Dena Bank FD Rates for Senior Citizens

Dena Bank Senior FD Rates

The Dena bank FD rates for senior citizens are mentioned below. The interest rate is for a deposit amount less than Rs 2 Crores.

Features of the Dena Bank FD

Dena Bank FD has many features that remain beneficial for the customer. Some of these are:

• Dena Bank Fixed Deposit amount can be easily liquidated.
• Tenure ranges between 7 days to 10 years.
• There is no maximum deposit amount.
• There are many interest payout options available.
• Dena bank FD rates for senior citizens are 0.50% higher than the regular FD interest rates.
• The FD account can be opened using both offline and online methods.
• For NRIs, the FD can be opened using NRO, NRE, and FCNR accounts.
• The bank provides a nomination facility.

Benefits of the Dena Bank FD

The fixed deposit scheme offered by Dena Bank offers multiple benefits to its customers. Listed below are the benefits of the Dena Bank FD scheme:

• Dena Bank offers attractive interest rates for their FD accounts. 
• The interest rates help the depositors to earn substantial profits on the invested amount.
• The FD scheme offers higher Dena bank FD rates for senior citizens compared to regular citizens.
• The bank has the option of a loan against the FD principal amount. The depositor can take a loan up to 85% of the deposited amount.
• There is also an auto-renewal and part withdrawal facility. 
• The tax saving term deposit allows the depositor to save tax up to Rs.1,50,000.

Eligibility

All Indian citizens above the age of 60 can apply for the Dena Bank FD account and enjoy the attractive and competitive Dena bank FD rates for senior citizens. However, proper documents need to be presented to the bank that proves the age of the depositor.

Documents required to open Senior citizen FD account

The essential documents required to open a Dena bank FD are as follows:

• As age proof:
  • Passport
  • Birth certificate
  • Driving license
  • Pension card
• As identity and residential proof:
  • Driving license
  • Aadhar card
  • Ration card
  • Voter ID
  • Utility Bills
• Permanent Account Number (PAN) Card
• Duly filled application form
• Any other document asked by the bank

Factors Affecting Senior Citizen Dena Bank Fixed Deposit Rates

Tenure and payout options are some of the key factors that affect the interest return on the FD for senior citizens.

• Less than six months: FD with less than six months tenure will get paid simple interest on the principal amount at maturity.

• Six months and above: The Dena bank FD rates for senior citizens with higher than six months tenure will be compounded quarterly.

• Reinvestment/ cumulative: This payout option reinvests the interest amount. Thus, the depositor earns interest over interest. And the compounding is done quarterly.

• Monthly payout: In this option, the interest is paid to the investor monthly. As a result, the interest doesn't get compounded and hence, the investor is offered a lower interest rate.

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