Senior citizens enjoy 0.5 percent more interest per annum than the normal citizens. Moreover, they are required to fill up either 15G or 15 H form depending upon their ages to claim exemption from income - tax exceeding an amount of Re 10000/- . Moreover, they can discontinue their fixed deposit at any moment for which no penalty is to be levied.Care is being taken of the senior citizens by offering them interest on monthly, Quarterly, Halfyearly basis and if they like, they can avail the facility of earning interest on yearly basis as well.
In some private banks such as the Axis - bank, Kotak - bank and ICICI banks, the senior citizens can avail personalised service with respect to their fixed deposits and they can drop in their residence on their request. For the senior citizens, there is the policy of insurance to the tune of Re two lakh on a minor premium of Re 12/-. They enjoy the nomination - facility of nomination on their deposites.