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    Indian Bank Special Scheme for Senior Citizens

    Institution Name
    Deposit Amount Range
    Tenure Range
    Interest Rate
    Up to ₹1Cr
    7 Days to 10 Years
    5.5% - 7.75% Quarterly compounding
    Response Time Within 30 minutes
    Features
    Highlights
    Documents
    Good to Know
    NRI - FD
    Up to ₹1Cr
    1 Year onwards
    7.25% Quarterly compounding
    Response Time Within 30 minutes
    Features
    Highlights
    Documents
    Good to Know
    Fixed Deposit BYTES FROM OUR KITCHEN

    Indian Bank was established on 15th August, 1907 as a part of Swadeshi movement. As on 31st March, 2015, it had a dedicated staff of over 20,222. The bank also has its International presence in Singapore and Colombo.

    Indian Bank Special Scheme for Senior Citizens has been introduced by the bank for the senior citizens to help them open fixed deposit accounts.

    Eligibility Criteria for applying for Indian Bank Special Scheme for Senior Citizens

    To see if you are eligible to open a Special Scheme for Senior Citizens with Indian Bank just visit the nearest branch of the bank.

    Features of Indian Bank Special Scheme for Senior Citizens

    Account Type Joint or single If joint account is opened, the first named person must be a senior citizen.
    Amount

    Minimum – Rs.1,000

    Maximum – Rs.5,00,00,000

    Period The account can be opened for:

    Minimum – 15 days

    Maximum – 10 years

    Interest The interest will be credited to the savings account on a quarterly basis.
    Premature withdrawals Not allowed.
    Loan Available.
    Auto Renewals Available.
    Foreclosure Available. A minimum penalty on foreclosure of deposits is charged.
    Nomination
    • Nomination facility is available.
    Documents required
    • The customer must submit the following documents along with the duly filled up form:
    • -Age proof that the applicant has completed 60 years.
    • Identity proof.
    • Address proof.

    Indian Bank Special Scheme for Senior Citizens interest rates

    Indian Bank offers a higher rate of interest for its medium and long term fixed deposits. The current interest offered for Special Scheme for Senior Citizens ranges from 6% to 8.25% per annum. An additional rate will be offered on deposits of 15 days to 10 years at the discretion of the bank.

    Note: The interest rate mentioned are as of December, 2015. The interest rate are subject to change at the discretion of the bank.

    Indian Bank Special Scheme for Senior Citizens FAQs

    1. Are joint accounts permitted for Indian Bank Special Scheme for Senior Citizens?

      Yes, joint accounts are permitted, but the first name should be that of a senior citizen.

    2. What is the minimum initial deposit amount?

      The minimum initial deposit is Rs.10,000 .

    3. What is the maximum deposit allowed?

      The maximum deposit allowed is Rs.5,00,00,000 .

    4. What is the tenure for Indian Bank Special Scheme for Senior Citizens?

      Indian Bank Special Scheme for Senior Citizens can be opened for 15 days to 10 years.

    5. Is automatic renewal facility available?

      Yes, automatic renewal transfer facility is available.

    6. What is the frequency that I will receive interest on Indian Bank Special Scheme for Senior Citizens?

      The interest earned will be credited to your account on a quarterly basis.

    7. Is foreclosure facility available?

      Yes, foreclosure facility is available and a minimum penalty has to be paid on foreclosure.

    8. Can I take a loan against Indian Bank Special Scheme for Senior Citizens?

      Yes, loan can be taken against Indian Bank Special Scheme for Senior Citizens.

    Useful Information on Indian Bank Fixed Deposit

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