IOB, short for Indian Overseas Bank, provides a recurring deposit scheme to its customers with attractive interest rates. One can save a substantial amount by putting aside a small number of your earnings with the help of great IOB recurring deposit interest rates offered by the bank.
Vardhan Deposit offered by Indian Overseas Bank is a term deposit scheme that is specially designed for senior citizens.
There are several benefits and features offered by the Indian Overseas Bank Vardhan Deposit. They are as follows:
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:
For term deposits, the minimum deposit amount is Rs. 5,000, while for Recurring Deposits, the minimum deposit required to start the account is Rs. 100 per month.
The minimum tenure for term deposits is 15 days, and the maximum tenure is 120 months. For Recurring Deposits, the minimum tenure is six months, and the maximum is 120 months.
Yes, the Vardhan Deposit scheme allows joint accounts for senior citizens. Additionally, joint accounts with one senior citizen and an individual below the age of 60 years are also accepted.
Senior citizens can enjoy free international debit cards as part of the Vardhan Deposit scheme.
Proof of age documents required include a school leaving certificate, passport, birth certificate issued by a competent authority, voter's ID, pension payment, LIC policy, and driving license.
All resident individuals, including minors and Hindu undivided families, qualify to open an FD account. Additionally, sole proprietorship firms, partnership firms, and limited companies are also eligible to establish an FD with Indian Overseas Bank.
For existing savings account holders, the term deposit is automatically initiated. New customers, however, need to provide identity proof, address proof, signature proof, and age proof (applicable to senior citizens). Furthermore, an introducer (an existing account holder of at least six months) is required.
The minimum tenure for term deposits is seven days, while the maximum tenure extends up to 120 months.
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