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IB Golden Ager – Term Deposit Product for Super Senior Citizens

IB Golden Ager – Term Deposit Product for Super Senior Citizens

Name of the Product “IB – Golden Ager” – A Special Term Deposit Account for Super Senior Citizen”
Nature of the Product Term Deposit (STD/FD/MMD/RD)
Eligible Customers All Super Senior Citizens with age 80 years and above as on the 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.
Target Group Senior Citizens of age 80 years and above.
Period Min.- 7 days

Max- 10 Years

Mode of operation Self only. ( No Joint Account allowed)
Nomination Mandatory – Without nomination account cannot be opened
Minimum/Max Balance ·         Min-Rs.1000/- ;  Max- Rs.10 Cr.**

**No Single deposit be opened in a day for more than ₹2 Cr within overall limit of ₹10 Cr tagged to a single CIF to avail additional interest facility.

Additional Rate of Interest over the card rate for respective buckets 1.      Up to 5 years–(0.50+0.25) = 0.75% (Special for super Senior Citizen)


2.      Above 5 Years up to 10 Years –  0.50+0.25 (additional presently proposed for senior citizen) +0.25 (Special for super Senior Citizen) =1.00%

Premature closure For premature withdrawal, charges as applicable to normal deposits would apply.
Availability of Loan/Overdraft Loan/Overdraft facility to be permitted up to 90% of outstanding balance at the rate of 2% over the interest paid on deposit.
Validity of Scheme Facility would be extended /withdrawn at the discretion of the Bank.
Other Terms & condition


1.    The account should be fully KYC compliant. Valid PAN/Form-60 should be obtained wherever applicable

2.    Auto Rollover under the products will be in the respective maturity bucket if no mandate is given.

3.    In case the scheme is discontinued, the deposits maturing thereafter placed under this special product would automatically be rolled over to General senior citizen product under the respective maturity bucket.

4.    Term Deposits can be transferred from one branch to other branch at the request of the customer.

5.    Mode of Payment: Maturity proceeds may be credited to SB/CA account of the customer. In case where there are no operative accounts of the customer, maturity proceeds will be paid by DD/NEFT/RTGS/IOI.

6.    TDS will be deducted as per applicable rate.

7.    Bank holds the right to extend/withdraw the facility at its discretion.

( Last modified on Sep 12, 2022 at 06:09:50 PM )