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Updated 15 Dec 2023
Senior citizens often seek financial avenues that provide security and yield commendable returns on their savings. Recognizing this, South Indian Bank (often called SIB Bank) has crafted fixed deposit schemes tailor-made for the senior demographic.
These FDs come with attractive interest rates, considering the additional financial needs of retirement. With an understanding that every percentage point counts, it's vital to explore the Senior Citizen FD Rates offered by SIB Bank. Join us as we delve into the details, ensuring you're well-informed to make the best financial decision for your golden years.
Fixed Deposit Rates on Domestic/NRO deposits of less than Rs. 2 crores w.e.f. 21 July 2023
| Period | Interest Rates (% p.a.) | |
|---|---|---|
| General | Senior Citizens | |
| 7 days to 30 days | 2.90 | 3.40 |
| 31 days to 90 days | 3.50 | 4.00 |
| 91 days to 99 days | 4.50 | 5.00 |
| 100 days | 6.00 | 6.50 |
| 101 days to 180 days | 4.50 | 5.00 |
| 181 days to less than 1 year | 5.00 | 5.50 |
| 1 year | 6.60 | 7.10 |
| 1 year 1 day | 7.00 | 7.50 |
| 1 year 2 days to 499 days | 6.50 | 7.00 |
| 500 days (SIB 94 Plus) | 7.40 | 7.40 |
| 501 days to less than 30 months | 6.50 | 7.00 |
| 30 months | 7.00 | 7.25 |
| Above 30 months to less than 5 years | 6.50 | 7.00 |
| 5 years to less than 66 months | 6.00 | 6.50 |
| 66 months (Green deposit) | 6.50 | 7.00 |
| Above 66 months to 10 years | 6.00 | 6.50 |
Note: Special rates for senior citizens are only applicable to residents.
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.
The documentation required is similar to that of a normal FD account opening. One metric being essential is your age proof.
Identity Proofs
Address Proof
Age proof is mandatory to avail of a Senior Citizen FD account.
Who qualifies as a senior citizen at SIB Bank?
Generally, individuals aged 60 years and above are considered senior citizens by most banks, including SIB Bank.
Is there a specific tenure for senior citizen FDs at SIB Bank?
SIB 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.
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.
