Whoever said wishes don’t come true hasn’t explored our offers!
  • Indian Overseas Bank Vardhan Deposit

     4.5 / 5.0   by 12 users
    Used this product? Write a review >>

    Fees & Charges

    Promised Interest Rate

    Customer Service


    Vardhan Deposit offered by Indian Overseas Bank is a term deposit scheme that is specially designed for senior citizens.

    Features and Benefits of Vardhan Deposit:

    There are several benefits and features offered by Indian Overseas Bank Vardhan Deposit. They are as follows:

    • All types of terms deposits are accepted by Vardhan Deposit scheme. Recurring Deposits are also accepted.
    • The minimum deposit amount for term deposit is Rs 5,000. In case of Recurring Deposit, the minimum deposit required to start the account is Rs 100 per month.
    • For term deposit, the minimum tenure is 15 days and the maximum tenure is 120 months. In case of Recurring Deposit, the minimum tenure is six months and the maximum tenure is 120 months.
    • Joint accounts for senior citizens are allowed under this particular scheme. Joint account of one senior citizen and an individual below the age of 60 years is also accepted.
    • The senior citizens can enjoy free international debit cards.

    Interest Rates for Vardhan Deposit:

    Along with the card rate, an additional rate of interest of 0.50 % is applicable. In case the aggregate deposit is more than Rs 25 lakh in that same branch or a different branch, then the card rate is only payable. Declaration must be provided by the senior citizen for this to be in effect.

    Premature Closure:

    If the account faces premature closure then the additional interest on the deposit is not payable. This is applicable when the deposit amount is above Rs 5 lakh.


    The following documents are required as proof of age:

    • School leaving certificate.
    • Passport.
    • Birth certificate that has been issued by a competent authority.
    • Voters ID.
    • Pension Payment.
    • LIC policy.
    • Driving Licence.
    Recurring Deposit by Banks
    Recurring Deposit by other Institutions

    Got something to say? Go on, you can say it; we don't bite. In fact, the more said, the better. The only thing we ask is that you keep it squeaky clean and follow our posting guidelines. Do not disclose sensitive information like your bank account details or phone number (or home planet). Comments posted on the BankBazaar site are not reviewed or endorsed by representatives of financial institutions affiliated with the reviewed products, unless explicitly stated otherwise.

  • reTH65gcmBgCJ7k - pingdom check string.
    reTH65gcmBgCJ7k - pingdom check string.
    This Page is BLOCKED as it is using Iframes.