CSB Bank has introduced a special savings bank account for senior citizens with a range of benefits, including locker rental, airport lounge services, RuPay debit cards, etc., as it widens its services to all age groups.

Business Standard reported that the account, named ‘Senior Citizen Independence Saving Account’, offers free SMS alerts, RTGS and NEFT transactions, besides those cited above.  

Let’s explore the features of the ‘Senior Citizen Independence Saving Account’. 

The account offers a 100 per cent discount on locker rental to seniors with certain conditions. The Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT) are free from any bank branch for senior customers ten times a month. The SMS alert facility also comes free with this account, and cash deposit up to Rs 10 lakh is free monthly.  

Though the minimum monthly average balance required to be maintained in the account is Rs 10,000, to avail of the benefits mentioned above, the monthly average balance requirement is Rs 1 lakh and above, according to CSB Bank’s website. 

However, other benefits do not require this (Rs 1 lakh) monthly average balance. These complimentary services include access to the airport lounge once every quarter, no annual maintenance charges on the Demat account for the first year, and issuance of an international debit card, ‘RuPay Platinum’. 

Seniors can also avail of transaction benefits in this savings account. For instance, online RTGS and NEFT transactions, the passbook, and the emailing of the account statement facility are free. They can avail banking services through all digital modes, net banking, mobile banking, and e-Passbook. Also, as seniors are more comfortable doing transactions in cash, the bank offers a daily cash withdrawal limit of Rs 75,000 from ATMs and preferential rates on fixed deposits. 

Other Benefits

Along with the transaction benefits in the account, the RuPay debit card offered with the account also carries the benefits. The card offers the account holder a comprehensive insurance coverage of Rs 2 lakh. Currently, various other offers are available on the card, which may change in the future, depending on the bank’s discretion.

At present, the benefits include a discounted health check-up facility every quarter from Thyrocare and SRL Diagnostic, a discount on a minimum spend of Rs 1100 on orders with Netmeds and PharmEasy (once in a quarter), discounts on Amazon Pay offers, and Swiggy offers, which are on a monthly or weekly basis, and 24/7 concierge services. The card benefits apply only to seniors maintaining a Senior Citizen Independence Saving Account with the bank.