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.
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.
|Account Type||Joint or single If joint account is opened, the first named person must be a senior citizen.|
Minimum – Rs.1,000
Maximum – Rs.5,00,00,000
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.|
|Foreclosure||Available. A minimum penalty on foreclosure of deposits is charged.|
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.
Yes, joint accounts are permitted, but the first name should be that of a senior citizen.
The minimum initial deposit is Rs.10,000 .
The maximum deposit allowed is Rs.5,00,00,000 .
Indian Bank Special Scheme for Senior Citizens can be opened for 15 days to 10 years.
Yes, automatic renewal transfer facility is available.
The interest earned will be credited to your account on a quarterly basis.
Yes, foreclosure facility is available and a minimum penalty has to be paid on foreclosure.
Yes, loan can be taken against Indian Bank Special Scheme for Senior Citizens.
Useful Information on Indian Bank Fixed Deposit