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ASHRAYA DEPOSIT SCHEME (FOR SENIOR CITIZENS)

ASHRAYA DEPOSIT SCHEME (FOR SENIOR CITIZENS)

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 years 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 Deposit – Minimum Period – 5 months

INTEREST RATE

Additional 0.50% rate of interest uniformly across all maturities, irrespective of the size of the deposit over & above the rate offered for General Public.

PERIODICITY OF INTEREST PAYMENT

Monthly (discounted)/Quarterly/half yearly on Fixed Deposits.

Compounded quarterly on Kamadhenu Deposits payable on maturity.

TDS ON INTEREST

Applicable

NOMINATION FACILITY

Available

LOAN FACILITY

Available upto 90% of the balance deposit amount

PENALTY FOR PRE-MATURE CLOSURE

A penalty of 1.00% will be levied for premature closure/part withdrawal/premature extension of Domestic /NRO term deposits of less than Rs.1 Crore that are placed/renewed on or after 04.02.2011.

No penalty will be levied for premature closure/part withdrawal/premature extension of Domestic / NRO term deposits of Rs.1 Crore & above that are placed / renewed on or after 13.10.2012.

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 in the Banks’ prescribed form.
Copy of PAN Card / Form 60 or 61 (if customer does not have PAN Card).
Photograph of Depositor/s (2 copies).
Proof of Identity and address as per KYC Norms.
A certified copy of any of the documents mentioned under Mandatory Documents.