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Product Details
Bank Name

Induslnd Bank Ltd

Eligibility

above 60 years

Interest Rate

0.50% more than what’s applicable to a regular customer

Tenure

7 days to 120 Months

Fixed Deposit Type

Senior

Senior Citizen Scheme

Senior Citizen Scheme

Tax Benefits

No 

Credit Ratings

CRISIL A1+ (Reaffirmed)

Interest Payment Frequency

(monthly, quarterly, half-yearly, yearly or at maturity)

Cummulative/Non-Cummulative

No information provided

Features

Minimum deposit: Rs 10,000. Interest rate: 0.50% more than what’s applicable to a regular customer. TDS on interest: As applicable Deposit tenure: 7 days to 120 months Nomination facility: Available Premature closure: Allowed

Minimum Investment Amount

Minimum deposit: Rs 10,000.

Fees and Charges
Pros
  • Higher Interest Rates

  • Security and Reliability

  • Flexible Tenure

Cons
  • No Tax Savings

  • Early Withdrawal Penalty

Pros & Cons
Account Opening and Procedure
How to Open?
  • Online Banking (for existing IndusInd Bank customers):Visit the IndusInd Bank website https://www.indusind.com/in/en/personal.html.
    Login to your NetBanking account.
    Look for the "Fixed Deposits" or "Investments" section.
    There might be a specific option for "Senior Citizen FD" or similar. If not, choose "New FD" and look for options to indicate you're a senior citizen during the application process.
    Enter your preferred deposit amount and tenure.
    The bank will pre-fill your details based on your existing account.
    Verify and submit the application.

  • Branch Visit (for existing or new IndusInd Bank customers):Locate your nearest IndusInd Bank branch https://www.indusind.com/in/en/personal/locate-us.html.
    Visit the branch and inform them you want to open a Senior Citizen Scheme FD.
    You might be provided a specific Senior Citizen FD application form, or they might guide you through the regular FD form, highlighting where to indicate your senior citizen status.
    Fill out the form with your details including name, address, contact information, PAN, nominee details, etc.
    Provide your preferred deposit amount and tenure.
    Decide how you want to receive interest payouts (monthly, quarterly, or on maturity).
    Submit the completed form along with the required documents and your deposit amount (cash or cheque).

Application Procedure

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