- It is a Fixed Deposit scheme with a time period of 400 days and a maximum limit of up to Rs. 2 Cr.
- The highest rate of interest for non-senior citizens will be 5.50% and for senior citizens will be 6%.
- For a maturity period of 400 days, the Scheme is supposed to be offering the highest rate of interest in comparison to other banks.
- Interest Rate on Deposits for a maturing period of:
- 46-90 days is 3.50%
- 91-119 days is 3.75%
- 120-180 days is 3.90%
- 180-270 days is 4.25%
- 271-364 days is 5%
- 365-399 days is 5.40%
- These rates of interest are for non-senior citizens.
- Rates of interest for senior citizens for all maturity slabs of 91 days or more and up to an upper limit of Rs. 2 Cr will be an additional 0.50% p.a.
Question:
Q.1 What is the rate of interest offered by BoM's Maha Dhan Varsha Scheme for senior citizens for a maturity period of 400 days?a. 5.40%
b. 5.50%
c. 6%
d. 4.25%
