World Senior Citizens Day: From SCSS To Fixed Deposits; Earn Returns Upto 8.85%

In honour of World Senior Citizens Day on August 21, 2024, we are pleased to present a consolidated overview of special offerings from three leading banks, including DCB Bank, Bank of India and RBL Bank tailored specifically for individuals aged 60 and above.

Special offering by DCB Bank

In celebration of World Senior Citizens Day on August 21, 2024, DCB Bank is highlighting its Senior Citizen Fixed Deposit scheme, Tax Saver Fixed Deposit and a unique Fixed Deposit with health benefits, DCB Health Plus Fixed Deposit scheme for individuals aged 60 and older.

DCB Fixed Deposit for senior citizens offers competitive interest rates ranging from 4.25% to 8.55% per annum for the specified duration of the deposit. It provides flexible tenure options from 7 days to 10 years, along with an overdraft facility of up to 80% of the FD value without breaking the deposit. Senior citizens can also choose from flexible interest payout options (monthly, quarterly, half-yearly, or annual) and enjoy value-added services such as a complimentary 25 leaves cheque book and doorstep banking services. The scheme is easily accessible through DCB Bank Mobile Banking App or DCB Personal Internet Banking platform, underscoring the Bank's commitment to ensuring financial stability and attractive returns for seniors during their retirement years.

The DCB Health Plus Fixed Deposit is a comprehensive financial product that offers attractive returns along with free medical benefits and emergency services, making it particularly valuable for senior citizens. Under this scheme, for Fixed Deposits (FDs) of Rs 25 Lakh and above, customers receive 10 general physician/ specialist/ hospital (Out Patient Department) OPD visits, 10 prescribed pharmacy expense claims up to Rs 3,000, unlimited emergency ambulance services, and teleconsultation along with face-to-face doctor appointments.

For other value DCB Health Plus FDs, the benefits are proportionate; for example, Health Plus FDs of Rs 3 Lakh to Rs 5 Lakh offer 10 OPD visits and 2 pharmacy claims up to Rs 500, though it does not include emergency or consultation services. The minimum deposit amount is Rs 10,000 and a fixed tenure of 700 days, this FD is available to individuals up to 70 years of age. Furthermore, customers can hold up to four DCB Health Plus Fixed Deposits, with the added advantage of flexible, partial, and premature withdrawals. This FD not only secures your financial future but also ensures your health needs are met, providing peace of mind and financial stability in your later years.

The DCB Tax Saver Fixed Deposit is a powerful tool for tax-conscious investors, offering the dual benefits of tax savings and guaranteed returns. With tax deductions of up to Rs 1,50,000 under Section 80C and competitive interest rates, it allows you to optimize your taxes while securing your financial future. This FD combines the advantages of assured returns with the flexibility to choose interest payout options, making it an essential investment for those looking to grow their wealth while saving on taxes.

Special offering by Bank of India

Fixed Deposits - Bank of India, one of the leading public sector banks in India, has upward revised the interest rates on its short term & medium term Fixed Deposits of tenure ranging from 180 days to less than 1 year. Bank has continued to offer the highest rate of 8.10% p.a. on its 666 Days Fixed Deposit under Non-Callable Deposit for Super Senior Citizen. Bank has hiked its rate for Fixed Deposits amounting to less than Rs.3.00 Crs and now offering 6.00% for 180 days to less than 1 year.

Further, the Bank has also hiked its rate for Fixed Deposits amounting Rs.3.00 Crs to less than Rs.10.00 Crs and now offering 6.50% for 180 days to 210 days and 6.75% for 211 days to less than 1 year. An additional rate of interest of 0.65% on deposits of Super Senior Citizens and 0.50% on deposits of Senior Citizens below Rs. 3 Crs is offered for Fixed Deposits with a maturity period of 6 months to less than 3 years. The bank is offering an additional rate of interest of 0.90% on deposits of Super Senior Citizens and 0.75% on deposits of Senior Citizens for deposits of below Rs. 3 Crs for 3 years & above term.

666 Days Fixed Deposit - The Bank has continued its "666 Days - Fixed Deposit", offering the best interest rate of 7.30% for customers & general public. Super Senior Citizens will get 7.95% p.a, Senior Citizens will get 7.80% p.a. under our 666 Days Fixed Deposit. Loan against Fixed Deposit and Premature Withdrawal facility is also available under the callable category. Customers can visit any Bank of India branch or use the BOI Omni Neo App / internet banking to open Fixed Deposits with Bank of India

Senior Citizen Savings Scheme (SCSS)

It is a government-sponsored scheme. All our branches are authorized to open this scheme. An individual who has attained the age of 60 years & above can open an SCSS account. On superannuation, retired personnel of 55 years & more can open an SCSS account. Retired Defence personnel of 50 years & more are eligible to open an SCSS account. Spouses of government (central and state) employees, aged 50 or more, who died on duty, can now invest in SCSS.

Individuals can open the account jointly with their spouse only. Minimum Rs. 1000/- and in multiple of one thousand rupees but maximum Rupees thirty lakhs. Interest is paid quarterly on the first working day of April, July, October and January. The maturity period of the account is five years from the date of account opening. The account can be extended for a further block period of three years within a period of one year from the date of maturity or from the date of end of each block period of three years. Nomination can be made for one or more persons subject to a maximum of 4 (four) individuals. Income tax benefit is available under section 80(C) for investment.
* Terms & conditions apply.

Special offering by RBL Bank

Senior Citizens Fixed Deposits - A Fixed Deposit that offers Senior Citizens a simple investing choice to help yield higher returns. Interest rate of up to 8.6% p.a. for a tenor of 500 days | Value

Super Senior Citizens Fixed Deposits - A Fixed Deposit that offers optimal profits while being an uncomplicated investment option for Super Senior Citizens. 8.85% p.a. interest for 500 days tenor | Value.