SIB Affection is a Term Deposit Product designed exclusively for Senior Citizen. The major feature of SIB Affection is that it offers interest rate 80 bps above the rate of interest applicable for general public

Target Customers

Resident individuals who have completed 60 years of age and above.

Minimum Deposit Amount

No Minimum Amount

Maximum Deposit Amount
Below Rs 2 cr
Deposit Tenure 
5 years
Interest Rate

80 bps above the ROI applicable for general public, ie, 30 bps above the ROI applicable for Senior Citizen deposit and Staff Senior Citizen deposit

Interest Payout

Monthly/Quarterly/Cumulative- monthly interest will be credited with discount.

Premature closure

0.80% for deposit amounts below Rs. 15 lakhs and 1.30% for deposit amounts of Rs. 15 lakhs and above.

Applicable to
Fresh / Renewals
Other features:
    • Free  Surakhsa Kavach: For minimum deposit amount of Rs 5.00 lakhs, Suarksha Kavach premium amount will be reimbursed to the customer’s operative account, subject to a   maximum of Rs 250/-
    • Free PMSBY: For deposit amount of Rs 1.00 lakh to less than Rs 5 lakhs, PMSBY premium amount will be reimbursed to the customer’s operative account.
  2. CO-BRANDED SECURED CREDITCARD:(Optional) with credit limit up to 80% subject to a maximum of Rs.10.00 lakh and subject to eligibility as per our Secured Credit Card Scheme Norms.
  3. NPS ACCOUNT OPENING WITH TAX BENEFITS: . Customers can avail tax benefits of Rs 50,000/- under section 80CCD 1(B) under IT Act. (as per the existing pension scheme)
  5. PERSONALIZED CUSTOMER SERVICE: Special treatment like “No queue”, refreshments, Separate Whatsapp Broadcast group giving messages related to financial market, interest rate updates and other bank related updates
Terms & Conditions:
  • SB/CD account in the name of the customer is mandatory
  • Not applicable for NRI customer
  • Loans are available as per the features of existing Term Deposits.
  • TDS and all other feature same as that of FD,RD and KND.
  • Only the first year premium (maximum Rs 250/-) will be borne by the Bank.
  • Insurance cover will be applicable subject to the fulfilment of the terms and conditions of the relating to the Insurance product.
  • The product is launched for a limited period till 31.12.2020