IOB EIGHTY PLUS - Term Deposit
The product is designed for the Super Senior Citizens ie Senior Citizens with age 80 years and above.
Name of the Product | IOB Eighty Plus - TD |
Nature of the Product
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Term Deposits
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Eligible Customers
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All Super Senior Citizens with age 80 years and above as on date of opening of account. Any valid KYC documents containing age/DOB as per existing KYC policy of RBI can be accepted as proof of age. Birth Certificate or any other valid proof containing age/ date of birth can also be accepted as proof of age.
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Rate of Interest
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Additional interest of 0.25% p.a over and above the applicable interest rate for Senior Citizens. Total 0.75% more.
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Deposit amount
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Minimum - As per the respective schemes (RDP/SFD-(M/Q)/RD)
Maximum - Below Rs. 1 Crore.
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Period of Deposit
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6 Months to 120 Months.
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Mode of Operation
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Self / E or S with spouse only / F or S with spouse only (Super senior citizen as primary account holder).
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Nomination
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Permitted as per rules.
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Loan Facility
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Up to 90% for Self or jointly with spouse only.
Applicable interest will be 1% over and above the deposit rate for demand loans and 1.50% for Cash Credit accounts. No Third party loans permitted.
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