Definition and Eligibility

• A Senior Citizen Account is a bank account specifically designed for individuals aged 60 years and above.
• It offers customized features and benefits tailored to senior citizens.
• Available at most public and private sector banks across India.
• Requires age proof such as Aadhaar card, PAN card, or birth certificate.
• Can be a savings, fixed deposit, or recurring deposit account.

Enhanced Interest Rates

• Banks offer higher interest rates on fixed and recurring deposits.
• The additional rate is typically 0.25% to 0.75% above standard rates.
• Interest is calculated and credited as per bank policy.
• Helps increase returns on retirement savings.
• Encourages long-term financial security for seniors.

Priority Banking Services

• Dedicated counters and faster service at bank branches.
• Option for doorstep banking like cheque pick-up or cash delivery.
• Reduced waiting times and personalized customer support.
• Senior-friendly staff assistance available for transactions.
• Special attention is given to comfort and convenience.

Lower Charges and Fee Waivers

• Discounted or waived fees on ATM usage and cheque books.
• Reduced charges on account maintenance and SMS alerts.
• No penalty for lower minimum balance in many banks.
• Preferential processing of loan and credit-related services.
• Benefits may vary by bank and account type.

Additional Features and Benefits

• Auto sweep-in facilities for better interest earnings.
• Access to special investment and insurance products.
• Nomination facility and simplified claim settlement process.
• Joint account option available with spouse or family member.
• Regular updates and statements for better account tracking.