In celebration of World Senior Citizens Day on August 21, 2024, DCB Bank is spotlighting its Senior Citizen Fixed Deposit schemes, including the Tax Saver Fixed Deposit and the unique DCB Health Plus Fixed Deposit, specifically designed for individuals aged 60 and older.

The DCB Senior Citizen Fixed Deposit offers competitive interest rates ranging from 4.25% to 8.55% per annum, with flexible tenure options from 7 days to 10 years. Additional features include an overdraft facility of up to 80% of the FD value, flexible interest payout options, and value-added services such as a complimentary cheque book and doorstep banking. These deposits are easily accessible via DCB’s Mobile Banking App or Personal Internet Banking platform, ensuring seniors have secure and convenient financial options during their retirement.

The DCB Health Plus Fixed Deposit is a comprehensive product that combines attractive returns with free medical benefits and emergency services, tailored for senior citizens. For FDs of ₹25 Lakh and above, customers receive 10 OPD visits, pharmacy expense claims, unlimited emergency ambulance services, and teleconsultation, among other health benefits. The minimum deposit is ₹10,000, with a fixed tenure of 700 days, available to individuals up to 70 years old.

The DCB Tax Saver Fixed Deposit offers tax-conscious investors the dual benefits of tax savings and guaranteed returns, with deductions of up to ₹1.50 lakh under Section 80C.

Special Offerings by Bank of India

Bank of India has revised interest rates on its Fixed Deposits, offering up to 8.10% per annum for Super Senior Citizens under the 666 Days Non-Callable Deposit. The bank has also increased rates for deposits under ₹3 Cr and between ₹3 Cr to ₹10 Cr, with special additional interest rates for senior citizens.

Senior Citizen Savings Scheme (SCSS)

Bank of India branches are authorized to offer the Senior Citizen Savings Scheme (SCSS), a government-sponsored scheme with a maturity period of five years, extendable by three years. The scheme offers income tax benefits under Section 80C.

RBL Bank’s Fixed Deposits for Seniors

RBL Bank offers Senior Citizens Fixed Deposits with up to 8.6% interest for a 500-day tenor, and Super Senior Citizens Fixed Deposits with up to 8.85% interest, providing a reliable income stream for post-retirement years.

These tailored financial products underscore DCB Bank’s, Bank of India’s, and RBL Bank’s commitment to supporting senior citizens with secure investment options and additional benefits, ensuring financial stability and peace of mind during retirement.