Banking: Banks' interest rates are decreasing, but you can earn 8.2% interest by investing money in these small savings schemes..

Banking: Banks' interest rates are decreasing, but you can earn 8.2% interest by investing money in these small savings schemes.. Newspoint | 05/05/2025 20:39:15

Recently, the MPC of the Reserve Bank of India (RBI) has cut the repo rate by 25 basis points for the second consecutive time. After this cut, the repo rate is now 6 percent. After the RBI's decision, many banks have cut interest rates. In such a situation, the interest rates on fixed deposits (FD) are also decreasing. However, investors are still getting 8.2 percent interest rates in many small savings schemes.

Most small savings schemes give high returns between 7-8 percent per annum, while fixed deposits usually give returns between 6-7 percent per annum. SBI gives 6.7 percent interest to general customers on its 1-year FD. At the same time, Union Bank of India gives 6.75 percent, Bank of Baroda 6.85 percent, HDFC Bank 6.6 percent, and ICICI Bank 6.7 percent interest on one-year FD. At the same time, senior citizens get an additional 0.50 percent interest on these deposits. Small savings schemes running in the country offer interest ranging from 6.7 to 8.2 percent. Investors get 8.2 percent interest in Senior Citizen Savings Scheme (SCSS) and Sukanya Samriddhi Yojana (SSY).

Sukanya Samriddhi Account Scheme

The interest rate on Sukanya Samriddhi Account Scheme is 8.2 percent. The government had increased this interest rate from 8 percent to 8.2 percent in January 2025. The interest on this account is compounded annually.

Senior Citizen Savings Scheme (SCSS)
Senior Citizen Savings Scheme (SCSS) is getting 8.2 percent interest on quarterly basis. This interest rate was increased from 8 percent to 8.2 percent in April 2023 and is applicable till now. The minimum deposit in this scheme starts from Rs 1000 and investors can invest up to Rs 30 lakh.

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