Are you a senior citizen? Here are some exclusive banking benefits you may be eligible for

On this International Grandparents' Day (12th September 2021), we dedicate this article to celebrate their lives, and in an attempt to make them feel special, we try to create awareness about special bank facilities offered exclusively to senior citizens. Many banks which offer special facilities for senior citizens, which makes life easier in the golden years. Often, many senior citizens are unaware of these facilities and fail to make use of these benefits. In this article, we provide the services offered by IDFC FIRST Senior Citizen Savings Account.

Banking at your doorstep

Not only can a Senior Citizen Savings Account be opened at your doorstep, all other transactions such as deposits and withdrawals can also be conducted from the comfort of your home. You can also avail of priority banking services at bank branches across India. Additional benefits include cashback offers, rewards/vouchers, debit card activation, and 24x7 customer support.

We understand that senior citizens might not be able to visit the bank for all their banking needs and extend this benefit. Home banking is a facility that goes beyond the website and the world of mobile applications for physical cash pickup and delivery, cheque deposit, etc.

Attractive interest rate

A Senior Citizen Savings Account offers more interest compared to other savings schemes. It also provides preferential rates on fixed and recurring deposits. Let’s take a look at the interest rates applicable:

The power of compounding

Senior Citizen Savings Account is eligible for 5% interest per annum. As against the industry norm of calculating interest quarterly, interest on these accounts is credited every month. What’s more, the interest is compounded, so your interest amount earns interest along with the principal. This enables much higher returns than regular savings accounts, which follow the simple interest mechanism. Senior Citizen Savings Account also allows unlimited and free ATM transactions across India.

Additional benefits
 

1. Insurance coverage

These accounts provide personal accident cover of Rs 2 lakh for an average monthly balance (AMB) of Rs 10,000 and Rs 35 lakhs for an AMB of Rs 25,000. If the AMB is Rs 25,000, the account holder will also get Rs 1 crore air accident insurance.

2. Lounge access

Complimentary airport lounge access (two per quarter) is provided to this category of account holders, plus purchase protection of up to Rs 1 lakh. Depending on the monthly average balance maintained, one can get a Visa Classic Debit card or a Visa Signature Debit card. Senior citizens can avail of this benefit while traveling, so they do not have to queue up at the airport and have priority lounge access.

3. Health benefits

These accounts (irrespective of AMB) offer free membership to the Indian Health Organisation (IHO), saving up to 70% of monthly health expenses. The lifetime free membership is extended to the account holder and an additional member. This membership extends unlimited teleconsultation, health check-ups, hospital network access, and pharmacy benefit. 

Eligibility and documentation

Eligibility for opening a Senior Citizen Savings Account is simple: the applicant should be a resident Indian citizen over the age of 60. Such an account can be opened by digital or physical means. The documentation is very simple, the applicant has to submit an Aadhaar number and PAN/Form 60, proof of age, and a passport-sized photo.

Senior citizens must be made aware of these benefits, which will make their lives easier. By opening the IDFC FIRST Bank Senior Citizen Savings Account on this International Grandparents' Day, help them stay financially sound and elevate their joy during their most wonderful years. 

Stay financially healthy and track all your expenses with our mobile banking app. 

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.