A savings account is that gateway for every senior citizen that connects them to most of the financial instruments that are specially designed for them. For example, they can use a savings account to invest in senior citizen schemes and mutual funds, to apply for a loan, etc. A regular savings account also performs the same function, but having a savings account which is specially designed for senior citizens can offer them some additional benefits.
As you get older, you may require a banking facility which offers higher security, ease of access and more customised solutions in sync with your age. So, a savings account product specially designed for senior citizens can offer them higher benefits than a regular savings account. Here are some important features and benefits of a senior citizen’s savings account.
Customized Solution For Senior Citizens
Senior citizens require banking solutions that suit their age and retirement needs. A senior citizen savings account is customized as per the requirements of the retirees. The features and benefits may vary from bank to bank, but usually, such accounts offer investments, loans, insurance and other financial products which are designed as per the needs of the senior citizens. So, a senior citizen having such accounts can get solutions to their financial requirements at one point.
Additional Features For The Benefit Of Senior Citizens
In a senior citizen savings account, you may get access to additional features such as higher interest on savings account balance, premium debit card with access to the airport lounge, free demat account, wealth management solution, unlimited cash transactions at the branch, doorstep banking facility, complimentary accidental insurance, zero charges on ATM transactions, dedicated senior citizen counter at the branch.
Priority Services At The Local Branch
Most of the banking services can be performed online. However, after crossing the 60s you may not find it comfortable to stand in queues at the bank for offline services like cash deposits, withdrawals, etc. So, many banks nowadays offer senior citizen priority desk facilities for their senior citizen account holders. A senior citizen account holder can contact the priority desk to get all the banking solutions without roaming around to different counters. Some banks also designate a dedicated relationship offer for the senior citizen savings account holder to enhance their banking experience further.
Things To Keep In Mind When Choosing A Bank Account
Before you choose the senior citizen savings account, you must check some important points. There should be a very small or no minimum balance obligation when you open a bank account. Check out the interest rate offered in the savings account. Avoid a bank account in which they charge a high fee for their debit card facility. Beware of transaction charges such as cash deposit charges, cash withdrawal fees, statement charges, etc. Choose the bank account which makes it easier for you to perform banking transactions. Avoid opening a bank account which is far from your place of residence.
The author is an independent financial journalist