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Once the age of the Senior Citizens is verified for accepting deposits under the scheme. Branch shall not seek proof of age for renewal of the deposit or while taking subsequent deposits from him/her.
For accepting deposits of Senior Citizens jointly, with other persons below the age of sixty under the special scheme for Senior Citizens, the benefit of additional interest (above the normal rate of interest) shall be given only when the Senior Citizen's name is the first name in the application.
There are no restrictions on the minimum amount.
The branches of the Bank have been authorized to pay an additional interest of 0.50% on the fresh deposits of all maturities of Senior Citizens and renewal of existing deposits of Senior Citizens.
In the case of bulk deposits (Rs.15/- lacs and above), twin benefits of interest shall not be passed on to the depositor i.e. higher rate of interest for the bulk deposit / the additional rate of interest as Senior Citizen.
Interest rate on Loan against deposits of Senior Citizens shall be charged at 1.25% over deposit rate.
All our branches provide "No Queue" facility to our Senior Citizen customers. Special counters have been opened in Large Size branches for this purpose.