Allahabad Bank FD Interest Rates for Senior Citizens

Features of Allahabad Bank FD Interest Rates for Senior Citizens 

The standard features of fixed deposit scheme offered by the Allahabad bank are:

Allahabad Bank FD Interest Rates for Senior Citizens

*Interest rates are subject to change

You can understand that the interest rates depend upon the deposit's tenure, among other factors. For instance, the investment for a shorter duration of 7 to 45 days can give an FD rate of 3.40%, whereas the long-term investment earns an interest rate of 5.75%.

Features of the Allahabad Bank FD scheme

Allahabad Bank offers some attractive features designed for the benefit of senior citizens. Some of the key features are given below:

• Allahabad bank offers an additional interest rate to senior citizens to help them save and multiply their money.
• The applicants above 60 years of age get a 0.50% higher interest rate than the regular deposit holders. It helps ensure that the senior citizen FD scheme remains a safe investment option, especially for senior citizens.
• You can also park their excess savings in the scheme and avail tax and interest rates benefits.
• Allahabad Bank offers insurance for deposits up to Rs.5 lakh under DICGC (Deposit Insurance and Credit Guarantee Corporation), making it one of the safest schemes in the financial market.
• The depositors can enjoy the benefits of risk-free returns without worrying about volatility, as in the case of capital markets and other money market instruments.
• Allahabad bank offers payout flexibility to senior citizens by providing them monthly, quarterly, half-yearly, and yearly payouts. The customers can select the payout option while investing in the senior citizen FD schemes.

Benefits of the Allahabad Bank FD scheme

Some of the benefits offered to Senior citizens under the FD scheme are as follows:

• The bank offers an internet banking facility to securely transfer or deposit funds without standing in long queues, thereby saving time for the depositor.
• Allahabad Bank also provides the facility of automatic renewal of FD upon maturing if the applicant forgets to give a standing instruction to the bank.
• In case of emergencies, the individuals who have invested in the senior citizen FD scheme can also get loan facilities against their invested amount.
• The depositors can also nominate their loved ones or family to claim the deposit if the original investor passes away during the deposit term.
• An individual can opt for a joint account with their spouse, wherein both the partners can partake in the scheme and enjoy equal benefits.
• Depositors can access their fixed deposit accounts online by using the bank's official website. Allahabad bank is known for its high liquidity ratio enabling the depositors to get their cash without any waiting period.
• The depositors of the senior citizen's scheme also qualify for tax benefits.

Eligibility criteria

The applicant with the below-mentioned criteria is eligible for the Allahabad Bank's FD senior citizens scheme:

• The applicant must be residing in India with the status of Indian citizenship.
• The age of the applicant must be 60 years and above.
• NRI applicants also can avail of the Allahabad Bank Senior citizen scheme provided that the individual meets the age criteria prescribed by the bank.
• Applicants in corporate organizations, societies, trusts, and clubs can also invest in the senior citizen FD scheme.

Documents required to open Senior FD account

Applicants must keep the following documents ready to open a Senior Citizen FD account in Allahabad Bank:

• The senior citizen who wants to open an account must have valid proof of identity. It can be a Passport, Aadhar Card, or even a Driver's License that provides his identity and age details.
• The individual must also have a PAN card to verify details related to his income tax.
• Self-employed individuals must show the details about their business and other supporting documents furnishing proof of their entrepreneurial activities.
• They must also submit address proof such as passport, telephone bills, electricity bills, or gas bills.

Factors Affecting Allahabad Bank Senior Citizen Fixed Deposit Rates

Factors that impact for Senior Citizens are as follows:

• A depositor with longer tenure enjoys the benefits of higher interest rates.
• An individual's interest rates will be lower if they opt for a frequent payout. 
• If an individual deposit more than the maximum limit prescribed by the bank, they will be offered a different interest rate.

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