As individuals reach their golden years, financial planning takes on a new significance. To cater to the unique financial needs of senior citizens, banks and financial institutions offer them a secure avenue for saving through Senior Citizen Savings Accounts.
These specialised accounts come with a range of benefits and features tailored to the elderly, making banking more accessible, convenient, and financially rewarding for this demographic. On Bajaj Markets, you can find various Savings Account options with an interest rate of up to 7.25% p.a.
Savings Account interest rate for senior citizens up to 7.25% p.a.
Free debit card transactions
Exclusive milestone benefits
State-of-the-art digital banking facilities
Insurance for funds of up to ₹5 Lakhs
Here are the eligibility criteria you must meet for a Senior Citizens Savings Account:
Minimum Age: 60 years
Given below is a list of the documents you could be asked for:
Address proof (Aadhaar Card, PAN Card, Passport, etc.)
Identity proof (Aadhaar Card, Electricity Bill, Passport, etc.)
Income proof (PAN Card or Form 60)
Senior Citizens Savings Accounts are typically available to individuals who have reached a specified age, which is usually 60 years or older. Some banks may offer senior citizen benefits to those as young as 55.
Senior Citizens Savings Accounts often offer higher interest rates, lower minimum balance requirements, specialised customer service, and income tax benefits, making them more attractive for elderly individuals.
Yes, you can open a joint Senior Citizens Savings Account with a family member, such as a spouse or child. Joint accounts allow for seamless fund management and nomination facilities.
Yes, senior citizens are eligible for certain income tax benefits, including a higher exemption limit for income tax and deductions under Section 80TTB of the Income Tax Act for interest income up to a specified limit.
The minimum balance requirement varies from bank to bank, but it is typically lower for Senior Citizens Savings Accounts compared to regular Savings Accounts. The specific amount can depend on the bank's policies.
Yes, many banks offer online and mobile banking facilities for Senior Citizens Savings Accounts, allowing seniors to check balances, transfer funds, and perform other banking transactions conveniently from their devices.