........For senior citizen deposits, most public sector banks have started cutting the additional interest (or premium) they pay on fixed deposits of these citizens. The move comes after after the finance minister's observation at a meeting with heads of public sector banks in November last year that the additional interest for senior citizens may be reasonable, but not excessive. SBI reduced the premium on senior citizens' fixed deposits from 50 bps to 25 bps last month and a week later PNB followed suit...........
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