| PARAMETERS | FEATURES* |
| Eligibility | 55 & 55+ Individuals (singly or jointly) with others. In case of joint deposit, the prospective Senior Citizen has to be first holder of the term deposit. 55 & 55+ Illiterate and blind persons can also open the account. The Scheme shall be applicable for the age of 55 years and above and up to 60 years. At the time of opening of a term deposit account under the scheme, Branch shall verify the age by submission of any of the following documents. This would also apply for term deposit accounts opened by our existing customers- Secondary School leaving Certificate indicating date of birth. LIC Policy Voters Identity Card Pension Payment Order, if applicable Birth Certificate issued by the competent authority. Passport Driving License PAN number Any other documentary proof to the satisfaction of the Branch Manager. UID The verification is to be done at the branch level |
| Deposit Amount | Minimum deposit of Rs.100/- and thereafter in multiples of Rupee one (Re.1/-) with maximum amount of Rs.1,99, 99,999/- |
| Period of Deposit | Income option For any period with minimum of 1 year to maximum of 10 years, but the period of deposit under this option shall be in complete months/quarters as opted by the depositor i.e. for monthly option the period can be 61 months, 74 months etc. and for quarterly option the period can be 48 months, 60 months, 63 months etc. Maturity option For any period with minimum of 1 year to maximum of 10 years, even for incomplete quarters, such as, 63 months, 74 months, 77 months & 16 days and so on. However, it is mandatory that during the tenor of deposit, under both the options, the account holder must attain the status of Senior Citizen i.e. the age of 60 years. |
| Interest | Card Rate as per guidelines issued by HO: IRMD, (ALM) from time to time plus additional rate of 0.50% (or as circulated by HO: IRMD – ALM from time to time)as applicable to Senior Citizens from the date of attaining the status of Senior Citizen i.e. attaining the age of 60 years. |
| Interest Option | Income option (Monthly/ Quarterly) Interest shall be payable quarterly at simple rate of interest or monthly at discounted rate as per the option of the depositor. No charges are to be levied on transfer of the interest amount to a/cs with our other branches, for credit to customer’s deposit account or loan account. On the request of the depositor having number of Special Term Deposits, issued on different dates, for different periods, bank may pay interest on all these deposits on a particular date of the quarter as per the mandate of the depositor. Maturity Option (Re-investment of interest on quarterly compounding basis) The interest shall be compounded on quarterly basis and is payable on maturity of deposit. The interest inflow in the account shall be on every calendar quarter end i.e. 31/3, 30/6, 30/9 & 31/12.The incomplete quarter of such deposit shall be reckoned at the end, for the purpose of calculation of interest. |
| Premature Withdrawal of deposit | If any depositor desires to withdraw the deposit before maturity, Bank may at its discretion repay the deposit with up to date interest. The interest rate payable would be contractual rate or the rate applicable for the period for which the deposit has run, whichever is lower. However, no penalty will be levied for premature withdrawal of deposit in case it is closed prematurely after attaining status of Senior Citizen. |
| Demand Loan/ Overdraft | Deposits for Rs.10, 000/- and above on written request shall be eligible for Demand Loan/overdraft facility. The depositors in need of overdraft facility, the same shall be permitted to avail the facility through an Overdraft Account and a Cheque Book will be issued to the depositor on the same day. However, the actual drawings from the overdraft account will be allowed from the account on the subsequent day in case a Term Deposit has been issued on the date on which the OD facility is sought. The rate of interest chargeable on loan/overdraft against the term deposit would be modified simultaneously from the date of additional interest of 0.5% is applied. The guidelines issued by Integrated Risk Management Division (IRMD) shall also be adhered while providing Loan/overdraft facility. The option/facility of ‘overdraft’ shall not be available in the account opened in the name of illiterate or a blind person. |
| Values under different option | Maturity option: In case the depositor attains Senior Citizen status during the tenor of the deposit, the maturity value depicted on the term deposit receipt shall be the value based on the master chart circulated for Rs.100/- on quarterly compounding basis (applicable CARD rate) inclusive of the additional interest as applicable to Sr. Citizen (presently 0.50%) permitted on attainment of Senior Citizen status i.e. the age of 60 years. This is mandatory in terms of IBA code for Banking Practice & BCSBI which states that bank shall mention the maturity value in case of reinvestment deposits. The incentive of additional interest as applicable to Senior Citizen shall be permitted by the system only when the depositor attains 60 years of age. In case the incentive is altered in the interregnum, the same would be made applicable for the remaining part of the tenor. Income option: In case where the depositor has not attained Senior Citizen status on the date of opening but shall do so during the tenor of the deposit, the monthly/quarterly interest will automatically change on the day the depositor attains Senior Citizen status. The incentive of additional interest as applicable to Senior Citizen shall be permitted by the system only when the depositor attains 60 years of age. In case the incentive is altered in the interregnum, the same would be made applicable for the remaining part of the tenor. |
| Miscellaneous | The depositor shall maintain an operative Saving Fund Account/Current Account with the bank wherever required. Entering date of birth of the depositor(s) is mandatory. In case of death of prospective senior citizen before attaining the status of Senior citizen, additional benefit of 0.50% will not be applicable. To give the benefit of the Scheme to existing prospective Senior Citizen holding term deposit accounts, a notice is to be displayed in the branch premises, advising the depositor that in case they wish to switch over to the new scheme, they may submit request in this regard along with proof of age. In such cases, the old term deposit may be cancelled prematurely, without levy of penal charges. It has to be ensured that while issuing the confirmation of deposit (CD) to the depositor the rate of interest mentioned shall be the rate applicable on the date. A rubber stamp is to be affixed on the confirmation of deposit that the additional rate of interest shall be applicable from the date of attaining the Sr. Citizens status. The Maturity value mentioned on the CD is inclusive of the applicable additional rate of interest subject to any change in additional rate of interest as decided by the bank from time to time. FORMAT OF RUBBER STAMP TO BE AFFIXED ON CD “The additional rate of interest shall be applicable from the date of attaining the Sr. Citizens status. The Maturity value mentioned on the confirmation of deposit (CD) is inclusive of the applicable additional rate of interest for Senior Citizens subject to any change in additional rate of interest as decided by the bank from time to time”. |
* Other terms and conditions as per general guidelines
