Financial institutions do not provide the 1% extra interest on FDs for Senior Citizens
Ref: Does RBI follow the revised guidelines regarding senior citizens while fixing rate of interest on FD?
Comment: The other side of the story is, financial institutions including Nationalised Banks, do not provide the 1% extra interest on FDs for Senior Citizens and on the contrary, this privilege/ benefit is being reduced systematically.
To cite an example, presently DHFL is giving 0.25% as Senior Citizen privilege as compared to general public for FDs placed with them. Similar is the position with the Nationalised Banks. Government’s initiatives/efforts for the benefit of Senior Citizens never get its due weightage.
Name: VR Raghunathan
Email id: firstname.lastname@example.org