Fixed Deposit Details
Bank Name
Indian Overseas Bank
Eligibility
Any individual who has completed 60 years of age is treated as Senior Citizen for the purpose of opening account under Vardhan scheme
Interest Rate
6.25 to 7.80% per annum.
Tenure
15 days to 120 months
Fixed Deposit Type
Senior citizens
Vardhan
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.
Deposits shall be eligible for a Demand Loan /overdraft facility of up to 90% of the deposit amount.
Minimum Investment Amount
5,000 for fixed deposits, and 50 for Recurring deposits.
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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