Senior Citizens Fixed Deposit Interest Rates in Thane Bharat Sahakari Bank

Updated on: Oct 4th, 2023

Thane Bharat Sahakari Bank has carved a niche in the cooperative banking sector of Thane, offering a diverse range of financial products tailored to its customers. Among its offerings, the Fixed Deposit schemes for senior citizens stand out, promising higher returns than regular deposits.


Recognising the significance of providing the elderly with favourable interest rates, the bank ensures a more rewarding investment experience. For senior citizens, this gesture reflects financial empathy and offers an efficient avenue to grow their savings. Dive in to understand the intricacies and advantages of Thane Bharat Sahakari Bank's senior citizen FD interest rates.

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: Thane Bharat Sahakari 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 Thane Bharat Sahakari Bank

Interest Rates on Deposits (w.e.f. 03.08.2023) 
Period of DepositFor Senior Citizens, Staff & Ex-Staff Members

15 Days to 30 Days


31 Days to 90 Days


91 Days to 180 days


181 Days to 1 Year


Above 1 Year to 3 Years


666 Days


Above 3 Years to 10 Years


Tax Benefit Scheme (60 Months)


The other conditions are as under:

1. Penalty for premature withdrawal will be 1.00% p.a.

2. The card rate is applicable to NRE Rupee Deposit.

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 significantly changed over the years.


How much extra interest do senior citizens get on their FDs?

The exact additional interest can vary, but senior citizens usually receive a rate that's 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 on Tax-saving FDs?

Yes, the preferential rate for senior citizens generally applies to all types of FDs, including Tax-saving FDs.

Earn once in a decade
returns on FD

Lock in returns as high as
8.61% before they go down

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