This 777-day fixed deposit will offer bumper interest rates to senior citizens. How much return will you get if you deposit ₹1 lakh?

When it comes to investments, senior citizens still place the most trust in Fixed Deposits (FDs). 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 an interest rate of up to 7.65%.

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 FD
A 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 a loan is taken 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 charged 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.

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