Senior Citizens Fixed Deposit Interest Rates in Shivalik Small Finance Bank
Updated on: Sep 7th, 2023
Shivalik Small Finance Bank has continuously provided excellent services to its customers. One of the critical aspects that this bank focuses on is the financial well-being of senior citizens. The FD scheme for senior citizens is designed to work in their favour, offering them higher interest rates than the general public. Let's delve into the details of how senior citizens are offered these attractive rates.
Features of Shivalik Small Finance Bank Senior Citizen FD
Enhanced Interest Rates: Senior citizens typically receive a bonus interest rate on top of the regular FD rates. The specific rate is dependent on the bank's current offerings.
Qualification: Only individuals aged 60 or older are eligible to establish a senior citizen FD account.
Duration: Depositors have the flexibility to choose from a range of FD durations, usually between 7 days and 10 years.
Early Withdrawal: Though penalties might be applicable, senior citizens often benefit from more lenient terms for premature FD closures.
Borrowing Options: Like other depositors, senior citizens can also avail the benefit of securing loans against their FDs.
Beneficiary Assignment: The bank facilitates beneficiaries to inherit the FD funds after the account holder's demise.
Tax Deduction at Source (TDS) Implications: Interest income from the FD is taxable under Indian tax laws. However, by furnishing Form 15H, qualified senior citizens can claim exemption from TDS deductions.
Automatic Renewal: Like other leading banks, Shivalik Small Finance Bank might offer an automatic renewal feature that ensures the FD's continuation post its maturity unless instructed otherwise.
Deposit Limits: There might be variations in the deposit range for a senior citizen FD. While there's usually a set minimum limit, a maximum limit might be absent or flexible.
Unique Offerings: The bank might introduce unique benefits or features exclusively for senior citizens based on periodic initiatives or campaigns.
Shivalik Small Finance Bank FD Interest Rate for Senior Citizens
|Tenure||Senior Citizen FD Rate|
|7 days - 14 days|
|15 days - 1 month 28 days|
|1 month 29 days - 2 months 29 days|
|2 months 30 days - 5 months 29 days|
|5 months 30 days - 11 months 30 days|
|1 year - 1 year 11 months 29 days|
|1 year 11 months 30 days - 2 years 11 months 29 days|
|2 years 11 months 30 days - 4 years 11 months 28 days|
|4 years 11 months 29 days - 9 years 11 months 28 days|
Note: All interest rates shown above are as on 4th Aug 2023
- Only individuals aged 60 or above are eligible for the Senior Citizen FD scheme.
- The scheme primarily targets Indian residents; certain offerings like the enhanced interest rate might not apply to NRIs.
- The Senior Citizen FD scheme's availability might be time-bound, with specific start and end dates for its validity.
Documents Required to Open a Shivalik Small Finance Bank Fixed Deposit for Senior Citizens
- Aadhaar card
- Voter ID
- Ration card
- PAN card
- Driving Licence
- Bank Statement
- Cancelled Cheque
- Utility Bills
Is there a special scheme for senior citizens?
Shivalik Small Finance Bank introduces the 'Senior Citizen Care' FD, which encompasses additional advantages over the standard FD.
Can I break my Senior Citizen FD prematurely?
Yes, but premature withdrawal might attract a penalty. It's advisable to check the exact terms with the bank.
Is TDS applicable on the interest earned from Senior Citizen FD?
Yes, TDS will be deducted if the total interest earned surpasses the threshold defined by the Income Tax department for a particular financial year.
returns on FD
Lock in returns as high as
8.35% before they go down
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