July 21, 2024

Bank of India’s ‘Shubh Arambh’ FD to put more money in the hands of Senior Citizens

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Mumbai, April 28th, 2023: Elderly people in India deserve better and need special care and attention, especially where money is concerned. Keeping this in mind,

The Bank of India offers a special fixed deposit – Shubh Arambh Deposit – for super senior citizens aged 80 and above, thereby putting more money in their hands. The scheme is effective from April 1, 2023, the Shubh Arambh Deposit offers the super seniors interest rate of 7.80%, for 501-day fixed deposits. The Bank is also offering a similar attractive rate on deposits below Rs 2 crore across other tenures ranging between 6 months and 10 years.

The Shubh Arambh Deposit scheme, which aims to provide a safe and long-term investment option for retirement, is also available to other senior citizens aged 60-80 at the rate of 7.65% and those below 60 years at the rate of 7.15%.

The Bank is also offering attractive rate of interest across other tenures ranging between 7 days and 10 years. The deposits with these terms will get interest rates up to 7.40% for super senior citizens and upto 6.75% for regular customers. The revised interest rates apply to domestic, NRO and NRE deposits.

Bank of India is also offering an additional 0.50% interest for senior citizen customers on minimum deposits of Rs 10,000 (for term deposits). For deposits of three years and above, there is a total additional interest rate of 0.75% for senior citizens and 0.90% for super senior citizens above the normal rate of interest.

One of the major benefits of Bank of India’s FD schemes is the flexibility they offer in managing savings without extra charges or penalty for early withdrawal on renewals of longer durations.