Sugama Deposit Scheme Advantages

What exactly is the nature of this scheme? Is it just another term deposit scheme?
No. This is not a term deposit scheme. This scheme is quite comparable to the Savings bank deposits in banks, but of course, with marked difference in interest rates. Whereas the maximum interest offered by banks for this scheme is 3.5%, KSFE is offering 5.5%. This is undoubtedly the best offer in the financial service sector, among the deposit schemes belonging to the SB a/c category.