By looking at the topic Reason why Senior Citizens Account has lots of Advantages than other Accounts itself you might have guessed on what we are going to speak about, yes we are going to see in detail about the account of senior citizens.
And you might have heard like senior citizens have lots of advantages in the bank and it is a true fact actually their account has lots of advantages than a normal bank account for people who are not senior citizens actually.
But there are lots of advantages Senior Citizens Account has even most people have no idea about it and they are discussed below
Advantages of Senior Citizens Account
First of all, you can open senior citizens account only if you have crossed the age of 55 or else you won’t be eligible to open a senior citizens account.
Great returns on Fixed Deposits
So this is activated to senior citizens because they are at the retirement and so they need some good money in the later period of their life and that’s why banks are giving good interest on the Fixed Deposits of senior citizens account only.
Usually, banks give interest rates up to 7.50% for senior citizens account while normal account can only get below 7% at all the banks available over the country.
The preferential rates are as much as high as up to 0.5% than the normal banking accounts, this is the reason which allows them to get interested up to 9.5% on the maximum at some banks.
All the banks don’t give the same rate of interest, because the rate of interest highly differs based on different banks actually.
Know about: how to open an Online Account
Get medical benefits
Most of the banks were also providing out medical benefits to the users where they get up to 50% on their hospital treatments and medicines they were buying.
They can also enjoy other benefits like getting a discount on when they go for a holiday like when they book a holiday package, plus they can make up to 10 free ATM transactions at other banks which a normal account won’t get. And also the transaction fee for the Senior Citizen account is low.
Checkout: History of banking in India
And the maximum withdrawal amount and shopping amount is also higher for the senior citizens account actually which is also good than normal accounts.
Plus the minimum they need to maintain in their account is also very much lower than any other account.