Falling FD rates set to hit 4cr sr citizens hard

On Wednesday, along with a cut in lending rates, banking major SBI also cut the FD rates for senior citizens for 1-2 years bracket to 6.9% from 7% while savings bank rate was cut to 3.25% from 3.5% for deposits of up to Rs 1 lakh. Other banks are expected to follow. Financial planners say senior citizens will have to take some risks and invest in debt funds.

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