Senior Citizen 8 Fixed Interest Rate Yojana Scheme

The Indian Prime Minister, Shri Narendra Modi, made an important announcement after the demonetization on December 31, 2016, a day before the start of the new year. In this announcement, Modi Ji talks about launching many new schemes.

One of them is 8% for higher residents with Rs 7.5 lakh for 10 years. Modi Ji not only said about the new scheme but also did some important advertisements about the old scheme. The sole purpose of this scheme is to take such measures to protect its old people and income.

8% of fixed interest rates schemes for old people by Modi Ji –

Prime Minister Shri Narendra Modi spoke with the state on November 8, 2016 to ban the 500 and 1000 records, which he described as a great step to check embezzlement without any predicament. This is your initiative against corruption. The last date for submission of 500 and 1000 records is December 31. Outside the canceled notes, 86 percent of cash is in circulation. After the records were canceled, Rs 14 lakh crore was deposited in a bank, and new paper money was operated, Rs 6 lakh crore. After several raids, more than 3000 million rupees were seized, which was not announced.

Finance Minister Arun Jaitley said that there had been an increase in tax collection and income. As the next step in the war against corruption, the prime minister sent the economy without effect, and the government also made several advertisements and encouraged digital payments. Then he also launched the application. After this, on December 31, 2016, the last date for submission of 500 and 1000 records, people await the announcement of the next historic prime minister. The Prime Minister spoke about and planned several new schemes in this announcement. Read here the journey of Narendra Modi to become the Prime Minister.

Considering the Bank of India’s bank interest rate, deposit rates have come down recently, and most funds have been provided to the financial system. Considering demonetization, banks phasing out bank loan deposits, and weak absorption, the bank is likely to reduce the interest rate more.

Banks often lower their deposit rates when they receive a lot. It should not affect the elderly, so Prime Minister Shri Narendra Modi Ji counts on this scheme. In his speech helping high-end residents, the Prime Minister announced that an 8% interest rate would be guaranteed in deposits up to Rs 7.5 lakh. In addition, special interest provisions for older people will request 10 years, and interest will be paid monthly.

8 Fixed Interest Rates:

Modi Ji made a historic announcement that the interest rate for old people who collect up to 7.5 lakhs will be 8%. This is a relief to many, as the rates have decreased sharply due to the performance.

Deposits should be made for a period of up to 10 years. Although it is difficult from key to key period, Prime Minister Shri Narendra Modi has given a charming gift to those who follow it. Unlike the normal interest payment rules, older people can now withdraw the interest, resulting in a permanent deposit every month before the end of the tenure period. In summary, after this advertisement, the deposit will still become a monthly income scheme.

Flowers come in a month.

For example, if you deposit the same amount in this scheme, which is Rs 7.5 lakhs, you will get flowers like-

Interest Income Per Month = (8% off 7.5 Lakh)/12

Rs 5,000 = (Rs 60,000)/12

So, with a 7.5 Lakh RS deposit for 10 years, you will get 60,000 flowers in 10 years, which can be withdrawn monthly with a RS 5,000 per month level.

That way, you can be interested in a month.

Assistance from this plan:

Monthly income, whether regular or daily, always helps meet the needs or demands. Previously, once the money was paid in the permanent deposit, the only way to recover the money (including interest) was at the end of the permanent deposit period. This means the money is sealed for a fixed period and cannot be used for any eventuality. It will no longer be a monetary investment but a monthly income flow.

Main Points of Yojana senior citizens:

Following are some of the salient features of this planning process

The Prime Minister said that interest rates should be guaranteed to protect the income of the elderly.
For older people, this special level will apply for 10 years.
The bank has reduced interest rates on deposits in recent years.
The Bank of India Reserve has reduced the repo and prime lending rates by 175 basis points since 2015. At the same time, the bank is at the fore to reduce the deposit rate quickly. A decrease in interest income hurts the income of older people. Because they mainly depend on interest. The interest from deposits in the bank is their biggest source of income.

Currently, the State Bank of India, the country’s largest bank, offers an interest rate of 6.5% to retail depositors with an expiry between 5 and 10 years. And pay an interest rate of 7% for older people. The Modi government has made several changes in the 2018 budget, where the scheme will now extend till March 31, 2020. In this scheme, this limit has increased from 7.5 to 15 lakhs.

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