Senior Citizen Fixed Deposits (FDs) are term deposit plans with special interest rates offered by leading banks to individuals who are over the age of 60. These fixed deposit accounts offer a wide range of benefits to senior citizens, apart from the additional rate of interest that can go up to 0.50% more than for the general public.
They offer special interest rates which tend to be higher, thereby resulting in more earnings.
It creates a safe space for the money to grow in at a steady pace.
The senior citizen fixed deposit can also be a tax saver deposit which help get tax deductions under section 80C of the IT Act.
Senior citizens can choose different interest payout options where interest is credited to the depositors savings account on a frequent basis - either monthly, quarterly, half-yearly or yearly.
Duly filled in Account Opening Form with valid residential proof, PAN Number, 1 photograph and introduction by existing account holder of the Bank.
|PERIOD||RATE OF INTEREST (%)|
|Super Saving Account||6.50|
|15 Days to 45 Days||5.00|
|46 Days to 90 Days||6.25|
|91 Days to 180 Days||6.75|
|181 Days to 12 Months||7.25|
|12 Months to 15 Months||7.50|
|15 Months to 18 Months||7.75|
|18 Months to 24 Months||8.00|
|24 Months to 36 Months||8.00|
|36 Months to 60 Months above||8.00|