In FD, interest is given at a fixed interest rate at a fixed time and the deposited amount also remains safe.
Senior Citizens FD: Many people still prefer fixed deposits in terms of investment. In FD, interest is given at a fixed interest rate at a fixed time and the deposited amount also remains safe. Whereas in most of the 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 interest up to 7.55 percent on deposits of about two years and a half months. Let us tell you the details 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 take advantage of this scheme.
8.05 percent interest to senior citizens
Like other fixed deposit schemes, Cent Garima Fixed Deposit Scheme also gets the benefit of increased interest of 0.50%. In such a situation, senior citizens will get an interest of 8.05 percent, which is more than the SCSS scheme of the post office. If you want to invest in this scheme, you can deposit a minimum of Rs 10,000 and a maximum of Rs 10,00,00,000. If you withdraw the amount before maturity, you will have to pay a penalty of 1%.
Loan facility also available
You also get the facility of loan on this special deposit scheme of the 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% 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 against the deposited 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 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 the bank branch. All the necessary documents required during account opening will have to be submitted. Apart from this, all other existing terms and conditions applicable to the scheme will remain unchanged.
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