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Senior Citizens Fixed Deposit Interest Rates in Indian Bank

Updated 19 Dec 2023

Once we retire, we search for risk-free investment avenues with good returns. Fixed Deposits are one of the best options for it. Most of the banks offer an extra return of 0.50% to senior and super-senior citizens. Indian Bank does it too. The FD tenure offered by them ranges from 7 days to 10 years.

 

Let’s dive deep into the details of senior citizen FDs offered by them.

Interest Rate for Senior Citizens

Fixed Deposit interest rate less than ₹ 2 crores w.e.f. 4th March 2023-

TenureInterest Rate for Senior Citizens (per annum)
7 days to 14 days2.80%
15 days to 29 days3.30%
30 days to 45 days3.50%
46 days to 90 days3.75%
91 days to 120 days4.00%
121 days to 180 days4.35%
181 days to less than 9 months 5.00%
9 months to less than 1 year5.25%
1 Year 6.60%
Above 1 year to less than 2 years 6.80%
2 years to less than 3 years7.20%
3 years to less than 5 years6.75%
5 years 6.75%
Above 5 years 6.85%

 

Note:

  1. Senior citizens get an additional 0.50% interest rate on deposits up to 15 days to 5 years, and for deposits above 5 years to 10 years, they get an additional 0.75% interest rate.
  2. Super senior citizens get an additional 0.75% interest rate on deposits up to 5 years, and for deposits above 5 years to 10 years, they get an additional 1% additional interest rate.

 

Fixed Deposit interest rate from more than ₹ 2 crores to less than ₹ 5 crores w.ef. 7th Feb 2023-

TenureInterest Rate for Senior Citizens (per annum)
7 days to 14 days5.50%
15 days to 29 days5.50%
30 days to 45 days6.50%
46 days to 90 days5.75%
91 days to 120 days5.75%
121 days to 180 days6.00%
181 days to less than 9 months 6.00%
9 months to less than 1 year6.75%
1 Year 7.20%
Above 1 year to less than 2 years 7.15%
2 years to less than 3 years6.60%
3 years to less than 5 years6.50%
5 years 6.50%
Above 5 years 6.75%

 

Note:

  1. Senior citizens get an additional 0.50% interest rate on deposits up to 15 days to 5 years, and for deposits above 5 years to 10 years, they get an additional 0.75% interest rate.
  2. Super senior citizens get an additional 0.75% interest rate on deposits up to 5 years, and for deposits above 5 years to 10 years, they get an additional 1% additional interest rate.

Eligibility and Documents Required

The eligibility criteria for the senior citizen FDs is that they need to be at least or above the age of 60. The documents required are similar to the general public requirements, such as Identity and address proofs.

FAQs

What are the age criteria for super senior citizens?

To be eligible to open a senior citizen Fixed Deposit account, you need to be 80 years old or above on the date of application.

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.

What are the required documents to open an FD account with Indian Bank?

An investor needs identity proof along with address proof and two passport-sized photographs to open an FD account with an Indian bank.

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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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