The accident occurred on Hatgamariah-Jhainkpani road under Hatgamariah police station, Kolhan DIG Sambhu Thakur said.
Under the impact of the collision, both the buses caught fire and eight passengers were charred to death while several others sustained injuries, the DIG said.
The number of the injured was yet to be established as they were being shifted to nearby hospitals, he said, adding that the exact figure would be known only when all injured are admitted in hospitals.
Meanwhile, Jharkhand Chief Minister Raghubar Das expressed grief over the incident and announced immediate relief of Rs one lakh each to the victims' family and Rs 20,000 each to the injured.
According to a report from Ranchi, Das also directed the East and West Singhbhum district administration to initiate immediate relief work while alerting all the hospitals in the vicinity particularly the Tata Main Hospital here.
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