Is there a better option if the elderly’s FD has to be closed?
I have a joint fixed deposit (FD) with my father, the main account holder, at a PSU bank. FD has been on his behalf to benefit from the additional interest provided to elderly citizens. After my father passed recently, the bank said that the FD had to close because it is a senior citizen FD and could not continue to be in my name. The FD will mature in 2025. The bank said I can create a new FD, but the prevailing interest rate will apply. What is the best option for me now?