8% interest on FDs for senior citizens: Modi

The option of monthly withdrawals to also be provided

Prime Minister Narendra Modi on Saturday said the senior citizens of the country would get eight per cent interest rate on fixed deposits of up to Rs 7.5 lakh.

"For senior citizens, we have decided that up to Rs 7.5 lakh in fixed deposits for 10 years will get them interest of eight per cent," Modi said in his address to the nation on New Year's Eve.

He also said the amount earned in interest would be withdrawn on a monthly basis as well.