Repco Bank has introduced a new deposit scheme, Monthly Payment Scheme (MPS), to mark its 42nd anniversary. Senior citizens above 60 years are eligible to deposit their savings in this scheme wherein 11 per cent interest, payable monthly, is offered. The period of deposit is 24 months.
The bank is taking efforts to pay the monthly interest up to Rs. 1,000 to senior citizens at their door step by cash, says a release.
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