GRUH accepts deposits from Sr. Citizens and offers 25 bps over and above the regular rate of interest applicable on the GRUH’s Deposits, to such Sr. Citizen depositors who place their money in deposits with GRUH.
To be eligible for the Sr. Citizen rates on deposits the first/sole depositor should be of 60 years of age when the deposit is placed with GRUH.
However a female depositor cannot get dual benefit of a Sr. Citizen depositor and as a GRUHINI simultaneously.
The taxability of the interest paid on Sr. Citizen deposits will be governed by the prevalent Income Tax Rules.
Acceptance of deposits under the “Sr. Citizen Scheme” will be at the sole discretion of GRUH. GRUH reserves the right to discontinue acceptance of deposits under this scheme at any time.