Senior Citizen Savings Account: Top 5 bank accounts for senior citizens

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Published: March 5, 2019 11:50:31 AM

Many banks offer senior citizens bank account, with special features. These accounts offer higher interest rates with personalized services convenient for senior citizens above 60 years of age.

Senior citizen bank account, Senior citizen FD, fd, post office, post office monthly income scheme, post office time deposit, fixed deposit, best options to invest, best investment options for senior citizens, axis, sbi, hdfc fixed deposit, post office mis, term depositsFrom HFDC to ICICI to Axis bank offer these savings account for senior citizens with great benefits.

Post-retirement, people often look for the best place to keep their entire life’s savings safe while earning a moderate rate of return on them. Catering to such people, many banks offer senior citizens bank accounts, with special features. These accounts offer higher interest rates with personalized services convenient for senior citizens above 60 years of age.

From HFDC Bank to ICICI to Axis Bank, a large number of banks offer these savings accounts for senior citizens with great benefits. Find out some of the best savings account for senior citizens:

ICICI Bank Life Plus Senior Citizens Account

ICICI Bank Life Plus Senior Citizens Savings Account is for customers above 60 years of age and one can carry out all one’s banking transactions, without having to wait in queues. With this account, you get free unlimited cash transactions and can also earn a higher interest rate than that of a savings account. It also comes with a free Life Plus Debit Card.

HDFC Bank Senior Citizens Account

HDFC’s Senior Citizens Bank Account comes with benefits such as free insurance and lifetime free debit card. This account also provides you with accidental hospitalization reimbursement cover of Rs 50,000 per annum and a free Rewards International Debit Card. The card comes with a cash withdrawal limit of Rs 50,000 per day and a shopping limit of Rs 2.75 lakh per day.

Axis Bank Senior Privilege Savings Account

The Axis Bank Senior Privilege Savings Account can be opened even at the age of 57 years. This account offers a debit card at a nominal fee of Rs 150. You can also opt for a personalized senior ID card to get discounts at health care centers and for emergency use. Axis Bank offers a 3.5 per cent interest rate per annum with Senior Privilege Account on your savings. You can also earn 0.5 per cent preferential rate on fixed deposits and recurring deposits.

IndusInd Bank Indus Senior Savings Account

IndusInd Bank gives its customers to choose from two options Indus Senior Savings Account – Privilege and Maxima. It is available for customers above 60 years of age to make their banking experience more convenient and comfortable. Especially designed for senior citizens, these accounts come packed with special benefits and privileges. Indus Senior Savings account offers 0.5 per cent additional returns on your deposits, along with specially crafted services for senior citizens.

With the Indus Senior Privilege account, you also get a RuPay Debit card for free. The Indus Senior Maxima savings account comes with a Platinum Debit Card for free. Account holders can even get higher interest on fixed deposits and avail personal accident insurance of Rs 1 lakh and medical insurance up to Rs 50,000.

Kotak Mahindra Bank Grand Savings Account

With the Kotak Mahindra Bank Grand Savings Account, you can earn up to 6 per cent interest rate per annum on your savings. The unique feature being you can open this account even at the age of 55 years. Account holders get a Platinum Debit Card with this account, which offers purchase protection up to Rs 1 lakh for all the consumer durable goods. One can opt for a Kotak Aqua Credit Card with this savings account. This gives the option of the credit limit of 80 per cent of your term deposit value with the bank and overdraft facility of up to 85 per cent on the term deposit.

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