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.
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.
- Birth certificate that has been issued by a competent authority.
- Voters ID.
- Pension Payment.
- LIC policy.
- Driving Licence.