Money

Senior Citizen Bank Account: Top 5 savings bank accounts for senior citizens

Here are among the high savings accounts provided by high banks for senior citizens:

Post-retirement, most individuals look for locations to maintain their whole life’s savings secure whereas incomes average returns on them. Various banks provide particular senior citizens bank accounts, catering to such folks, with particular options. The senior citizen bank accounts provide increased rates of interest as in comparison with regular savings accounts, with personalised providers handy for senior citizens. From ICICI to HFDC to Axis Bank, all provide such savings accounts for their senior citizen clients with increased advantages.

Here are among the high savings accounts provided by high banks for senior citizens:

ICICI Bank Seniors Club Savings Account – This ICICI Bank account is for clients above 60 years of age. This comes with a characteristic whereby the purchasers can perform all their banking transactions with out having to attend in queues. Additionally, with this account senior citizens additionally get hospitalization allowance as much as Rs 30,000. The ICICI Seniors Club Savings Account additionally comes with the next rate of interest than a normal savings account on the account stability in extra of Rs 75,000. This account additionally provides secured returns and tax-saving advantages with Government-backed Senior Citizen Savings Scheme.



HDFC Bank Senior Citizens Account – This bank account comes with advantages equivalent to free insurance coverage, lifetime free debit card, reimbursement unintended hospitalization cowl of Rs 50,000 every year, and a free rewards International Debit Card. The card provides a money withdrawal restrict of Rs 50,000 per day and a buying restrict of Rs 2.75 lakh per day, together with the Rewards Point Programme.

Kotak Mahindra Bank Grand Savings Account – With this account, bank account clients can earn as much as 4 per cent rate of interest every year on their savings. Additionally, this account might be opened even on the age of 55 years. Account-holders additionally get a Platinum Debit Card with this account, that gives buy safety as much as Rs 1 lakh on sturdy items. With this savings account, clients additionally get a Travel Card with 25 per cent waiver on issuance prices, waiver on Demat AMC for 1st Year, together with 25 per cent low cost on locker rental for the primary yr. The Kotak Grand Account comes with free membership of the Indian Health Organisation, with as much as 50 per cent low cost on therapies.

IndusInd Bank Indus Senior Savings Account – With the Indus Senior Savings Account clients get to select from two options- Privilege and Maxima. These accounts are specifically designed for senior citizens, because it provides particular advantages and privileges to them. The savings account provides 0.5 per cent extra returns on fastened deposits of senior citizens, together with specifically crafted providers for senior citizens. Customers additionally get a RuPay Debit card for free with this account. Customers are provided 20 per cent off on small or medium lockers for the primary yr.

Axis Bank Senior Privilege Savings Account – This Axis Bank account cannot solely be opened after the age of 60 however even on the age of 57 years one can choose for opening this account. This account provides a debit card to its clients at a nominal price. Customers may choose for a personalised senior citizen ID card to get reductions at well being care facilities and for emergency use. Under this account, Axis Bank provides 3-4 per cent curiosity every year. Customers may earn a 0.5 per cent preferential price on FDs and RDs.

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