In terms of investment, FD is the first choice of senior citizens. Such investors can get the benefit of better interest in the special FD of Bank of India. Here they are being offered interest up to 7.95%.
BOI FD Scheme: Senior citizens and super senior citizens prefer to invest their savings in fixed deposits. The reason for this is that their money is safe in this scheme. Apart from this, they also get a good interest. For such investors, the 666-day FD of Bank of India (BOI) is amazing. In this FD, they have to invest for less than two years, but the interest being offered on this tenure is quite good.
Know how much interest you are getting
In this FD scheme of Bank of India, senior citizens are being given interest at the rate of 7.80% and super senior citizens are being given interest at the rate of 7.95% on deposits of less than Rs 3 crore. People who are more than 80 years of age are kept in the category of super senior citizens by the bank and offer higher interest on FD than senior citizens. On the other hand, common people are being given interest at the rate of 7.30% on this special FD of 666 days.
This is the interest rate on other FDs
On 1 year FD, common citizens are being given interest at the rate of 6.80%, senior citizens at 7.30% and super senior citizens at 7.45%.
On 2-year FDs, interest is being given at the rate of 6.80% to common citizens, 7.30% to senior citizens and 7.45% to super senior citizens.
On 3-year FDs, interest is being given at the rate of 6.75% to common citizens, 7.25% to senior citizens and 7.40% to super senior citizens.
On FDs up to 5 years, interest is being given at the rate of 6.50% to common citizens, 7.25% to senior citizens and 7.40% to super senior citizens.
Why do banks give more interest to senior citizens
The reason for giving higher interest to the elderly is that banks consider them to be long term investors in the low risk category. In such a situation, they encourage them to invest by offering higher interest. Apart from this, banks include senior citizens in the list of priority customers.
The reason for this is that they do not want to take risk and prefer schemes with guaranteed returns, due to which they are more likely to invest in FD schemes. To further improve that possibility, banks offer them better interest.
