A Senior Citizens Savings Account is a specially designed savings account for individuals above a certain age (usually 50 years or older). It offers higher interest rates, relaxed banking facilities, and additional benefits compared to regular savings accounts.
Generally, individuals aged 50 years and above are eligible. Some banks may also allow joint accounts with a spouse or nominee.
This depends on the bank. Some banks offer zero balance accounts, while others require a nominal balance to maintain benefits.
Higher interest rates than regular savings accounts
Zero or low minimum balance requirements
Priority banking services
Insurance benefits (health, accidental, or life insurance)
Free Account Statement on request etc
Yes, most banks allow joint accounts, but at least one of the account holders must be a senior citizen.
Age proof (Citizenship, Passport, Aadhaar, or PAN card)
Recent passport-size photograph
National ID Card(NID) or just NID number
Pension or retirement proof (if required by the bank)
Yes, most banks provide a free or discounted debit card for senior citizens.
Yes, internet banking and mobile banking are available, allowing easy fund transfers, bill payments, and account management.
You can apply by visiting a bank branch with the required documents or apply online through the bank’s website.
