Senior Citizens Fixed Deposit Interest Rates in Kalyan Janata Sahakari Bank

Updated on: Oct 4th, 2023

Kalyan Janata Sahakari Bank, a renowned cooperative bank in Maharashtra, offers an array of fixed deposit schemes tailored to meet various financial needs. Of particular note is their preferential treatment towards senior citizens. Recognising the life stage and financial requirements of the elderly, the bank provides an additional interest rate on their fixed deposits, ensuring that senior citizens get an enhanced return on their savings.


This emphasis on catering to senior individuals reflects the bank's commitment to its diverse clientele and presents an attractive avenue for senior citizens to maximise their earnings in a secure environment.

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: Kalyan Janata Sahakari Bank, among other banks, possibly features an automatic renewal mechanism, ensuring the FD's continuation of 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 Kalyan Janata Sahakari Bank

TenureFor Senior Citizens
7 - 90 Days3.75 %
91 – 250 Days5.00 %
252 Days to 1 year5.50 %
Above 1 year – up to 3 years6.50 %
Above 3 year – up to 5 years7.00 %
Above 5 year – up to 10 years6.00 %
Tax Saver (Re-investment Plan for 5 years)6.50 %
Tax Saver (Monthly & Quarterly Income Plan for 5 years)6.50 %

Note - These rates are effective from 15 November 2022 and can be changed as per the Bank's rules and regulations.

Eligibility Criteria

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.

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.

Bottom Line

The eligibility criteria are that the account holder must be above the age of 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 make a significant difference 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.

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