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Senior Citizen FD: In terms of investment, many people still prefer fixed deposits. In FD, you get interest at a fixed interest rate at a fixed time and the deposited amount also remains safe. Whereas in most banks, senior citizens are given .50 percent more interest. If you are also one of those investors who like to invest in schemes with guaranteed returns, then today we will tell you about a scheme in which you will get up to 7.55 percent interest on deposits of about two and a half months. Let us tell you the complete information related to this scheme.
Cent Garima Fixed Deposit Scheme
We are talking about the term deposit scheme of the Central Bank, whose name is Cent Garima Term Deposit Scheme. In this scheme, the amount is deposited for 777 days and interest is given at the rate of 7.55%. This interest is much better than the interest available on FDs of many banks. Any Indian citizen can invest in Cent Garima Fixed Deposit Scheme. NRIs can also avail the benefits of this scheme.
8.05 percent interest to senior citizens
Like other fixed deposit schemes, Cent Garima Fixed Deposit Scheme also benefits from 0.50% increased interest. In such a situation, senior citizens will get 8.05 percent interest, which is more than the SCSS scheme of the post office. If you want to invest in this scheme then you can deposit minimum Rs 10,000 and maximum Rs 10,00,00,000. If you withdraw the amount before maturity, you will have to pay a penalty of 1%.
Loan facility is also available
You also get loan facility on this special deposit scheme of Central Bank. You can take up to 90 percent of your deposit as loan. The interest rate on the loan amount will be 1.00% above the applicable floating interest rates. In cases of MIDR, QIDR, FDR, the interest amount will be credited to the loan account. If you have taken a loan against the deposited amount, you will not get the facility of premature withdrawal. You also get the facility of nomination in the scheme.
how to take advantage of it
If you want to avail the benefit of this scheme then you can avail it through online/net banking/mobile banking. You can also open an account offline by visiting a bank branch. All the necessary documents required at the time of opening an account will have to be submitted. Apart from this, all other existing terms and conditions applicable to the scheme will remain unchanged.