Public sector bank Central Bank of India has increased interest rates to make its Fixed Deposits scheme attractive. The bank has increased the interest rates on fixed deposits of less than Rs 2 crore. Central Bank of India is offering interest ranging from 4% to 6.25% on FDs maturing in seven days to 10 years. At the same time, senior citizens are being given interest ranging from 4.50 per cent to 6.75 per cent on FD of the same period.

Interest on one year FD

The bank is offering a maximum interest rate of 6.75 percent to common people and 7.25 percent to senior citizens on FDs of more than one year and less than two years. The bank is offering 4 per cent interest on FDs maturing in seven to 14 days. FD maturing in 15 to 45 days will get interest at the rate of 4.50 per cent. The Central Bank of India is promising five percent interest on FDs of 91-179 days.

How much interest on 10 year FD?

The bank will pay interest at the rate of 5.50 per cent on deposits maturing in 180 to 364 days. The bank is offering an interest rate of 6.50 per cent on FDs of more than two years and less than three years. The bank is promising 6.25 per cent interest on deposits maturing in 3 years to 10 years. Apart from this, as an incentive, an additional interest of 0.50 percent per annum will be given on the deposits made by senior citizens above 60 years of age.

555 days special FD

Central Bank of India also runs special fixed deposit schemes of 444, 555 and 999 days. These schemes are available with callable and non-callable options. The bank is offering interest at the rate of seven per cent on deposits of 555 days and at the rate of 6.50 per cent on deposits of 999 days. While senior citizens will get interest at the rate of 7.50 percent and 7.00 percent respectively.

Repo rate has increased

The Reserve Bank of India has recently increased the repo rate by 25 basis points. Because of this loans have become expensive. However, the country’s private and public sector banks are increasing interest rates on fixed deposits. Private and government banks of the country are trying to make it more attractive by increasing the interest rates on FD.

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Bumper return of Rs 35 lakh!

Post office small savings plans can be the best option for you. The risk factor is also low in this and at the same time the returns are also good. Let us tell you an investment in which the risk is negligible and the returns are also good. We are talking about the ‘Gram Suraksha Scheme’ of the post office. This protection plan offered by India Post is one such option in which you can get good returns with less risk. In this scheme, you have to deposit 1500 rupees every month. By depositing this amount regularly, you will get the benefit of 31 to 35 lakhs in the coming time.

Know the rules of investing

• Any Indian citizen between the age of 19 to 55 years can invest in this scheme.
• The minimum sum assured under this scheme can be from Rs 10,000 to Rs 10 lakh.
• Premium payment of this plan can be done monthly, quarterly, half yearly or annually.
• You get 30 days relaxation for paying premium.
• You can also take a loan on this scheme.
• You can also surrender it after 3 years of taking this scheme. But in this situation you will not get any benefit.

How much will be the benefit?

Suppose a person invests in this scheme at the age of 19 and buys a policy of Rs 10 lakh, then his monthly premium will be Rs 1515 for 55 years, Rs 1463 for 58 years and Rs 1411 for 60 years. In such a situation, the policy buyer will get a maturity benefit of Rs 31.60 lakh for 55 years, Rs 33.40 lakh for 58 years and Rs 34.60 lakh for 60 years.

The post Post Office: This post office plan will make lakhpatis quickly! 35 lakhs by depositing 50 rupees, know details first appeared on Rightsofemployees.com.