Renewal of accounts of Senior Citizens
Once the age of the Senior Citizens is verified for accepting deposits under the scheme. Branch shall not seek proof of age for renewal of the deposit or while taking subsequent deposits from him/her.
Treatment of joint deposits
For accepting deposits of Senior Citizens jointly, with other persons below the age of sixty under the special scheme for Senior Citizens, the benefit of additional interest (above the normal rate of interest) shall be given only when the Senior Citizen's name is the first name in the application.
Minimum Amount of deposits
There are no restrictions on the minimum amount.
The branches of the Bank have been authorized to pay an additional interest of 0.50% on the fresh deposits of all maturities of Senior Citizens and renewal of existing deposits of Senior Citizens.
In the case of bulk deposits (Rs.15/- lacs and above), twin benefits of interest shall not be passed on to the depositor i.e. higher rate of interest for the bulk deposit / the additional rate of interest as Senior Citizen.
Interest rate on Loan against deposits of Senior Citizens
Interest rate on Loan against deposits of Senior Citizens shall be charged at 1.25% over deposit rate.
Savings Scheme of Government for Senior Citizens
The Scheme is available to Senior Citizens Age 60 years (50 years for those who have retired under a voluntary or special voluntary scheme).
Rate of Interest on deposits is 9%, payable quarterly. However, interest is fully taxable.
Deposit Account can be opened in a single name or jointly with spouse.
Nomination facility available to depositors.
Investment can be made in multiple of Rs.1000/- with a maximum investment limit of Rs.15,00,000/-.
Tenure of the deposit is 5 years which can be extended for further 3 years.
Facility for premature withdrawal available after one year on payment of penalty.
Other Concessions / Waivers
ATM cards shall be issued free of charge to all Senior Citizens who qualify the eligibility criteria fixed by the Bank for issue of ATM card.
Free remittance facility shall be allowed by debit to savings bank accounts maintained by Senior Citizens for personal uses.
Collection charges are waived on collection of outstation cheques up to Rs.5,000/- representing pension for Senior Citizens who are maintaining accounts with Rural Branches.
At par collection of Pension Bills / pension cheques.
No Queue Facility
All our branches provide No Queue facility to our Senior Citizen customers. Special counters have been opened in Large Size branches for this purpose.
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