Banking Services for Senior Citizens in India

Overview

Since most people in this category are not aware of these facilities, we have listed out the banking services in India available to them. Banking services for senior citizens include home delivery of banking services for senior citizens, dedicated counters, cheque book facility, and auto conversion of KYC- compliant account status into senior citizen accounts.

Banking services in India already include providing a wide range of banking services for senior citizens such as cash pick up, pick up of instruments, delivery of demand drafts, cash and cheque book delivery right at the doorstep of elderly above the age of 70 years.

• As per RBI rules, counters dedicated to banking services for the elderly and specially- abled in every bank to provide services on priority to them.

• Auto conversion of fully KYC-compliant account status into senior citizen accounts can be done by a bank on the basis of the proof of date of birth in the bank’s records.

• A minimum of 25 cheque leaves a year free of cost on opening a savings account are banking services for saving the hassle of getting a cheque book. Banks are to issue cheque books to customers through a requisition slip, whenever a request is received.

• Under the Jeevan Praman scheme, as per the guidelines issued by the Government, along with the Digital Life Certificate facility, physical life certificate form can also be submitted at any branch, even non home branch by pensioners of the bank.

• As for additional services, banks are to extend special facilities to sick, old and incapacitated customers. Identification and account operation can be done through thumb or toe impression or by a mark by two independent witnesses. An authorized person can also help by withdrawing the amount on behalf of these people.

• Grievance Redressal by the banking services in India are available internally for redressing complaints about services rendered.

Managing your finances from home for an elderly is now made easier with doorstep banking services which otherwise can become very overwhelming with age. With Emoha’s Assure plan, find assistance for your banking needs and help make your old age worryfree. Read more about the Assure plan here: www.emoha.com/plans/assure

Check the current rules with your bank

Banking facilities for older customers and their rules, such as the age at which doorstep services start and any charges, are set by banks and the Reserve Bank of India, and they change. Use the list above to know what to ask for, and confirm the present terms with your own bank branch.

What to do next

• Ask the branch which services your parent qualifies for: doorstep pick-up and delivery, a senior citizens' counter, a priority queue and a senior account.
• Complete the KYC so the account is in order.
• Add a nominee to every account and deposit.
• Consider a joint account with a trusted family member and set up alerts on a shared number.
• Set a spending limit on cards and UPI.
• Keep a list of all accounts, deposits, insurance and locker details in one place that family knows about.

Stay safe from fraud

Banks never ask for PINs, passwords or OTPs on a call. Do not click on links in unknown messages, and do not let strangers help at ATMs. If your parent loses money, call the bank at once and report on the national cyber crime helpline (1930) or portal. See preventing scams and doorstep fraud and managing a parent's money safely.

When to ask a professional

For wills, power of attorney and legal access when a parent can no longer manage money, ask a lawyer; see legal basics: wills and power of attorney. A bank manager can explain account types.