New RBI Grade B 2025 Notification will come Soon! Enroll Here

    Question

    What is the fixed interest rate for bank deposits up to

    ₹7.5 Lakh for 10 years for Senior Citizen?
    A 7.5% Correct Answer Incorrect Answer
    B 8.0% Correct Answer Incorrect Answer
    C 8.5% Correct Answer Incorrect Answer
    D 9.0% Correct Answer Incorrect Answer
    E 9.5% Correct Answer Incorrect Answer

    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.

    Practice Next

    Relevant for Exams: