Senior Citizen Deposit Rates

Summary

Senior citizens in Maharashtra may receive higher interest rates on personal fixed deposits, but not usually for proprietorship firms. Minors can open fixed deposit accounts with a guardians oversight until they reach maturity. Always check with your bank for specific policies and conditions.

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Minor can keep fix deposit in bank in his individual name
In Maharashtra, a minor can open a fixed deposit account in their own name. However, it typically requires a guardian to operate the account until the minor reaches the age of maturity. The account can be managed jointly with a parent or guardian, ensuring the minor's interests are protected.