Special Benefits Offered by Banks to Senior Citizens in India

Life after retirement can be peaceful. You need not worry about deadlines, meetings, etc., but at the same time, managing personal finances can be a complex matter. When you retire, you may look forward to investing in a low-risk financial asset that ensures a regular flow of income. There are many monetary benefits offered by banks these days to provide a dignified retirement life for the elderly. This article discusses the banking benefits available to senior citizens in India. 

The Senior Citizen Savings Account is a banking facility available to people who are 60 years old or more. Many banks offer nominal interest rates on Savings Accounts for senior citizens. However, the interest rate provided by AU Small Finance Bank is much higher than the Senior Citizen Savings Scheme offered by other banks. We offer higher interest rate with Monthly Interest Payout to manage your cash flow.  

When you are a retired person and no longer working, you would expect to have no interruption in income generation. To ensure that, AU Small Finance Bank offers Savings Account for senior citizens wherein you have a chance to earn higher interest rate on savings as well as avail monthly interest income facility. In addition, earn up to 0.50%* extra interest on Senior Citizens Fixed Deposits with the option of Monthly and Quarterly Interest Payout.

Now you can apply for any banking solution from the comfort of your home thanks to our AU Video Banking facility. Our Video Banking feature eliminates the need to visit our branch. You can get a branch-like experience over a video call. You can video call us & talk to our representatives about your banking needs. We also give you the flexibility to schedule the call at your convenience. This feature is easy-to-use, convenient, accessible, and secure.  

When you open a Senior Citizen Savings Account with AU Small Finance Bank, you can enjoy a flat 50% off on locker facility. You get access to a feature-rich Visa Debit Card with enhanced Insurance Cover. You can stay updated about your Savings Account by receiving time-to-time notifications from us. With AU Senior Citizen Savings Account, you don't need to worry about cash deposit limits. Apart from this, you can enjoy many special services such as extended banking hours^, minimal documentation, personalized service, etc. 

Get the best interest rates for senior citizens' accounts with AU Small Finance Bank. You can open a Senior Citizen Savings Account online via our AU Video Banking feature. It is safe with OTP - based mobile number verification, personalized security questions & AI-based facial recognition. 

To call, ensure you have an active internet connection on your device & proper light in the room. Other than this, keep a blank paper, pen, and KYC documents handy.

^Not applicable in some select locations. To know your branch timings, click here.