Who is eligible for a senior citizen fixed deposit account?

In India, individuals aged 60 years and above are eligible to open senior citizen fixed deposit (FD) accounts. This minimum age criterion of 60 years is applicable to senior citizens, whether male or female, to avail the special higher interest rates.

Here’s what the process of opening an FD for senior citizens usually look like:

• Visit the Branch: Visit the nearest branch or log in to your internet banking account if you are an existing customer.
• Application: Fill out the Senior Citizen FD application form along with age proof documents (PAN Card, Aadhar Card or Passport).
• Minimum Investment: The minimum investment amount and term period has to be in line with the financial institution’s policy for such FD.
• Deposit: Funds can be deposited through cash, cheque or online transfer along with a completed application.
• Processing: The financial institution will process the application and open an FD for senior citizens where a higher interest rate is offered to the customer as per prevailing rates.
• Interest: Interest is paid out per applicable payout frequency. The tenure and payout frequency are as selected initially by the account holder.

Any Indian resident aged 60+ can open a high-interest Senior Citizen FD by submitting documents, investment amount, and an application at any financial institution, whether existing or new.