ELIGIBLE ACCOUNTS

Domestic Fixed Deposits and Kamadhenu Deposits

ELIGIBILITY

.       Individuals, who have completed the age of 60 years and above, in single or joint names

.       In case of joint account, accounts can be opened jointly with other Senior Citizens or with other persons below the age of 60 subject to the condition that the Senior Citizen is No.1 depositor

INVESTMENT

Minimum Rs. 1000/-
Maximum - No ceiling (Can be deposited in odd amount also)

PERIOD OF DEPOSIT

15 days to 120 months Kamadhenu Min. Period – 5 months

INTEREST RATE

Additional 0.50% rate of interest for deposits less than Rs.1 crore.

PERIODICITY OF INTEREST PAYMENT

· Monthly (discounted) or quarterly on Fixed Deposits

Compounded quarterly on Kamadhenu Deposits

TDS ON INTEREST

Applicable

NOMINATION FACILITY

Available

LOAN FACILITY

Available upto 90% of the balance deposit amount

PENALTY FOR PRE-MATURE CLOSURE

No penal cut. Wherever preferential rates are extended for bulk deposits Interest payable at base rate for the period run.

MANDATORY DOCUMENTS

At the time of opening of new deposit account a certified copy of any of the following documents may be produced. Secondary School Leaving Certificate indicating the date of birth.

• LIC Policy
• Voters Identity Card
• Pension Payment Order
• Birth Certificate issued by the competent authority
• Passport

Any other documents acceptable to the Bank

APPLICATION & DOCUMENTS

Application Form
Form 60 or 61 (if customer does not have PAN Card)
Photograph of depositor/s (2 copies)
Proof of address as per KYC Norms
Any other related documents as applicable to proprietor ship concern, Partnership Firm, Company, HUF etc