Catholic Syrian Bank unveils term deposit for the elderly

The Catholic Syrian Bank (CSB) has introduced a savings scheme for senior citizens, CSB Senior Citizen Support, reports Business Standard.

According to a press release issued by the bank, senior citizens with a minimum age of 60 years can open a domestic term deposit account with a minimum amount of Rs 5,000. 
 
The bank will offer 9.25% interest on such deposits, 1.25% more than the interest on normal domestic term deposits for a 60-month period but less than 84 months. For the period ranging between 84 and 120 months, the rate of interest will be 9.5%, 1.5 percent more than on normal domestic term deposits. 
 
For deposits below 60 months, the bank will offer one percent more for senior citizens than that is applicable to domestic term deposits of different maturity slabs under the existing Acharya Deposits Scheme.