Question
What is the fixed interest rate for bank deposits up to
₹7.5 Lakh for 10 years for Senior Citizen?Solution
In order to protect senior citizens from any decline in interest rates, Prime Minister Narendra Modi in December 2016 said they will get a fixed 8 per cent return on 10-year bank deposits of up to ₹7.5 lakh. Senior citizens (60 years and above) will get monthly interest under this scheme.
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