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Step-By-Step Guide for Seniors to Open An Online Savings Account

Want to start saving for post-retirement and spend the last golden years of your life without worrying about liquidity? Then go ahead and follow this step-by-step guide for opening an online savings account.

Settle for a High Interest Rate

Consider choosing the bank that offers the highest interest rate on savings accounts. Then check how frequently the interest would be credited to your account. The best banks will credit the interest to your account every month for your convenience versus the industry norm of quarterly credits. Also, check out if the bank facilitates unlimited and free ATM transactions at any bank anywhere in the country.

Look for Additional Benefits

Wht just check the highest interest rate offered on a savings account? Also, look for extra benefits. It’s best to open your savings account in a leading bank that offers various privileges, such as:

  • Priority treatment at the bank’s branches
  • Preferential rates on recurring and fixed deposits
  • Free doorstep banking
  • A VISA classic or signature debit card carrying ₹10,000 or ₹25,000 average monthly balance
  • Option of online savings account opening
  • Free personal accident insurance cover of ₹35 lakhs
  • Access to top partner hospitals, home care services, and diagnostic centres
  • A free lifetime membership at the Indian Health Organisation that includes a free pharmacy voucher, free one-time health check-up of 61 important tests and unlimited teleconsultation

Check the Eligibility Criteria

A top bank for savings accounts sets simple eligibility criteria so that every senior citizen can open an instant bank account hassle-free. To qualify for opening the account, you just need to be:

  • An Indian citizen or resident of India
  • Above 60 years of age

So, make sure you meet the eligibility criteria. Then check whether one below age 60 can open a joint account with you in the bank.

Keep the Necessary Documents Ready

A good bank simplifies the documentation procedure for opening a savings account. See what documents are needed and prepare them in advance.

To apply for opening a savings bank account online, you may only need your:

  • Aadhaar Number
  • Form 60 or PAN number

Else if you wish to open the account with your physical presence, you can usually produce any one of these:

  • Aadhaar Card
  • PAN Card (mandatory)
  • Voter’s Identity Card (Election Card)
  • Passport
  • Valid permanent driving license with your photograph
  • Letter issued by the National Population Register showing details of your address and name
  • Job Card issued by NREGA and thereafter, duly signed by any officer of the State Government
  • Passport-sized photograph

Apply for the Savings Account

Want to open an instant savings bank account easily and from the safety of your home, considering the current situation? Then consider opening a savings account online. As a result, you need not take the trouble of visiting the bank since you can enjoy online verification of your documents. You can also get quick approval for opening the account! Else you can do it offline too as per your preference.

Make sure to follow these 5 steps to apply for a savings bank account online or offline and secure your post-retirement life!

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