Senior Citizens Fixed Deposit Interest Rates in AU Small Finance Bank
Updated 19 Dec 2023
AU Small Finance Bank has steadily grown in prominence over the years, carving a niche for itself in the financial sector. Recognizing the unique financial needs of senior citizens, the bank offers a tailored FD scheme for this demographic. This scheme prioritizes their financial stability by offering them more attractive interest rates than the general public. Let’s delve into how AU Small Finance Bank provides these lucrative rates to senior citizens.
Features of AU Small Finance Bank Senior Citizen FD
- Enhanced Interest Rates: Senior citizens usually receive a bonus interest rate over the regular FD rates. The specific rate depends on the bank's current offerings.
- Qualification: Only individuals aged 60 or older can open a senior citizen FD account.
- Duration: Customers can select from a vast range of FD tenures, typically ranging between 7 days and 10 years.
- Early Withdrawal: Although penalties might be imposed, senior citizens often get more lenient terms for premature FD withdrawals.
- Borrowing Options: Senior citizens, like other depositors, can avail loans against their FDs.
- Beneficiary Assignment: AU Small Finance Bank allows a beneficiary to inherit the FD amount after the depositor's demise.
- Tax Deduction at Source (TDS) Implications: Interest income from the FD is taxable as per Indian tax laws. However, by submitting Form 15H, qualified senior citizens can avoid TDS.
- Automatic Renewal: Banks, including AU Small Finance Bank, might offer an automatic renewal feature, ensuring the FD's extension after its maturity unless instructed otherwise.
- Deposit Limits: The deposit amount for senior citizen FDs can vary. Typically, there's a minimum limit, but a maximum cap may not always be present.
- Unique Offerings: Occasionally, or based on special bank initiatives, exclusive benefits tailored specifically for senior citizens might be introduced.
AU Bank FD Interest Rate for Senior Citizens
| Tenure | Senior Citizen FD Rate |
|---|---|
| 7 days - 1 month 14 days | 4.25% |
| 1 month 15 days - 2 months 29 days | 4.80% |
| 2 months 30 days - 5 months 27 days | 5.50% |
| 5 months 28 days - 11 months 30 days | 7.25% |
| 1 year - 1 year 5 months 29 days | 8.50% |
| 1 year 5 months 30 days - 1 year 11 months 30 days | 8.00% |
| 2 years - 2 years 11 months 30 days | 8.50% |
| 3 years - 3 years 9 months | 8.30% |
| 3 years 9 months 1 day - 9 years 11 months 28 days | 7.70% |
Note: All interest rates shown above are as on 4th Aug 2023
Eligibility for AU Small Finance Bank Senior Citizen FD
- Only individuals aged 60 years and above are eligible for this FD.
- The scheme provides an additional 0.75% interest rate over regular FD rates.
- The special senior citizen FD scheme does not extend to NRIs.
Documents Required to Open an AU Small Finance Bank Fixed Deposit for Senior Citizens
Identity Proof
- Aadhaar card
- Voter ID
- Ration card
- Passport
- PAN card
- Driving Licence
Address Proof
- Bank Statement
- Cancelled Cheque
- Utility Bills
FAQs
Is there a special scheme for senior citizens?
Yes, AU Small Finance Bank offers the 'Senior Citizen Care' FD, which provides additional benefits over the regular FD.
Can I break my Senior Citizen FD prematurely?
Yes, but penalties may apply. It's best to consult with the bank for specific details.
Is TDS applicable on the interest earned from Senior Citizen FD?
Yes, TDS is applied if the total interest income surpasses the threshold specified by the Income Tax department in a fiscal year.
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Disclaimer: Wint Wealth makes no guarantee or warranty on the accuracy of the data provided on this site, the information displayed is subject to change and are provided on an as-is basis. Nothing contained herein is intended to or shall be deemed to be investment advice, implied or otherwise. You are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions. We accept no liability for any loss arising from the use of information contained on this website.
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