Should you break pandemic FDs to earn higher returns?

We all know the pandemic impact it affects your job, financial status, and lifestyle, it affects your FDs also.
It is right to break your pandemic FDs to earn higher returns?

Senior citizens saving scheme (SCSS)
Recently the government of India increased the return on SCSS with rates of 8%. In the pandemic, it was 7.4%. Some banks offer higher rates. For supper senior citizens Union Bank of India offers 70 basic points. While Punjab National Bank offers 80 basic points over regular rates.

Mumbai Based FD
The retiree booked an FD that he had booked less than a year ago to get a rate of nearly two Percentage higher points. Breaking an existing fixed deposit may be beneficial to customers who have invested in it.
FD rates for senior citizens are different according to different banks.

Opinions of Experts
According to experts depositors should approach a financial advisor to determine if they can benefit from the switch.

According to advisers
Some advisers suggest liquid mutual funds as an alternative deposit considering the indexation benefit that is available for investment over three years.

Non banking finance
Non-banking companies offering attractive returns Bajaj Finance offers senior citizens up to 7.95% on three years deposits.HDFC’s Sapphire deposit scheme offers up to 7.6% interest rates.

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