Prospective Senior Citizen Term Deposit Scheme

Brief features of the product:

  • The Scheme shall be applicable for the age of 55 years and above and up to 60 years.
  • Rs.100/- and in multiples of Rs.1/- thereof. The maximum amount permitted under the scheme is Rs.99, 99,999/-
  • The rate of interest shall be CARD rates and payable in accordance with the circulars issued by the Bank from time to time
  • Additional interest as applicable to Sr. Citizens shall be provided automatically on attainment of Sr. Citizen Status.
  • 1 year to maximum of 10 years even for incomplete quarter.

Terms & Conditions:

  • 55+ individuals (singly or jointly) with others. In case of joint deposit, the prospective Senior Citizen has to be first account holder of the Term Deposit.
  • Illiterate and blind persons can also open the Account.
  • Prospective depositor has to attain the status of Sr. Citizen during currency of deposit.
  • Rate of interest shall be CARD rates
  • Loan/ Overdraft against deposit is available. For detail, please refer to loan against term Deposit
  • Rate of interest would be Card rate as applicable to the tenor of deposit as displayed on website, subject to change from time to time till the age of 60 years . Additional rate of interest will be paid for remaining period after the depositor attains senior citizen status which is 0.50% at present or as per rate applicable from time to time on the date the depositor attains Senior Citizen status.
  • Nomination facility is available.
  • TDS is applicable as per rules. The Bank will issue TDS Certificate for the tax deducted.
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