Types of Banks Accounts in India

1. 10 Different Types of Bank Accounts in India

2. 1. Savings Bank Account
3. 2. Current Bank Account
4. 3. Salary Account
5. 4. Fixed Deposit Account
6. 5. Recurring Deposit Account
7. 6. Non-Resident Ordinary (NRO) Savings Accounts
8. 7. Non-Resident Ordinary (NRO) Fixed Deposit Accounts
9. 8. Non-Resident External (NRE) Savings Accounts
10. 9. Non-Resident External (NRE) Fixed Deposit Accounts
11. 10. Foreign Currency Non-Resident (FCNR) Account

10 Different Types of Bank Accounts in India

Indian banks offer multiple types of accounts for different purposes. Whether one is working,
or a student, an entrepreneur, a partnership firm, or an NRI, each one has several options to
choose from. Bank accounts vary based on purpose, frequency of transactions, and even
location. The different types of bank accounts offered by Indian banks are savings account,
current account, salary account, and NRI accounts. This article covers the different types of
bank accounts in India in detail.

1. Savings Bank Account

This is the most common type of bank account. One can open a savings account individually
or jointly by two individuals for the purpose of saving money. By depositing money in a
savings account, one can earn interest. Following are the features and benefits of a savings
account:

 The savings account pays interest in the range of 2.5% – 6% per annum to its
depositors. Check SBI savings account interest rates.
 There is no restriction on the number of times one can deposit money. Hence savings
bank accounts are highly liquid. However, there are daily limits on the number of
times and amount of withdrawal.
 The minimum balance requirement is different for different banks. Most of the banks
allow zero balance accounts.
 Savings account holders receive debit cards, ATM cards, cheque books, and
passbooks for ease of transactions. Moreover, they can also access their funds through
internet banking and mobile banking. This also makes fund transfers easy and quick.
 Depositors can set up auto-debits to pay bills and invest in mutual funds and other
securities. They can also set up auto credit to receive interest and dividends.
 All resident individuals, including minors, are eligible to open a savings account in
India.
2. Current Bank Account
The current account is a primary requirement for any entrepreneur or business with multiple
transactions in a day. A current bank account is a zero-interest account, and it usually needs a
high minimum balance requirement. Following are the features and benefits of a current
account:

 There is no limit on the number of transactions that one can do from a current
account. Moreover, the account facilitates more frequent transactions.
 Current accounts require a higher minimum balance requirement.
 All businesses, including partnership firms, companies, sole proprietorship firms,
associations, and also trusts, can open a current account.
 Banks provide overdraft facilities on current accounts. However, the overdraft facility
will operate as per the term of the banks.
 Current account holders receive cheque books, internet banking, and mobile banking
facilities for smooth transactions.
 A few current accounts also facilitate foreign currency transactions.

3. Salary Account
A salary account is a type of bank account that has to be opened as per the tie-up between the
bank and the employer. A salary account is an account where the company credits the salary
every month. Following are the features and benefits of a salary account:

 Salary accounts pay interest on the deposit amount. The interest rate varies with the
bank.
 Salary accounts do not have minimum balance requirements.
 Banks offer ATM cards, debit cards, credit cards and cheque books for salary
accounts. Moreover, banks also offer internet banking and mobile banking facility for
accessing funds in the account. All fund transfers, including NEFT, IMPS, and RTGS,
are also offered at lower rates.
 Few banks also offer overdraft facility on salary accounts.
 Payment of bills can be easily facilitated through a salary account.
 Salary account holders also receive preferential pricing for personal loans and home
loans.

4. Fixed Deposit Account

A fixed deposit is a facility that is provided by all the public and private banks in India. A
fixed deposit is a very popular investment plan among investors who wish to park their
surplus money for a predetermined interest rate and prefixed maturity.

 You can open a FD account either by logging in to your internet banking or by

visiting the nearest branch
 Banks have made it very easy and seamless for investors to invest in a fixed deposit
 The interest rate varies on the basis of the maturity period and the type of investor
(senior citizen vs other individuals). The rate of interest for a senior citizen is higher
than the interest rate for other individuals by 0.50% to 1%.
  The interest rate also varies from one bank to another. You can use Scripbox’s FD
calculator to calculate the estimated maturity amount.
 Banks provide tax saving fixed deposit accounts as well. The lock-in period for a tax
saving fixed deposit account is 5 years.
 As the name suggests, tax saving fixed deposit accounts are eligible for a tax
deduction of up to Rs 1.5 lakhs under section 80C of the Income Tax Act, 1961.

