Product Details
Bank Name
Indian Overseas Bank
Eligibility
All Super Senior Citizens with age 80 years and above as on date of opening of account. Any valid KYC documents containing age/DOB as per existing KYC policy of RBI can be accepted as proof of age. Birth Certificate or any other valid proof containing age/ date of birth can also be accepted as proof of age.
Interest Rate
6.50 to 8.05% per annum.
Tenure
6 Months to 120 Months
Fixed Deposit Type
Super Senior Citizen
IOB Eighty Plus TD
Tax Benefits
None
Credit Ratings
CRISIL AA+/Stable
Interest Payment Frequency
Quarterly, 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 1 crores.
Deposits shall be eligible for a Demand Loan /overdraft facility of up to 90% of the deposit amount.
Minimum Investment Amount
50
Features & Benefits
Pros
Competitive interest rates.
Quarterly interest payout.
Cons
No tax benefits.
Pros & Cons
Account Opening Procedure
How to Open?
1. Visit an IOB Branch:
Locate a nearby IOB branch and visit during their operating hours.
2. Gather Required Documents:
Identity Proof: Aadhaar card, PAN card, passport, driving license, voter ID card.
Address Proof: Aadhaar card, passport, driving license, voter ID card, utility bill.
Income Proof: (Optional) Salary slips, bank statements, income tax returns.
3. Submit Application Form:
Obtain a fixed deposit application form from the bank.
Fill in the required details accurately, including:
Your name, address, and contact information.
Deposit amount.
Maturity period.
Interest payout options (monthly, quarterly, half-yearly, or annually).
Nomination details (optional).
4. Make the Deposit:
Hand over the deposit amount in cash or by cheque to the bank representative.
5. Verify Documents:
The bank will verify the documents you've submitted.
6. Receive Acknowledgment:
You'll receive a deposit receipt or acknowledgment as proof of your fixed deposit.
7. Interest Payout:
The interest earned on your fixed deposit will be paid out according to your chosen frequency.
Application Procedure
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