This 777-day FD will give senior citizens a bumper interest rate; how much return will you get if you deposit ₹1 lakh?

In recent times, bank FD interest rates have softened, but this 777-day FD can still offer good returns to senior citizens. This scheme offers a 7.65% interest rate to senior citizens. Find out how much return you will get on a deposit of ₹1 lakh!

When it comes to investments, senior citizens still trust Fixed Deposits the most. The reason is clear – no fear of losing money and a predetermined return. Although FD interest rates have softened in recent months, some banks are still running special schemes that offer better returns to senior citizens. One such scheme is the Central Bank of India's 777-day FD, which offers senior citizens up to 7.65% interest.

What is the 777-day FD scheme?

This special FD from the Central Bank of India is called the Cent Garima Term Deposit Scheme. The tenure of this scheme is 777 days, which is approximately 2 years and 1.5 months.

Interest for general investors: 7.15%
Interest for senior citizens: 7.65%

Senior citizens get the benefit of an extra 0.50% interest.

How much return will you get on depositing ₹1 lakh?

If a senior citizen deposits ₹1,00,000 in this scheme, at an annual interest rate of 7.65%:

• Total interest: ₹15,885
• Maturity amount: ₹1,15,885
• If a general investor deposits ₹1,00,000:
• Total interest: ₹14,811
• Maturity amount: ₹1,14,811

Loan facility is also available on this FD

One major feature of this special FD is that it also offers a loan facility against the deposited amount. You can avail a loan of up to 90% of the deposit amount. Interest rate on the loan: 1% higher than the applicable floating rate. If you take a loan against the FD, the premature withdrawal facility will not be available. Nomination facility is also available.

How to Invest

Investing in this scheme is very easy.

• Online: Through Net Banking and Mobile Banking
• Offline: By visiting your nearest Central Bank branch
• Minimum Investment: ₹10,000
• Maximum Investment: ₹10 crore
• A 1% penalty will be levied if the FD is broken before maturity.

Who is this FD suitable for?

• Senior citizens who want a safe investment
• Those who want guaranteed returns after a fixed period
• Those who want to avoid risk
• Those looking for a fixed income after retirement.

FAQs

Q1. Who can invest in the 777-day FD?

Both general investors and senior citizens can invest in this FD.

Q2. How much interest will senior citizens get?

Senior citizens are getting an annual interest rate of 7.65%.

Q3. Can a loan be taken against the FD?

Yes, a loan of up to 90% of the deposit amount can be taken.

Q4. What happens if the FD is broken prematurely?

A 1% penalty will be charged for premature withdrawal.

Q5. Is this scheme safe?

Yes, this is a government bank's FD scheme, it is considered completely safe.