Senior citizens can manage finances better with a dedicated savings account. A good Indian bank will offer up to 6% interest. It helps to save money for your sunset years. There is also a host of special benefits that are not offered with a regular savings account. This includes free doorstep banking, priority services at branches, recurring deposits and preferential rates on fixed deposits. Save up to 70% on health expenses with the free Indian Health Organization (IHO) Membership. It also gives you unlimited teleconsultation, a free pharmacy voucher worth ₹250 and a one-time free check-up of 61 vitals.
All of these make it a lucrative idea to open a savings account. You do not have to step out of your home. Simply log in to the official website of your bank to get started online.
Senior Citizen Account Opening
Any Indian citizen or a resident of India above 60 years of age can apply. You will need only the basic documents like Aadhaar number and PAN number/ Form 60. A minimum balance of ₹25,000 or ₹10,000 is required for online account opening. You can choose a higher amount also to get better interest rates. The bank will credit the interest to your account on a monthly basis. This frequency is offered by very few in the industry for the convenience of seniors to ensure independence. A VISA Signature debit card is offered that comes with numerous benefits like a complimentary domestic airport access lounge twice a quarter, a high daily purchase limit of ₹6 lakhs and higher ATM withdrawal limit of ₹2 lakh and free ATM transactions anywhere in the country.
How to Open an Online Savings Account?
Head over to the website and learn about the bank interest rates, the fees and charges and the details of a savings account. Knowing these beforehand helps to make an informed decision. The next steps are:
- Click on the ‘Open Account’ button online. This takes you to a separate page
- Enter your details like mobile number linked with Aadhar, email address and 12-digit Aadhar or 16-digit virtual ID.
- Click on the ‘Send OPTP’ button.
Follow the steps as instructed for a superior digital experience. Internet banking can be accessed via a mobile app. Here you can consider opening an account online. One can also track spending, check your risk profile, earn rewards and set up a cash flow analysis. All of this help to maximise the savings and improve your overall lifestyle.
A savings account helps carry out financial transactions without having to wait in queues. All you need to ensure is a smart device with a steady internet connection. Earn interest on progressive balances in each interest slab as applicable. But note that the account rates are subject to periodic change. Make sure to read the terms and conditions carefully. Try to work closely with a relationship manager who can guide you at every step, especially if you are not tech-savvy. This will help make the most of this unique savings’ opportunity.