In terms of investment, senior citizens trust Fixed Deposit the most. In this scheme, they do not see the risk of losing money and get guaranteed returns. If there are elderly people in your house and they want to invest their money somewhere, then Central Bank can provide a better option for them. Central Bank has an FD scheme of 777 days in which the elderly will get interest at the rate of 8.05%.
The name of this scheme with a tenure of two years and about one and a half months is Cent Garima Term Deposit Scheme. In this, common people are getting interest at the rate of 7.55%. On the other hand, senior citizens are being given .5% more interest, that is, the elderly are getting 8.05% interest. Know here how much benefit the elderly will get on depositing 1 lakh rupees, along with all the features of this scheme.
Know what you will get if you deposit ₹1,00,000
If the elderly decide to invest in this scheme and deposit ₹1,00,000 in it, then at the rate of 8.05% interest, they will get 18,490 rupees as interest. In this way, they will get 1,18,490 rupees on maturity. On the other hand, if ordinary people deposit ₹1,00,000 in it, they will get 17,260 rupees as interest. In this way, the maturity amount will be 1,17,260 rupees.
Loan facility is also available
You also get the facility of loan on this special deposit scheme of Central Bank. You can take up to 90 percent of your deposit amount as loan. The interest rate on the loan amount will be 1.00% more than the applicable floating interest rates. In cases of MIDR, QIDR, FDR, the interest amount will be deposited in the loan account. If you have taken a loan on the deposit amount, then 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 take advantage of this scheme, you can do so through online/net banking/mobile banking. You can also open an account offline by visiting a bank branch. You can deposit a minimum of Rs 10,000 and a maximum of Rs 10,00,00,000 in the scheme. If you withdraw the amount before maturity, you will have to pay a penalty of 1%.
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