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

Post-retirement, most people look for places to keep their entire life’s savings safe while earning moderate returns on them. Various banks offer specific senior citizens bank accounts, catering to such people, with special features. The senior citizen bank accounts offer higher interest rates as compared to normal savings accounts, with personalized services convenient for senior citizens. From ICICI to HFDC to Axis Bank, all offer such savings accounts for their senior citizen customers with higher benefits.

Here are some of the top savings accounts offered by top banks for senior citizens:

ICICI Bank Seniors Club Savings Account – This ICICI Bank account is for customers above 60 years of age. This comes with a feature wherein the customers can carry out all their banking transactions without having to wait in queues. Additionally, with this account senior citizens also get hospitalization allowance up to Rs 30,000. The ICICI Seniors Club Savings Account also comes with a higher interest rate than a usual savings account on the account balance in excess of Rs 75,000. This account also offers secured returns and tax-saving benefits with Government-backed Senior Citizen Savings Scheme.

HDFC Bank Senior Citizens Account – This bank account comes with benefits such as free insurance, lifetime free debit card, reimbursement accidental hospitalization cover of Rs 50,000 per annum, and a free rewards International Debit Card. The card offers a cash withdrawal limit of Rs 50,000 per day and a shopping limit of Rs 2.75 lakh per day, along with the Rewards Point Programme.

Kotak Mahindra Bank Grand Savings Account – With this account, bank account customers can earn up to 4 per cent interest rate per annum on their savings. Additionally, this account can be opened even at the age of 55 years. Account-holders also get a Platinum Debit Card with this account, that offers purchase protection up to Rs 1 lakh on durable goods. With this savings account, customers also get a Travel Card with 25 per cent waiver on issuance charges, waiver on Demat AMC for 1st Year, along with 25 per cent discount on locker rental for the first year. The Kotak Grand Account comes with free membership of the Indian Health Organisation, with up to 50 per cent discount on treatments.

IndusInd Bank Indus Senior Savings Account – With the Indus Senior Savings Account customers get to choose from two options- Privilege and Maxima. These accounts are specially designed for senior citizens, as it offers special benefits and privileges to them. The savings account offers 0.5 per cent additional returns on fixed deposits of senior citizens, along with specially crafted services for senior citizens. Customers also get a RuPay Debit card for free with this account. Customers are offered 20 per cent off on small or medium lockers for the first year.

Axis Bank Senior Privilege Savings Account – This Axis Bank account can not only be opened after the age of 60 but even at the age of 57 years one can opt for opening this account. This account offers a debit card to its customers at a nominal fee. Customers can also opt for a personalized senior citizen ID card to get discounts at health care centers and for emergency use. Under this account, Axis Bank offers 3-4 per cent interest per annum. Customers can also earn a 0.5 per cent preferential rate on FDs and RDs.