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Santhosh FD

our exclusive fd product for senior citizens
Santhosh FD

Learn more about the Best Interest Bearing Deposit Scheme for Senior Citizens from TMB.

This scheme, basically is a combination of Savings Bank and Muthukkuvial / Fixed Deposit in one account. Any senior citizen can invest under this scheme to meet any of their future needs of funds by saving small amounts.

Product Highlights:

  • Concept of AWB is available for deposit / withdrawal. The customers can remit / withdraw the deposit amounts at any of our branches.
  • Automatic Senior Citizen benefit facility of higher interest rate in TDs (Term Deposit) made from the TMB Santhosh savings bank account on term deposits of one year and above.
  • Free ATM-cum-Debit Card with No Annual Maintenance Charges for the first year. From the second year onwards Rs. 50.00 + ST will be levied.
  • Free personalized Cheque Book (20 Leaves per year Free).
  • Setting up of Standing Instructions - Free.
  • One year waiver on Annual Maintenance Charge on Demat Account.
  • No hassles of keeping track of Term Deposit receipts.
  • No Need to visit branches for withdrawal.
  • Separate term deposit receipts will not be issued. Instead, revised monthly statement of account showing transactions in term deposit accounts will be sent by email or by post to the customer's communication address at free of cost.
  • Nomination facility is available and Nomination given by the customer for the deposit account will hold good for the term deposits also and separate nominations are not required for the multi deposits so created.
  • No loan will be allowed against this deposit.
  • No documentation is required for cancellation of deposit units.
  • Free Accident Insurance (Death) coverage of Rs. 1 Lakh
  • NEFT/RTGS - Free

Product FAQ:

Scheme
It is a combination of Savings Bank and Muthukkuvial / Fixed Deposit in one account. A Separate account Number for SB Santhosh and separate a/c Number for MKD/FD component will be given. But separate receipts will not be issued.
Eligibility Criteria
All resident individuals (sole or joint) in the age group of 60 years and above are eligible to open the TMB Santhosh Savings Bank Account. In the case of a joint account, the first applicant has to be a senior citizen.
Min/Max Amount for SB Account
Minimum Balance - Nil, Max. Balance - No Limit.
Auto Sweep Facility
The customer would be free to change the threshold limit at any time without any restriction, subject to a minimum of Rs. 5,000.00.
Any balance above threshold opted by the customer will be transferred to (sweep out) term deposit in multiples of Rs. 1,000.00 and start earning term deposit interest rate applicable for the maturity period and Scheme (Interest payment Option/Interest Reinvestment Option) opted by the customer.
Auto sweep periodicity would be operative at intervals as per option given by the party (Daily, Weekly, Fortnightly and Monthly). In case of any holiday, sweep will be made on next working day.
If the party opts for auto renewal, the deposits will be auto-renewed. Otherwise, the deposit will be automatically closed on the date of maturity and SB account will be credited.
The interest at applicable rate for the period, amount remained in term deposit, will be paid.
Sweep Out
For Sweep in from fixed deposit, the system of "Last In - First Out" will be followed. In case of the amount of last deposit is not sufficient to meet the amount of withdrawal, the previous deposit would be broken, and so on. The customer will have the option of changing the maturity period for future switch over.
Features & Benefits
As referred in the product highlights above.
Other Important Features
Free Mobile Banking facility.
Free Internet Banking Facility.
Optional account statement in lieu of Passbook Free.
Free SMS alert facility.
No Service charges for Interest Certificate.
Rate of Interest
Savings account will bear the SB rate of interest and the term deposits will bear the rate of interest as applicable to Senior Citizens. Present Senior Citizen Deposit Rate of Interest.
Closing Procedure
Deposit accounts opened under this scheme will be closed in case of need in "Last In - First Out" basis automatically in multiples of Rs. 1,000.00. Withdrawal of units of Rs. 1,000.00 in "Last In - First Out" to meet the overdraft in Savings Bank account on account of payment through ATM, cheque received in clearing / collection or across the counter. The units so withdrawn shall cease to earn interest from the date of withdrawal. Interest will be calculated for the amount closed for the actual period run subject to penalty in case of premature closure as per bank norms.
TDS
Interest on Deposit amount is subject to Tax Deduction at Source and be governed by the Income Tax Act 1961 and amendments thereof. Form No. 15(H) may be submitted towards exemption from TDS.

Deposit Rate of Interest:

Deposit Maturity Calculator:

Since Santhosh FD is basically normal / muthukuvial fixed deposit specially for senior citizens, please refer these two calculators.

Download the Application Form: