Banks and financial institutions provide both regular fixed deposits (FDs) and special FDs. The only difference is that special FDs are offered for a limited period and provide higher interest rates. Similar to regular FDs, special FDs also provide better interest rates to senior citizens. In this article, we will compare two special FDs- one is provided by the Central Bank of India and the other is Union Bank of India. 

Central Bank of India 1111-day FD

The PSU bank provides a 7.50 per cent interest rate to senior citizens on a 1111-day special FD, while it gives a 7 per cent interest rate to others on the same FD.

Central Bank of India: What will you get on Rs 1,00,000 to Rs 5,00,000 deposits?

If a senior citizen invests Rs 1,00,000 in Central Bank of India's 1111-day FD, they will get Rs 1,25,379 on maturity while others will get Rs 1,23,519.

Rs 2,00,000 deposit
Senior citizens: Rs 2,50,759
Others: Rs 2,47,038

Rs 3,00,000 deposit
Senior citizens: Rs 3,76,138
Others: Rs 3,70,557

Rs 4,00,000 deposit
Senior citizens: Rs 5,01,517
Others: Rs 4,94,076

Rs 5,00,000 deposit
Senior citizens: Rs 6,26,897
Others: Rs 6,17,595

Union Bank of India 456-day FD

Union Bank offers a 7.35 per cent interest rate to senior citizens on a 456-day FD, while others get a 6.85 per cent interest rate to others on the same FD.

Union Bank of India: What will you get on Rs 1,00,000 to Rs 5,00,000 deposits?

If a senior citizen invests Rs 1,00,000 in Union Bank of India's 456-day FD, they will get Rs 1,09,526 on maturity while others will get Rs 1,08,856.

Rs 2,00,000 deposit
Senior citizens: Rs 2,19,052
Others: Rs 2,17,712

Rs 3,00,000 deposit
Senior citizens: Rs 3,28,578
Others: Rs 3,26,567

Rs 4,00,000 deposit
Senior citizens: Rs 4,38,104
Others: Rs 4,35,423

Rs 5,00,000 deposit
Senior citizens: Rs 5,47,630
Others: Rs 5,44,279