Last Updated on 21/02/2021

Vardhan' - Deposit of Senior Citizens


Any individual who has completed 60 years of age is treated as Senior Citizen for the purpose of opening account under Vardhan scheme.

Verification of Age:

Age can be verified by calling for any one of the following document.

  • Pension Payment Order
  • School leaving certificate
  • Voters identity card
  • LIC policy where age is admitted
  • Birth certificate issued by competent authority
  • Passport
  • Driving License

At the time of renewal of a Vardhan deposit branches need not insist on producing the documents in proof of age again.

Joint Account:

Joint accounts of more than one senior citizen and joint accounts of senior citizen with a person below 60 years of age is also permitted. However in the latter case the senior citizen should be the first named depositor.

What are the type of deposits that can be opened:

All types of term deposits including Recurring Deposit can be accepted.

Types of Deposit under the Scheme:

The minimum deposit amount is Rs. 5000/- and for RD it is Rs.100 per month.

Period Deposit:

The minimum period is 15 days and a maximum of 120 months. For RD it is 6 months minimum and a maximum of 120 months.

Premature closure and loan against the deposit:

The rules are the same as applicable to other term deposits. In the case of premature closure, the additional interest payable to deposits of senior citizens is not payable if the deposit is over Rs.5 lakh.

Interest payable

Additional interest of 0.50% (w.e.f 07.12.12)over the card rate is payable. For special deposits if the aggregate deposit is over Rs.25 lakh in the same branch and or different branches only the card rate is payable. The senior citizen has to give declaration to this effect.

The additional interest is intended for resident senior citizens only. Therefore, the additional interest allowed for senior citizens is not to be extended for non-resident deposits.

Additional Benefits:

1. FREE International debit cards. Collection of outstation instruments upto Rs.10000/- per month, subject to a maximum of two instruments per month in the name of senior citizen, can be made without collection charges. However, actual postage will be recovered.