Senior Citizen Bank Savings Account | Interest @7%* & Schemes
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Frequently Asked Questions

Can a senior citizen open a savings account?

Yes, a senior citizen can open Grand - Savings Account which is only applicable for Indian residents of age 55 years and above.

What is the minimum balance for senior citizen savings account?

As per account variant selected

Where can I open a senior citizen account?

You can apply online for the senior citizens savings account or visit our nearest branch with all mandatory documents as listed below. 

1) Identity Proof - Driving License, Passport, Voter's ID, Aadhaar Card*
2) Addres Proof - Passport, Driving License, Voter's ID, Aadhaar Card*, Utility Bill, Bank Statement, Bank Account Passbook (Updated and no more than 3 months old)
3) Signature Proof - PAN Card, Driving License, Passport
4) Latest Passport Size Photographs
5) Please carry the original documents for verification and self-attested copies for submission.
6) PAN Card / Form 60 will still be a mandatory document for opening a Savings Account.

What is the best savings account for pensioners?

If you are looking for a pensioners savings account, then Grand - Savings Programme is the best type of savings account for the pensioners.

What documents required for senior citizen savings account?

To open a senior citizens savings account, following are the mandatory senior citizens savings account documents as listed below. 

1) Identity Proof - Driving License, Passport, Voter's ID, Aadhaar Card*
2) Addres Proof - Passport, Driving License, Voter's ID, Aadhaar Card*, Utility Bill, Bank Statement, Bank Account Passbook (Updated and no more than 3 months old)
3) Signature Proof - PAN Card, Driving License, Passport
4) Latest Passport Size Photographs
5) Please carry the original documents for verification and self-attested copies for submission.
6) PAN Card / Form 60 will still be a mandatory document for opening a Savings Account.

What is the interest rate for senior citizens savings bank account?

For a senior citizen bank account, if the daily balances in Savings Account is above Rs. 50 lakhs, it will earn 4% interest p.a. Whereas if the daily balances in Savings Accountis up to Rs. 50 lakhs, it will continue to earn 3.50% interest p.a. These interest rates are applicable for Resident Accounts only.

 

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