This FD Deposit Option Is A Safe Bet For Senior Citizens


1. Monthly income plan:

1. Monthly income plan:

Salient features of the plan:

Regular monthly income option

Available in fixed and variable interest rates

Ideal for retired people, housewives and senior citizens

Tenure Interest rate
33 months 6 percent
66 months 6.4 percent
99 months 6.45 percent

Note these are for deposits below Rs. 2 crore

In the fixed and variable rate option:

Period MIP Quarterly option Half-Yly option Annual Income Plan Cumulative option
12-23 months 5.50% 5.55% 5.60% 5.70%
24-35 months 5.65% 5.70% 5.75% 5.85% 5.85%
36-59 months 5.85% 5.90% 5.95% 6.05% 6.05%
60-83 months 6.20% 6.25% 6.30% 6.40% 6.40%
84-120 months 6.35% 6.40% 6.45% 6.55% 6.55%
Minimum deposit Rs. 40000 Rs. 20000 Rs. 20000 Rs. 20000 Rs. 20000

2. Non-cumulative interest plan:

2. Non-cumulative interest plan:

Provides you with regular periodic interest income

Ideal to plan the fund requirement at the end of each quarter or half year

Available in fixed or variable interest rate.

3. Annual Income plan:

3. Annual Income plan:

Offers you regular annual interest payout

Ideal for planning annual cash outflows

Other than the varied option, in case of fund requirement, there is also available loan option which can be secured after three months of maintaining the deposit with the financial institution and up to 75% of the deposit amount can be taken as loan. Interest on such loans shall be 2 percent higher than the deposit rate.

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