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Seniors can receive up to 8.05% interest on 3-year fixed deposits from private banks.

With its pivotal change from "withdrawal of accommodation" to "neutral" at its bi-monthly Monetary Policy Committee (MPC) on October 9, the Reserve Bank of India (RBI) marked a major shift in its strategy since May 2022. The position suggested that the central bank is ready to adjust to shifting market dynamics. However, because of growing concerns about inflation, it isn't prepared to lower key interest rates just yet. Rate reductions in the future could occur if inflation stays below the medium-term target of 4%. The Securities and Exchange Board of India (SEBI)-registered investment advisor Gaurav Goel anticipated that the RBI will begin reducing rates as early as the fourth quarter of this fiscal year. Interest rates on fixed deposits (FDs) will inevitably match benchmark rates as well. An excellent moment to buy longer-term funds Historically, FDs have been favored as an investment vehicle by individual investors, especially senior persons, due to their perceived security and guarantee of steady returns.

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