Most of the banks give personalized services and a higher rate of interest for senior citizens’ savings bank account. After retirement, most of the people look for better savings options and expect a moderate return from it. Banks like ICICI, HDFC, Axis Bank, and all offer such savings bank accounts.
Some of the best savings account options are:
- ICICI Bank Seniors Club Savings Account
ICICI Bank Seniors Club Savings Account allows the senior citizens to carry out all their banking transactions without having to wait in queues. Those who having account balance more than Rs 75,000 will get a higher rate of interest compared to other savings bank account schemes. It also provides hospitalization allowance up to 30000. Secured returns and tax-saving benefits with Government-backed Senior Citizen Savings Scheme are the other benefits of this savings account.
- HDFC Bank Senior Citizens Account
This senior citizen savings bank account provides 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. It allows the account holders to withdraw cash up to 50000 per day and purchase a limit of up to 2.5 lakh per day as well. It also has a rewards points program.
- Kotak Mahindra Bank Grand Savings Account
It comes with free membership of the Indian Health Organisation, with up to 50 percent discount on treatments for account holders. It gives 4 percent interest per annum and one lakh rupees purchase protection for durable goods. The bank issues a platinum debit card for its account holders and provides a travel card with a 25 percent reduction in issuance charges. Account-holders will also get a waiver on Demat AMC for 1st Year. It can be opened at the age of 55.
- IndusInd Bank Indus Senior Savings Account
IndusInd Bank Indus Senior Savings Account holder will get two options viz, Privilege and Maxima. It provides special benefits and privileges to them. The account holder will get 0.5 percent additional return for the fixed account and the bank issues a RuPay Debit card as well. 20 percent discount on locker charges for the first year is another attractive feature.
- Axis Bank Senior Privilege Savings Account
It provides a personalized citizen ID card for senior citizens. It can be used for emergency purpose and it is helpful to get discounts at health care centers. This account offers a 3-4 percent interest per annum. Customers can also get a return of 0.5 percent preferential rate on FDs and RDs. It can be opened at the age of 57 as well.
