Mumbai/Bangalore, April  2023: Elderly people in India deserve better care and attention, particularly when it comes to financial matters. With this in mind, the Bank of India under their “Shubh Arambh Deposit” scheme, has a special fixed deposit designed for seniors, including super senior citizens aged 80 and above. This scheme puts more money in their hands, with an additional interest rate of 0.50% for senior citizens and 0.65% for super senior citizens.

Effective from April 1, 2023, the Shubh Arambh Deposit offers a high-interest rate of 7.80% for 501-day fixed deposits for super senior citizens. The deposit scheme aims to provide a safe investment option and is also available to other senior citizens aged 60-80 at the rate of 7.65%.

Moreover, the Bank of India is offering attractive interest rates across other tenures ranging from 7 days to 10 years. The deposits with terms from 7 days to 10 years will get interest rates up to 7.40% for super senior citizens and up to 6.75% for regular customers. The revised interest rates apply to domestic, NRO, and NRE 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 major advantage of Bank of India’s FD schemes is their flexibility, allowing savings management without extra charges or penalties on renewals for longer durations. Additionally, customers can avail of a loan against their deposit of up to 90% of the outstanding amount of the term deposit. For those below 60 years of age, they can earn up to 7.15% interest.