While a minimum threshold is often set, a maximum limit might be absent.

Deposit Limits: The deposit range for a senior citizen FD can differ.Automatic Renewal: IDBI, among other banks, possibly features an automatic renewal mechanism, ensuring the FD's continuation post-maturity unless directed otherwise.Yet, by submitting Form 15H, eligible senior citizens can avoid TDS deductions. Tax Deduction at Source (TDS) Implications: Earnings from interest are taxable under Indian tax regulations.Beneficiary Assignment: The bank allows a beneficiary to inherit the FD funds after the account holder's passing.Borrowing Options: Like other depositors, senior citizens have the privilege of securing loans against their FDs.Early Withdrawal: Although penalties may apply, senior citizens often benefit from more accommodating terms for premature FD closures.Duration: Depositors can choose from a diverse range of FD durations, usually between 7 days and 10 years.Qualification: Only individuals 60 or older can establish a senior citizen FD account.The specific rate hinges on the bank's current offerings. Enhanced Interest Rates: Senior citizens typically receive a bonus interest rate on top of the regular FD rates.

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