A simple and uncomplicated fixed deposit option for senior citizens of 80 years and above age.
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Super Senior Citizen Fixed Deposits
A fixed deposit that offers optimal profits while being an uncomplicated investment option for really senior citizens. 80 yearsand above individuals are entitled to a preferential interest rate of 0.75% per year for all tenures. In addition to the higher interest rate, this fixed deposit account has several other advantages for the elderly. Super seniors can benefit from a constant and reliable income stream in their post-retirement years with the regular interest payment option. It makes a secure environment where money can grow steadily.
Earn up to
7.50 * % p.a.
Savings Account
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8.00* % p.a.
Fixed Deposits
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*T&C Apply
Key Benefits
Convenience of applying online with RBL MoBank, Internet Banking, and RBL Cares - Chatbot.
Get interest as per your choice - monthly, quarterly, or maturity basis.
Easily book through the Branch or by contacting your Relationship Manager.
Flexibility in selecting a tenure of a minimum of 7 days to a maximum of 10 years.
Take advantage of the overdraft (OD) facility for liquidity up to 90% of the principal value.
There is a facility for nomination.
There are no early penalty fees if a term deposit is withdrawn partially or prematurely.
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Super Senior Citizens are excluded from the premature withdrawal penalty of 1%, and interest will be calculated at the rate in effect for the time that the deposit has actually been held by the bank.
Simple interest will be used to calculate interest at maturity for term deposits with a duration of less than 181 days.
The interest on term deposits will be paid out monthly at a reduced rate determined by the current rates.
According to the current income tax regulations, tax at source is withheld [TDS].
On resident time deposits with interest income of at least Rs. 10,000 during the financial year, TDS at a higher rate of 20% will be charged in the absence of PAN information.
The maximum tenure for FDs reserved through online channels is 10 years.
Rates for super senior citizens do not apply to non-resident deposits (NRE/NRO).
FAQs
An investing strategy called a fixed deposit offers you guaranteed earnings over a predetermined period of time.
An account for a fixed deposit can be opened with a minimum period of seven days.
The online FD calculator can be used to compute FD interest on your own.
The minimum amount varies depending on the bank. It can be as low as INR 5,000. Also note:Higher the invested amount, higher will be the interest returns.
You can opt to receive interest payments on your fixed deposit on a monthly or quarterly basis, or you can decide to reinvest the interest earnings for higher returns when the FD matures.
You can borrow money against your fixed deposit investment and continue to receive interest on it, thus the answer is yes.
One of the safest financial options is to invest in fixed deposits. An FD allows you to keep your money safe while earning interest returns.
Banks provide FD investors with a nomination feature that takes unforeseen circ*mstances into account.
A tax-saving term deposit has a 5-year lock-in period, so you cannot withdraw money from it early.
The maximum time you can invest in an FD is 10 years.
There are several advantages to investing in FDs, including guaranteed returns, security for the deposited money, the ability to take out a loan against an FD, tax exemption from tax-saving FDs, and simple withdrawal and reinvestment of FD money at maturity.
You are eligible for a maximum tax exemption of INR 1.5 lakh through tax-saving FDs.
Opening an online fixed-deposit account is simple and painless, and just a few documents are needed. You can apply for an FD online without even going to a bank location.
Senior persons who invest in fixed-rate debt (FDs) are eligible for an additional 0.5% annual interest return.
You are permitted to early withdraw from your FD. You will, however, be responsible for the early withdrawal fee for an FD. An early withdrawal from a tax-benefit FD is not permitted. In the case of senior citizens' FD, there are no penalties for early withdrawal.
Evaluate fixed deposit rates for various tenures at both the same bank and other banks. For improved returns, you can invest in a cumulative FD.
Points to Note
As per the terms & conditions of fixed deposit accounts of the bank, on pre-mature withdrawal of the deposit, interest will be calculated at the rate applicable for the period for which deposit has actually remained with the bank, Super Senior Citizen are exempt from premature withdrawal penalty of 1%.
Simple interest will be used to calculate interest at maturity for term deposits with a duration of less than 181 days.
The interest on term deposits will be paid out monthly at a reduced rate determined by the current rates.
According to the current income tax regulations, tax at source is withheld [TDS].
On resident time deposits with interest income of at least INR 10,000 during the financial year, TDS at a higher rate of 20% will be charged in the absence of PAN information.
The maximum tenure for FDs reserved through online channels is 10 years.
Rates for super senior citizens do not apply to non-resident deposits (NRE/NRO).
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