The Cabinet has approved to increase the interest rate up to 10% for fixed deposits of senior citizens above 60 years of age up to one million rupees.
Based on the recommendations of the committees appointed by the President, the current 7.5% interest rate on deposits has been increased by 2.5% and it is stated that the cabinet paper presented by the President to give the interest rate as a subsidy to state banks has been approved.
Accordingly, the annual interest rate for fixed deposits of senior citizens over 60 years of age up to a maximum of one million rupees is to be given as 10% for a period of 2 years. The relevant cabinet decision is below.
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