India government savings and bank FD rates for seniors

The Government of India is offering a guaranteed interest rate of 8.2% per annum through the Senior Citizen Savings Scheme (SCSS) for the 2026 financial year. Designed for individuals aged 60 and above, the scheme provides quarterly interest payments. For example, an investment of ₹12.20 lakh would yield approximately ₹25,010 every three months. The maximum investment limit per individual is ₹30 lakh, while couples can jointly invest up to ₹60 lakh through separate accounts.

In the private banking sector, Slice Small Finance Bank has revised its fixed deposit (FD) interest rates following the Reserve Bank of India's Monetary Policy Committee meeting. The bank is offering rates ranging from 3.50% to 7.75% for general citizens, with an additional 0.25% interest benefit provided to senior citizens. The highest returns of 7.75% are available for tenures between 18 months and 24 months for investments under ₹3 crore.