme qualify for Part 80C advantages below the Earnings Tax Act, 1961.Now, let’s examine the rates of interest supplied by main banks for senior citizen fastened deposits with a 5-year tenure.
SBI senior citizen FD
As per the SBI web site, the financial institution presents rates of interest between 4% and seven.50%, together with SBI We Care, for durations of seven days to 10 years. Particularly, the rate of interest for a 5-year tenure is 7.25%.
Canara Financial institution senior citizen FD
Canara Financial institution presents rates of interest from 3.50% to 7.75% for durations of seven days to 10 years. Particularly, there’s a 7.30% rate of interest for a 5-year tenure.
PNB Financial institution senior citizen FD
Punjab Nationwide Financial institution presents rates of interest 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%. Particularly, the financial institution supplies a 7% rate of interest for senior residents and a 7.30% price for tremendous senior residents on a 5-year tenure.

HDFC Financial institution senior citizen FD
HDFC Financial institution presents rates of interest for senior residents starting from 4% to 7.75%, which incorporates the HDFC Financial institution Senior Citizen Care FD. Particularly, the financial institution supplies a 7.50% rate of interest for a 5-year tenure.
ICICI Financial institution senior citizen FD
ICICI Financial institution presents rates of interest starting from 3.50% to 7.50%, which incorporates the ICICI Golden Years FD. Particularly, the financial institution supplies a 7.50% rate of interest for a 5-year tenure.
Axis Financial institution senior citizen FD
Axis Financial institution presents rates of interest for senior residents starting from 3.50% to 7.75%. Particularly, the financial institution supplies a 7.75% rate of interest for tenures starting from 5 to 10 years.
Comparability between SCSS and FDs for senior residents in SBI, HDFC Financial institution, ICICI Financial institution, Axis Financial institution, and PNB: