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Retired or Approaching Retirement? X Reasons to Open a Kotak Grand Savings Account for Senior Citizens
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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.
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Golden years or retirement are the final innings of your life, which you must prepare for wisely to live it in a comfortable and stress-free manner. To keep your accumulated post-retirement corpus in a secure and safe place, you must consider opening an offline or online savings account for senior citizens. This is recommended owing to the crucial and unique benefits offered by such accounts. Read on to know in detail the benefits of opting for a Kotak Grand savings account for senior citizens –
Senior citizens get the benefit of preferential fixed deposit rates. Kotak Grand savings account offers a fixed deposit rate of 0.50 per cent more than the standard fixed deposit rates. So, those aged over 60 can open a Kotak Grand savings account for senior citizens and earn a 0.50 per cent additional fixed deposit rate of interest. Over the long time period, this additional rate offered on fixed deposit begins yielding higher returns owing to the power of compounding. Besides higher fixed deposit rates, the Kotak Grand savings account even offers you higher flexibility and investment personalisation features. You can select a fixed deposit tenure depending on your life goal of anywhere up to 10 years with the option to choose interest credit frequency i.e., quarterly, monthly, or yearly basis.
Note that the Kotak Grand savings account also offers Kotak ActivMoney facility. As per this facility, your additional funds parked in your bank savings account are automatically moved to a term deposit to help you earn higher returns. So, besides offering you the regular saving bank interest rate of up to 4 per cent per annum, Kotak Grand savings account with its ActivMoney facility aims to provide higher returns through fixed deposit, which is offered at 0.50 per cent higher interest rate than regular fixed deposit.
Kotak Grand savings account for senior citizens provides you with the benefit of convenient investing. There is zero need for you to get in touch with multiple investment platforms, make direct visits, or fill-out applications to get the benefit of distinct financial products. Note that by using the mobile app or net banking platform of Kotak Grand savings account, you can simply invest and access various investment options like trading and Demat account, mutual funds, ETFs (exchange-traded funds), gold, etc., in a single place.
Also, if you require additional funds instantly, you do not need to break your investments in a fixed deposit and lose out on the additional interest earnings. Instead, you can opt for the overdraft facility. Using the overdraft facility, you can get funds of up to 85 per cent of your fixed deposit.
Grand savings accounts for senior citizens offer priority service cards or first aid cards. As this card contains details linked with your health status, Kotak branches tend to prioritise your banking transactions, which eliminates the need for standing in long queues. Other benefits include a waiver on the Demat account’s annual maintenance charges for the first year, a 25 per cent discount on the locker for the first year, a Kotak reward of up to 1,500 per month on transactions through debit card, and exclusive discounts and offers on dining, shopping, entertainment, and others.
Conclusion
A Kotak Grand savings account for senior citizens is not just an account but a convenient, comfortable, and secure gateway that assures to provide higher returns through the Kotak ActivMoney facility, better discounts and offers on debit card and netbanking transactions, overdraft facility and priority access to a bank branch. So, if you are 55 years and above, ensure to open a senior citizen bank account with Kotak to leverage the exclusive benefits they have in store for you.
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