highlights
Bandhan Bank and Jana Small Finance Bank pay 8 to 8.8 percent interest on FD.
The government has increased the interest rate on the senior savings program to 8 percent.
In the budget, the maximum investment limit in SCSS has been increased from Rs 15 lakh to Rs 30 lakh.
New Delhi. Budget 2023 (Budget 2023) Since its inception, seniors have received tremendous financial relief as well as benefits. Days after raising investment limits under the Senior Citizen Savings Scheme (SCSS) and Post Office Monthly Income Scheme (POMIS) in the general budget, banks have now increased interest in FDs to attract large depositors. Seniors benefit twice from this.
Bandhan Bank and Jana Small Finance Bank are among the banks that have announced increases in the term deposit rate. These banks offer seniors and others attractive interest rates on FDs.
Now up to 8.80% interest on FD
Bandhan Bank hiked interest rates on fixed deposits by 50 basis points on Monday. The bank said the revised rates will apply to FDs up to Rs 2 crore. The new rates will be effective February 6, 2023. However, these new rates are only available for a limited time. Bandhan Bank now offers seniors the highest rate of 8.5% on 600-day FDs, while the bank’s rate for non-seniors is 8%.
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Jana Small Finance Bank has increased interest rates for regular term deposits effective February 1, 2023 and for the FD Plus program from February 6, 2023. At the same time, from February 1, 2022, Jana Bank will also be offering senior citizens interest rates of up to 8.8% on recurring deposits.
Jana Bank is now offering up to 8.8% interest on 2-3 year FDs for seniors, while the interest rate for non-senior customers is 8.10%. At the same time, customers can get an 8.25% benefit as interest on FD Plus for a period longer than 2-3 years.
Treasury Secretary gave major budgetary relief
Explain that Finance Minister Nirmala Sitharaman has increased the ceiling for investing in the Senior Citizen Savings Scheme (SCSS) from Rs 15,000 to Rs 30,000 in the general budget. This system is a government austerity program for the country’s seniors. This program started in 2004.
The aim is to provide financial support to pensioners. An account can be opened under this scheme in many banks and post offices across the country. The central government increased the rate on the Senior Savings Scheme (SCSS) to 8 percent for the quarter ended March 31, 2023.
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Tags: Bank FD, fixed deposits, Money making tips, retirement savings plan, Seniors
FIRST RELEASED : February 7, 2023 at 3:32 p.m. IST
