HDFC Bank is the largest private lender in the country. In addition to serving millions of customers, the bank also offers special bank accounts for the elderly. The senior special account offers several interesting features. These include the home banking facility for people over 70, a free international debit card and preferential rates on term deposits. In addition, the account offers free insurance benefits, which cover accidental hospitalization, death, additional international air cover, fire and burglary insurance, and loss of checked baggage insurance. The debit card provided is essential to avail of these insurance benefits.
Also, the account has simple banking services such as BillPay, InstaAlert, online banking, standing instructions, and mobile banking. HDFC Bank has also introduced the “Senior Citizen Care FD” with an interest rate of 7.75% for terms between 5 years a day and ten years, higher than regular FD rates.
Comparison with other major banks
Now let’s compare HDFC Bank’s Special Account for Seniors with similar accounts from other major banks, especially Axis Bank’s Senior Privilege Savings Account and ICICI Bank’s Seniors Club Savings Account.
Axis Bank Senior Privilege Savings Account
This account also offers a number of benefits, including 3-3.5% interest on daily balances, paid quarterly, and a higher prime rate of 0.75% on FD/RD. It offers discounts on various health services, including up to 20% at multiple diagnostic centers and up to 15% at over 4,000 Apollo pharmacies. The account also offers in-branch bill payment facility with one-time registration for 146 billers, as well as preferential treatment at branches.
ICICI Bank Seniors Club Savings Account
The ICICI Seniors Club Savings Account requires a minimum average balance of Rs 125,000. It includes a hospitalization allowance of up to Rs 30,000, a dedicated branch relations officer to support banking and investment needs, a dedicated seniors desk at branches and exclusive discount offers on the Titanium Privilege debit card. Additionally, it offers a high cash withdrawal limit of Rs 100,000 per day and a transaction limit of Rs 150,000 per day, as well as unlimited free access to ATMs of all banks, free unlimited cash transactions at the branch and full waiver on DD/PO fees.