Senior Citizen Savings Account: Key Benefits & Features Explained
5 min read | 2 months ago
Key Benefits of a Senior Citizen Savings Account
Senior citizens need specific financial services and benefits once they retire, in order to spend their golden years comfortably. This is not possible by sticking to a regular savings account which comes with the same facilities for all customers. That’s where several banks and financial institutions are offering dedicated senior citizen savings accounts. What are they and are they beneficial? Let’s take a closer look at these aspects below.
Senior Citizen Savings Account Meaning
A senior citizen savings account is ideal for those who are already retired or are going to retire soon. These are accounts offered by banks exclusively for seniors with several added benefits like priority processing. They are often more advantageous than regular accounts for senior citizens. Let us take a closer look at some of these benefits below.
Main Benefits of Senior Citizen Savings Accounts
If you’re a senior citizen, choosing a dedicated senior citizen savings account may benefit you in the following ways.
Rates of Interest
By opening a senior citizen savings account, you may be eligible to get good rate of interest from the bank. Some banks not only offer great interest rates to help you grow your money faster, but also monthly payouts of interest. This is probably the biggest benefit of opening these accounts.
Locker Discounts
Many banks offer attractive features for senior citizen savings accounts, including discounts on locker facilities for customers. This will help you save money and keep your valuables secure as well.
Dedicated Service & Support
Senior citizen savings accounts also come with dedicated or personalized service. You may get a dedicated relationship manager to handle all your queries and help you with savings, banking, and investments. Doorstep banking may also be provided for customers, thereby enabling maximum convenience at all times.
Exclusive Debit Card Offers
Some banks may also offer exclusive debit cards with senior citizen savings accounts, complete with various special privileges and other convenience features. Many banks also offer free cash withdrawals (unlimited) at ATMs.
Lower Monthly Balance Requirements
Most senior citizen savings accounts come with low and convenient average monthly balance requirements. Some also offer zero balance accounts at times. This helps you withdraw money without worrying about any such limits.
Fixed Deposit/Investment Benefits
Senior citizens can also avail attractive investment benefits including higher rates on fixed deposits by opening these accounts.
Some other possible benefits include priority banking solutions or concierge, waivers of charges for annual banking services, financial planning and investment guidance, health and wellness benefits, add-on insurance coverage, shopping discounts and benefits, and a lot more. Let us look more closely at an example of one such account and how it helps you.
Unity Small Finance Bank Seniors Account - An Example
Unity Small Finance Bank is one of the financial institutions offering dedicated accounts for senior citizens. The Seniors Account at the bank comes with several features that are listed below.
- Dedicated relationship manager and doorstep banking services
- 25% discount on lockers
- Exclusive Platinum Rupay Debit Card with free cash withdrawals at all Rupay-enabled ATMs
- Free Family Account facility
- Lower average monthly balance requirements
- Those investing Rs. 50,000 in Fixed Deposits can also get zero balance savings accounts
- Extra 0.50 bps on Fixed Deposits with zero discounting of rates in monthly interest plan
- Attractive interest rates between 6-7.5% per annum with monthly interest payouts
- Facility to open joint account with spouse who is not retired
All you need for setting up this account is your Aadhar Card (address and identity proof), PAN card, and a passport-size photograph. You can also open this account if you are 60 or above and are still working.
Conclusion
As you can see, a senior citizen savings account is a great choice in your golden years, helping you earn more interest on your money and enjoy a host of other personalized offerings. This helps you manage your finances better, while significantly streamlining and smoothening your overall banking experience.
About Unity Small Finance Bank
Unity Small Finance Bank is committed to making banking simpler and more accessible for everyone. Our services include Savings Account, NRI account, Current Account, Fixed Deposits, and Personal Loans offering flexible tenures and attractive interest rates. We also offer financing options like MSME Loans and Microfinance to support businesses and underserved communities. Learn more about Unity Small Finance Bank here.
