Even though the repo rate was cut by 1.25 percent this year, the Central Bank of India has continued to offer high interest rates on fixed deposits (FDs). Whenever the Reserve Bank of India (RBI) changes its monetary policy, it directly affects the interest rates on FDs.

Right now, the Central Bank of India’s three-year Steel Scheme is proving to be a boon for investors. This scheme is offering senior citizens a guaranteed interest of Rs 21,341 on an investment of just Rs 1 lakh. In this report, we will know how an investor can secure a secure and excellent return for the future through this state-owned bank.

Central Bank of India FD investors can open FD accounts for a minimum of seven days and a maximum of 10 years. The bank’s interest rate starts from 3 percent. However, the interest rate can go up to a maximum of 6.80 percent, depending on the deposit tenure of the investor.

About the Central Bank of India scheme for Senior Citizens

The bank has also launched a special Steel FD scheme for 444 days and 555 days. These special tenors offer an interest rate of 6.30 per cent for general citizens and 6.80 per cent for senior citizens. If you want to invest for a long term, a 3-year FD could be the best option for you.

How much will you get for Rs 1 lakh? Central Bank of India has offered an annual interest rate of 6 per cent for general citizens and 6.50 per cent for senior citizens in its 3-year FD scheme.

How much return will an investor get at maturity on investing Rs 1 lakh in 3 years? At an interest rate of 6 per cent, general citizens will get Rs 19,562 in interest. At maturity, the investor’s total return is Rs 1,19,562.

At an interest rate of 6.50 per cent, an investment of Rs 1 lakh can earn an interest of Rs 21,341 in 3 years. This means that the senior investor will receive a total of Tk 1,21,341 at maturity.