Question
Which of the following is the correct interest rate for
senior citizens under SBI's Amrit Vrishti scheme?Solution
The State Bank of India (SBI) has introduced the Amrit Vrishti scheme, offering an interest rate of 7.25% per annum on 444-day term deposits available until March 31, 2025. Senior citizens are eligible for an additional 0.50% interest rate, making their total rate 7.75% per annum. This enhanced rate aims to attract more senior citizen deposits and provides a higher return on their savings.
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Pawan invested an equal sum of money in two different SIPs at a bank—one earning 20% compound interest per annum and the other earning 24% simple inte...
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