Senior Citizens Fixed Deposit Interest Rates in Abhyudaya Bank
Updated on: Oct 4th, 2023
Abhyudaya Co-operative Bank, rooted in a noble mission of fostering "Prosperity through Cooperation," has always been attuned to the diverse needs of its clientele. Recognising the financial requirements and aspirations of the elderly, the bank offers specialised Fixed Deposit schemes for senior citizens.
These FDs, tailored for those in the golden years of their life, come with enhanced interest rates, making them a lucrative investment option. Such an offering ensures senior citizens receive that extra financial cushion, maximising their returns. Explore the nuances of the Abhyudaya Bank Senior Citizens FD Interest Rate and its benefits for the elders.
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: Senior citizens can secure loans against their FDs like other depositors.
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: Abhyudaya Bank, 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.
Senior Citizen FD Rates in Abhyudaya Bank
Interest Rate (% p.a.)
Applicable w.e.f. 01.06.2023
7 Days and above up to &
inclusive 90 days
|91 days & above up to and inclusive of 180 days|
|181 Days and above up to & inclusive of 12 months|
|Above 12 months and up to and inclusive of 24 months|
|Above 24 months and up to and inclusive of 36 months [ New Maturity Bracket ]|
|Above 36 months and up to & inclusive of 120 months|
The eligibility criteria for senior citizen FDs is that they need to be at least or above 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.
- Aadhar Card
- Driver’s License
- Gas Bill
- Utility Bill
- Bank Statement
- Cancelled Cheque
Age proof is mandatory to avail of a Senior Citizen FD account.
The eligibility criteria are that the account holder must be above 60. The documents needed to open a senior citizen account are the same as the general public requirements. The difference in the general public and senior citizen rates significantly changed over the years.
How much extra interest do senior citizens get in their FDs?
The additional interest can vary, but senior citizens usually receive a rate of 0.50% higher than the regular rates. However, this can change based on the bank's policies.
Can a senior citizen avail of this benefit on joint accounts?
For joint accounts, if the first account holder is a senior citizen, then the senior citizen FD rate is typically applied.
Is the higher interest rate for senior citizens also applicable to Tax-saving FDs?
Yes, the preferential rate for senior citizens generally applies to all types of FDs, including Tax-saving.
returns on FD
Lock in returns as high as
8.61% before they go down
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