These schemes including Sukanya Samriddhi and Senior Citizen Saving Scheme are getting more interest than FD

Getting more than 8% interest here

Sukanya Samriddhi Yojana (SSY) and Senior Citizen Savings Scheme (SCSS) offer an interest rate of over 8%.

Sukanya Samriddhi Yojana

SSY is a Government of India supported Small Savings Scheme. This scheme is getting 8 percent interest rate per annum.

Senior Citizen Saving Scheme

Anyone above the age of 60 years can invest in this scheme and take advantage of the higher interest rate. Banks and post offices are providing an interest rate of 8.2% on this scheme.

National Savings Certificate (NSC)

Currently NSC is offering an interest rate of 7.7%. There is no upper investment limit in NSC and the minimum investment required is ₹100. Deposits up to Rs 1.50 lakh in NSC in a financial year get the benefit of tax exemption under section 80C.

post office time deposit scheme

Like bank FDs, the post office also offers fixed deposits for one year, two years, three years and five years. Investment in the 5-year Post Office Deposit Scheme is eligible for tax exemption of up to Rs 1.5 lakh per financial year. Currently, the 5-year Post Office Deposit Scheme offers 7.5% interest.

Interest rates on FDs of banks

Ordinary citizens are getting interest rates ranging from 3.00% to 7.10% on SBI’s FD.

HDFC Bank’s FD (HDFC Bank FD) is getting 3% to 7.1% annual interest rate.

ICICI Bank’s FD is getting 3% to 7.1% interest rate.

Axis Bank FD is getting 3.5% to 7.1% interest rate.

Punjab National Bank’s FD (PNB FD) is getting interest rate from 3.5% to 7.25%.

Bank of Baroda’s FD (BoB FD) is getting interest rate from 3% to 7.25%.