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Product Details
Bank Name

Indian Bank

Eligibility

Senior Citizens of age 80 years and above.

Interest Rate

3.55 to 8.00%

Tenure

7 days to 10 years.

Fixed Deposit Type

Super Senior Citizens

IB Golden Ager – Term Deposit Product for Super Senior Citizens

IB Golden Ager – Term Deposit Product for Super Senior Citizens

Tax Benefits

None

Credit Ratings

CRISIL AAA

Interest Payment Frequency

Not specified by the bank. Typically for fixed deposits having interest payment at maturity, compound interest is applicable and for fixed deposits having monthly interest payment, simple interest is applicable. Typically fixed deposits having a tenure of one year or less, simple interest is applicable. It is best to consult the bank officials before you book a fixed deposit.

Cummulative/Non-Cummulative

Not specified by the bank.

Features
  • This scheme is specially designed for super senior citizens.

  • The maximum deposit amount must be below 10 crore.

  • Deposits shall be eligible for a Demand Loan /overdraft facility of up to 90% of the deposit amount. 

  • Additional concession for super senior citizens.

Minimum Investment Amount

1000

Fees and Charges
Pros
  • Additional concession of 1.00% on deposits tenure ranging above 5 years.

  • Maximum deposit amount of Rs 10 crore.

Cons
  • Penalty for premature withdrawal.

Pros & Cons
Account Opening and Procedure
How to Open?

You can open the FD online by visting the website https://www.indianbank.in/#!

Application Procedure

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