BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Banks offer higher interest rates to senior citizens on their fixed deposits as compared to others
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Banks charge lesser interest from senior citizens on their personal loans
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Senior citizens can open bank accounts without the need to follow KYC norms
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Senior citizens are not permitted to use mobile banking
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Detailed explanation-1: -Punjab National Bank offers the best FD interest rate of 8.05% for super senior citizens on tenure of 666 days. DCB offers the best FD interest rate of 8.35% for senior citizens on tenure of more than 700 days to less than 36 months. The bank offers 8% on 18 months to less than 700 days.
Detailed explanation-2: -Interest rates for senior citizens vary between 3.50% to 8.71%. The highest rate of interest is offered on 750 days tenure. For fixed deposits between Rs 1 crore to Rs 2 crore, the bank offers interest rate between 5.60% to 8.40% for tenure ranging between 181 days to 36 months.
Detailed explanation-3: -Fixed deposit provides highest rate of interest as a large amount of money is deposited in this account for a longer duration.
Detailed explanation-4: -Earn 7.3%* Interest on FD Rates are subject to change as per the bank’s discretion. Indian Bank offers FD interest rates of 2.80-7.00% p.a. to the general public and 3.30-7.50% p.a. to senior citizens on tenures ranging from 7 days to 5 years and above. The interest rate on Indian Bank Tax Saving FDs is 6.10-6.25% p.a.