Senior Citizens Fixed Deposit Interest Rates in Cosmos Bank
Updated on: Oct 4th, 2023
Cosmos Co-operative Bank, with its rich legacy in the Indian banking sector, has always been at the forefront of addressing the financial needs of its diverse clientele. The bank's special focus on senior citizens is particularly noteworthy, offering them attractive Fixed Deposit (FD) rates.
Recognising the importance of providing enhanced financial benefits to the elderly, who often rely on the interest from deposits as a significant source of income, Cosmos Co-operative Bank's Senior Citizen FD Rates stand out in the market. This introduction sheds light on the preferential rates and features tailored for senior citizens, ensuring a more rewarding banking experience.
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: Cosmos 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 Cosmos Bank
|Period||Resident Senior Citizen|
|7 days to 14 days|
|15 days to 45 days|
|46 days to 60 days|
|61 days to 90 days|
|91 days to 181 days|
|182 days to 12 months|
|Above 12 months to less than 15 months|
|Cosmo Monsoon Bonanza Scheme(15 Months)|
|Above 15 months to 18 months|
|Above 18 months to 24 months|
|Above 24 months to 36 months|
|Above 36 months to 10 years|
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 that is 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 on 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 applicable to Tax-saving FDs as well?
Yes, the preferential rate for senior citizens generally applies to all types of FDs, including Tax-saving FDs.
returns on FD
Lock in returns as high as
8.61% before they go down
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