Product Details
Bank Name
Citi Bank
Eligibility
Above 60 Years
Interest Rate
4.75% to 7.75%
Tenure
7 Days to 10 Years
Fixed Deposit Type
Senior Citizen Deposit
Senior Citizen Deposit
Tax Benefits
No
Credit Ratings
[ICRA]A+
Interest Payment Frequency
Daily, Monthly, Yearly
Cummulative/Non-Cummulative
Cumulative
Features
In this scheme, senior citizens are offered an additional interest rate of 0.50% p.a. on deposits below Rs 2 crore The deposit is linked to the savings account to offer Higher Net Relationship Value (NAV) to the depositor Minimum deposit: Rs 1,000 Minimum tenure: 7 days
Minimum Investment Amount
Rs 1000- Rs 2 Crore
Fees and Charges
Pros
Senior citizens get a 0.5% additional interest rate compared to the regular fixed deposit offered by Citibank.
Security and Stability
Flexible Tenures
Potential for Higher Net Relationship Value (NRV)
Cons
Early Withdrawal Penalties
Limited Liquidity
Pros & Cons
Account Opening and Procedure
How to Open?
Check with Axis Bank:
Inquire with Axis Bank to see if they offer similar Senior Citizen Deposit schemes that might honor the benefits previously offered by Citibank.
Application Procedure
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