ASHRAYA DEPOSIT SCHEME (FOR SENIOR CITIZENS)

ELIGIBLE ACCOUNTS	Domestic Fixed Deposits and Kamadhenu Deposits, not applicable to Savings and Recurring Deposits
ELIGIBILITY	Individuals, who have completed the age of 60 years and above, in single or joint names. In case of joint account, accounts can be opened jointly with other Senior Citizens or with other persons below the age of 60 years subject to the condition that the Senior Citizen is No.1 depositor.
INVESTMENT	Minimum Rs. 1000/- Maximum - No ceiling (Can be deposited in odd amount also)
PERIOD OF DEPOSIT	15 days to 120 months, Kamadhenu Deposit – Minimum Period – 5 months
INTEREST RATE	Additional 0.50% will be paid for domestic term deposits (including RD and except for NRO, NRE and Capital Gains Deposit scheme) of less than Rs. 2 Cr and with tenor of 180 Days and above, over and above the rate offered for General public. Visit our Deposits Interest rate Page here The system will automatically enable preferential ROI of 0.50% to all existing eligible Domestic Term Deposits and RD Deposits from the date of Customer attaining Senior Citizen status w.e.f. 24.07.2018.
PERIODICITY OF INTEREST PAYMENT	Monthly (discounted)/Quarterly/half yearly on Fixed Deposits. Compounded quarterly on Kamadhenu Deposits payable on maturity.
TDS ON INTEREST	Applicable on interest payable
NOMINATION FACILITY	Available
LOAN FACILITY	Available upto 90% of the balance deposit amount
PENALTY FOR PRE-MATURE CLOSURE	A penalty of 1.00% will be levied for premature closure/part withdrawal/premature extension of Domestic /NRO term deposits of less than Rs. 1 Crore that are placed/renewed on or after 04.02.2011 and of less than Rs. 2 Crore that are placed/renewed on or after 12.03.2019. No penalty will be levied for premature closure/part withdrawal/premature extension of Domestic / NRO term deposits of Rs.1 Crore & above that are placed / renewed on or after 13.10.2012 and of Rs. 2 Crore & above that are placed / renewed on or after 12.03.2019.
MANDATORY DOCUMENTS	At the time of opening of new deposit account a certified copy of any of the following documents may be produced for age verification. Secondary School Leaving Certificate indicating the Date of Birth. LIC Policy Voters Identity Card Pension Payment Order Birth Certificate issued by the competent authority Passport Any other documents acceptable to the Bank
APPLICATION & DOCUMENTS	Application in the Banks’ prescribed form. Copy of PAN Card / Form 60 or 61 (if customer does not have PAN Card). Photograph of Depositor/s (2 copies). Proof of Identity and address as per KYC Norms. A certified copy of any of the documents mentioned under Mandatory Documents.