Making life easier for senior citizens
The unique feature of the scheme is an incentive to senior citizens by way of additional interest over and above normal rate of interest on any of our existing term deposit schemes. This facility will be available to fresh deposits and renewal of maturing deposits.
If you have completed the age of 60 years, you will be treated as a senior citizen for getting the benefit under this scheme.
♦ Amount of deposit The minimum amount of deposits accepted will be as per the criteria laid down for the deposit scheme which you opt for.
♦ Period of deposit Your deposits may be accepted for any period between 15 days (minimum period as applicable to various deposit schemes) and 120 months.
♦ Incentive on Rate of interest An additional interest rate of 0.50% p.a. over and above the normal rate of interest for any of the Time Deposit Schemes will be given as incentive for deposits of Senior Citizens who are above 60 years of age.
♦ Certificate / Pass Book Certificate or 'Pass Book' will be issued to you according to the deposit scheme such as 'Pass Book' will be issued for Khazaana and Certificate will be issued for MMDC, MIDR and QIDR.
♦ Premature payment Payment before maturity is available as per prevailing rules subject to withdrawal of incentive of relevant additional interest.
♦ Loan/advance against deposits Loan against deposits is available as per prevailing rules.
♦ Add-on facilities to Senior Citizens in savings bank account The following additional incentives are available to you.
» There are no minimum balance requirements for Senior Citizens of 70 years and above.
» Service charges 20% below normal rate (For basic services only).