Senior Citizens Fixed Deposit Interest Rates in Bandhan Bank
Updated 12 Jan 2024
As individuals enter their golden years, financial stability becomes paramount. Recognising this need, Bandhan Bank extends special privileges to senior citizens, primarily through enhanced interest rates on Fixed Deposits (FDs). These preferential rates ensure that senior citizens receive a higher return on their savings, allowing for a more comfortable and secure retirement.
Bandhan Bank’s commitment to this demographic is evident in its competitive Senior Citizen FD Rates. This blog delves deep into these rates, shedding light on the advantages and features Bandhan Bank offers its esteemed senior clientele. Join us as we explore this special financial offering.
Features of Senior Citizen FD
- Enhanced Interest Rates: Senior citizens typically receive a bonus interest rate on top of the regular FD rates. The specific rate hinges on the bank's current offerings.
- Qualification: Only individuals 60 or older can establish a senior citizen FD account.
- Duration: Depositors can choose from a diverse range of FD durations, usually between 7 days and 10 years.
- Early Withdrawal: Although penalties may apply, senior citizens often benefit from more accommodating terms for premature FD closures.
- Borrowing Options: Like other depositors, senior citizens have the privilege of securing loans against their FDs.
- Beneficiary Assignment: The bank allows a beneficiary to inherit the FD funds after the account holder's passing.
- Tax Deduction at Source (TDS) Implications: Earnings from interest are taxable under Indian tax regulations. Yet, by submitting Form 15H, eligible senior citizens can avoid TDS deductions.
- Automatic Renewal: IDBI, among other banks, possibly features an automatic renewal mechanism, ensuring the FD's continuation post-maturity unless directed otherwise.
- Deposit Limits: The deposit range for a senior citizen FD can differ. While a minimum threshold is often set, a maximum limit might be absent.
- Unique Offerings: Periodically or based on bank initiatives, exclusive perks or attributes tailored for senior citizens may be presented.
Interest Rates for Senior Citizens
Interest Rates for Domestic / NRO / NRE FIXED DEPOSITS effective w.e.f. September 5, 2023.
Maturity Periods (Pre-Mature Withdrawal Allowed) | Less than ₹ 2 Crore (Senior Citizen) |
|---|---|
| 7 days to 14 days | 3.75% |
| 15 days to 30 days | 3.75% |
| 31 days to less than 2 months | 4.25% |
| 2 months to less than 3 months | 5.25% |
| 3 months to less than 6 months | 5.25% |
| 6 months to less than 1 year | 5.25% |
| 1 year to 499 days | 7.75% |
| 500 days (1 year, 4 months, 14 days) | 8.35% |
| 501 days to less than 2 years | 7.75% |
| 2 years to less than 3 years | 7.75% |
| 3 years to less than 5 years | 7.75% |
| 5 years to up to 10 years | 6.60% |
Eligibility Criteria
The eligibility criteria for the senior citizen FDs is that they need to be at least or above the age of 60 on the day of opening the FD account. They typically need to be residents to open a senior citizen FD; However, NRIs can also open accounts through NRE and NRO accounts.
Documents Required
The documentation required is similar to that of a normal FD account opening. One metric being essential is your age proof.
Identity Proofs
- Aadhar Card
- Passport
- Driver’s License
Address Proof
- Gas Bill
- Utility Bill
- Bank Statement
- Cancelled Cheque
Age proof is mandatory to avail of a Senior Citizen FD account.
FAQs
Who qualifies as a senior citizen at Bandhan Bank?
Generally, individuals aged 60 years and above are considered senior citizens by most banks, including Bandhan Bank.
Is there a specific tenure for senior citizen FDs at Bandhan Bank?
Bandhan Bank offers a range of tenures for FDs. However, the special interest rate for senior citizens is applicable across various tenures.
Can I open a joint FD account with a senior citizen rate?
Yes, but typically, the primary account holder must be a senior citizen to avail of the special rates.
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