Indian Bank Senior Citizen Deposit Scheme
Indian Bank Special Scheme for Senior Citizens offers 0.50% additional interest rate for deposits below Rs.10 crore for tenures ranging from 15 days to 10 years.
Eligibility Criteria for applying for Indian Bank Special Scheme for Senior Citizens
To see if you are eligible to open a Special Scheme for Senior Citizens with Indian Bank just visit the nearest branch of the bank.
Features of Indian Bank Special Scheme for Senior Citizens
Account Type | Joint or single. If joint account is opened, the first named person must be a senior citizen. |
Amount | Minimum - Rs.1,000 Maximum - Rs.5,00,00,000 |
Period | Minimum - 15 days Maximum - 10 years |
Interest | The interest will be credited to the savings account on a quarterly basis. |
Premature withdrawals | Not allowed. |
Loan | Available. |
Auto Renewals | Available. |
Foreclosure | Available. A minimum penalty on foreclosure of deposits is charged. |
Nomination | Nomination facility is available. |
Documents required |
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Indian Bank Special Scheme for Senior Citizens interest rates
Indian Bank offers a higher rate of interest for its medium and long term fixed deposits. The current interest offered for Special Scheme for Senior Citizens ranges from 3.40 to 5.75% per annum for deposits below Rs.2 crore for tenures ranging from 15 days up to 10 years.
Note: The interest rates mentioned are as of 01 August, 2021. The interest rates are subject to change at the discretion of the bank.
FAQs on Indian Bank Special Scheme for Senior Citizens
- What is the minimum initial deposit amount?
The minimum initial deposit is Rs.1,000.
- What is the maximum deposit allowed?
The maximum deposit allowed is Rs.5,00,00,000
- What is the tenure for Indian Bank Special Scheme for Senior Citizens?
Indian Bank Special Scheme for Senior Citizens can be opened for 15 days to 10 years.
- Are joint accounts permitted for Indian Bank Special Scheme for Senior Citizens?
Yes, joint accounts are permitted, but the first name should be that of a senior citizen.
- Is automatic renewal facility available?
Yes, automatic renewal transfer facility is available.
- What is the frequency that I will receive interest on Indian Bank Special Scheme for Senior Citizens?
The interest earned will be credited to your account on a quarterly basis.
- Is foreclosure facility available?
Yes, foreclosure facility is available and a minimum penalty has to be paid on foreclosure.
- Can I take a loan against Indian Bank Special Scheme for Senior Citizens?
Yes, loan can be taken against Indian Bank Special Scheme for Senior Citizens.
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