Industrial Development Bank of India (IDBI), a development finance institution, offers special term deposit schemes at attractive rates to individuals above 60 years.
The Senior Citizen Fixed Deposit scheme offered by IDBI bank is a notable investment plan that helps senior citizens to earn extra interest.
Read on to know more about IDBI Bank Senior Citizen Fixed Deposit.
The following are the features of this special FD scheme offered by IDBI bank:
The interest rates for different tenures under this special FD scheme offered by IDBI bank are:
Tenure | Rate of Interest for General Public | Rate of Interest for Senior Citizen |
0 days to 6 days | NA | NA |
7 days to 30 days | 3.00% p.a. | 3.50% p.a. |
31 days to 45 days | 3.25% p.a. | 3.75% p.a. |
46 days to 60 days | 4.50% p.a. | 5.00% p.a. |
61 days to 90 days | 4.75% p.a. | 5.25% p.a. |
91 days to 6 months | 5.50% p.a. | 6.00% p.a. |
6 months 1 day to 270 days | 5.75% p.a. | 6.25% p.a. |
271 days to < 1 year | 6.00% p.a. | 6.50% p.a. |
1 year to 2 years (except 444 days, 555 days & 700 days) | 6.55% p.a. | 7.05% p.a. |
> 2 years to <3 years | 6.70% p.a. | 7.20% p.a. |
3 years to 5 years | 6.25% p.a. | 6.75% p.a. |
>5 years to 10 years | 5.95% p.a. | 7.20% p.a. |
>10 years to 20 years | 4.80% p.a. | 5.30% p.a. |
Tax Saving FD | ||
5 years | 6.25% p.a. | 6.75% p.a. |
Note: For senior citizens the additional interest rates would be 0.5% p.a. on deposits of other tenures.
Here are the steps to apply for Naman Senior Citizen FD scheme:
Yes, senior citizen FD saves tax. Tax exempted on interest earned up to Rs.50,000 on FD in a financial year.
No, you cannot take loan against the tax-saving fixed deposit scheme offered by IDBI.
Yes, PAN card is mandatory for any Senior Citizen Saving Scheme.
Yes, age proof is necessary every time a senior citizen opens an FD with the bank.
Yes, super-senior citizens, those who are above 80 years of age, are offered additional rates over senior citizens on FDs, depending upon the bank or NBFC.
Yes, a senior citizen can open FD online depending upon the financial institution.
Yes, housewives can open FD account jointly with their spouses or individually with maximum deposit up to Rs.15 lakh each.
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