Senior citizens relieved as bank fixed deposit rates touch 8% after 3 years

At the peak of the pandemic, rates had dropped to as low as 5.5% due to excess liquidity in the banking system and many had locked into 2-3-year deposits to make the best in a depressed market. Now with some private banks offering 8% and public sector banks giving over 7.5%, savvy elders are looking at premature withdrawals to make fresh deposits at higher rates.

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