Key Benefits of Senior Citizen Savings Account

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If you are approaching 55 years of age and still using a basic savings bank account, it is high time you open a senior citizen savings account to make the most out of the benefits offered by this account. In case you are wondering what benefits you may be missing, continue reading. Discussed here are some crucial benefits offered by Kotak Grand senior citizen bank account -

Higher interest rate

Kotak Bank offers an attractive senior citizen savings account interest rate of 4 per cent per annum. You can generate higher interest returns if you opt for the fixed deposit option. This is because the fixed deposit rate for senior citizens is 0.50 per cent higher than the domestic fixed deposit rate.

With a senior citizen bank account, you even get the benefit of Kotak ActivMoney facility. This is an auto sweep-in option where a savings account balance of over a specific limit is automatically moved into a fixed deposit account offering an interest rate of up to 7 per cent. What is more, in case you are looking to get the interest returns monthly, you can opt for the monthly payout option on a fixed deposit account instead of a cumulative facility. So, you get higher flexibility and returns on investment if you open a savings account online or offline for senior citizens.

Overdraft facility

An overdraft facility is an option popular among current account variants. However, Kotak Bank offers this facility through its senior citizen savings account to help you avoid breaking your fixed deposit before maturity to meet exigencies. The overdraft facility allows you to withdraw funds from your senior citizen bank account, even if your account has no savings balance. Through the overdraft facility, you can borrow up to 85 per cent of your fixed deposit. However, note that like other credit options, the bank charges interest on opting for an overdraft facility.

Kotak rewards

With a Kotak senior savings account, you get the chance to earn higher reward points than a basic bank account. You can earn reward points of up to 1,500 through a debit card. Note that 1 Kotak reward point equals Re 0.25. You can purchase and redeem points across distinct categories like apparel, groceries, dining, hotel, shopping, etc. There are also some popular brands on which you can earn higher reward points and discounts. Note that the validity of reward points is one year from the credit date.

Priority service

With Kotak senior citizen savings bank account, you can enjoy priority treatment. This account comes with a first aid card. This is a card that contains details related to your health status. Using this card, you can prioritise your financial transactions, which removes the need to wait in long queues upon visiting your bank branch. Other advantages involve a waiver on the demat account’s maintenance fees for the first year, a discount of 25 per cent on the locker rental for the first year, and doorstep banking facilities like cash delivery and pick-up, draft/cheque delivery, etc.

Conclusion

A Kotak Grand senior citizen savings account is a comfortable, secure, and convenient product that offers higher interest returns on fixed deposits, discount deals on transactions through the account’s debit card, overdraft option and priority services. So, in the case you are approaching 55 years, make sure you open this account to make the most out of the exclusive features and benefits offered by Kotak Mahindra Bank.

Also Read About: सेविंग अकाउंट में कितना पैसा रख सकते हैं

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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.

Senior Citizen Savings Account - Key Benefits of Opening This Account