BOI Launches Shubh Arambh FD scheme for Senior citizens

Current Context: Shubh Arambh FD scheme for senior citizens offered by Bank of India (BOI).This is a special type of term deposit that provides attractive interest rates for senior citizens.

• The scheme was launched on April 1, 2023 and is applicable for deposits under Rs 2 crore for a tenure of 501 days.
• The interest rate for super senior citizens (80 years and above) is 7.80%, for other senior citizens (60 to 80 years) is 7.65%, and for general customers is 7.15%.
• The scheme also offers additional benefits such as no penalty for premature withdrawal of deposits less than Rs 5 lakh after 12 months, and no penalty for renewing deposits for a longer duration than the original tenure.

Question:

Q.1 What is the interest rate for super senior citizens (80 years and above) under the Shubh Arambh FD scheme?
a. 7.15%
b. 7.40%
c. 7.65%
d. 7.80%