Since a few months ago, the Reserve Bank of India (RBI) has not raised the repo rate. Banks are not raising their FD rates in such circumstances. However, several of the nation’s large banks are giving their clients interest rates on FDs of up to 7.50 percent. Additionally, certain Small Finance Banks (SFBs) are offering their clients interest rates of greater than 9%. In this circumstance, allow us to share with you four unique saving plans that will provide you with superior interest rates and assured returns.

1. Post Office Time Deposit (POTD) FD: – You can invest your deposits for 1, 2, 3, or 5 years under Post Office Time Deposit FD. With a minimum commitment of Rs 200, you may begin investing in this plan. Let us inform you that you will receive 7.50% interest for the quarter of July to September 2023 under this five-year plan.
2. National Savings Certificate Scheme (NSC): – For a period of five years, you can invest your funds in the National Funds Certificate Scheme. The lock-in term for this plan is 5 years. You will also be eligible for an income tax exemption under this program under section 80c. Let us inform you that you will receive 7.70% interest under this plan for the period of July to September.
3. RBI Floating Rate Savings Bond: – With as little as Rs. 1000, you may begin investing in the RBI Floating Rate Savings Bond Scheme. Let us inform you that the bond’s fixed term is seven years. You will get interest under this plan on the first of January and the first of July each year. You will currently receive 8.05 percent interest using this plan.
4. Senior Citizen Saving Scheme (SCSs): – The benefits of this program are available to everyone over 60. You receive interest under this plan on a quarterly basis. You may invest as little as Rs 1000 and as much as Rs 30 lakh in this plan. For the quarter of July to September 2023, the interest rate for this plan has been set at 8.20%.