5. Recurring Deposit Account

Public and private banks in India provide recurring deposit account facility to its customers.
With a RD account, an investor can deposit a fixed amount on a fixed date to his/ her account
for a predetermined interest rate and maturity. Since the investment is made in installments it
becomes easy for an investor to create a corpus. Moreover, the power of compounding helps
earn higher returns. Use a RD calculator to find your interest and maturity amount.

 Recurring Deposit plans are designed to help people develop a habit of saving on a
regular basis.
 The minimum deposit amount varies greatly from one bank to the next. You can start
investing with as little as Rs. 1000.
 The minimum deposit time is six months, and the maximum deposit period is ten
years.
 The interest rate is the same as that offered on a Fixed Deposit. As a result, the
interest rates are higher than those offered by a savings account.
 Withdrawals made too soon are dangerous. However, depending on the bank, you
may be able to close your account before the maturity date under specific
circumstances.

NRI Bank Accounts: There are different bank accounts for residents and non-resident
Indians. For non-resident Indians, banks offer NRI accounts. Following are different types of
NRI accounts.

6. Non-Resident Ordinary (NRO) Savings Accounts

A Non-Resident Ordinary (NRO) savings account is a type of NRI account that helps in
managing the income that they earn in India. The income can be in the form of interest, rent,
dividend, etc. The deposits made in the account should only be in Indian currency. Following
are the features and benefits of an NRO account:

 NRO account is a rupee-denominated account, and all deposits are to be made in the
Indian rupee. Also, NRO accounts have a slightly higher minimum deposit
requirement.
 NRIs can open the account individually or jointly along with another NRI or Indian
resident.
 Funds in an NRO savings account cannot be repatriated abroad. Moreover, one cannot
transfer funds from NRO to the NRE account. However, they can use the money to
invest in India.
 The nomination facility is available on the NRO savings account. Moreover, the
resident power of attorney can make payments from the NRO account on behalf of the
NRI.
  An Indian regular savings account can be converted into an NRO account if the
residential status of the account holder changes. Moreover, one can convert the
account back into a regular savings account when the NRI returns back to India and
changes his/her residential status.
 The interest earned on these accounts can be repatriated abroad. Also, the interest is
taxable in India.

7. Non-Resident Ordinary (NRO) Fixed Deposit Accounts

One can invest in NRO fixed deposits through an NRO account. All NRIs, including Persons
of Indian Origin (PIO) and Overseas Indian Citizens (OCI), can invest in NRO fixed deposits.
Following are features and benefits of NRO fixed deposit accounts:

 NRIs can open the NRO fixed deposit account individually or jointly along with
another NRI or Indian resident.
 NRIs can get a higher rate of interest on NRO FDs than NRO Savings accounts. The
banks decide the interest rate for NRO fixed deposits. Also, the interest earned on
NRO fixed deposits is credited to the NRO savings account.
 The principal amount cannot be repatriated to a foreign country. However, the interest
can be repatriated to a foreign country.
 Both interest and principal amount of an NRO fixed deposit account is taxable in
India.

8. Non-Resident External (NRE) Savings Accounts

Non-Resident External (NRE) Savings Account is an account for NRIs to transfer their
foreign currency earnings to India. Following are the features and benefits of NRE savings
account:

 NRE account allows NRIs to deposit their foreign currency earnings in India.
 NRIs can open NRE savings accounts individually or jointly with another NRI.
 This account is very liquid, and all the funds can be fully repatriated abroad.
 Any interest earned on the deposits is completely tax-free in India. However, it is
taxable in the country of residence.
 Funds in the NRE Savings account can be accessed from anywhere using the internet
banking facility and international debit card.
 With an NRE Savings account, one can also invest in mutual funds and other
investments in India.
 Only eligible investors can open NRE accounts. NRIs, Indian citizens, residing in
foreign countries for studies, employment and business, Person of Indian Origin or
Overseas Citizen of India can open NRE accounts.

9. Non-Resident External (NRE) Fixed Deposit Accounts

Non-Resident External (NRE) Fixed Deposit Accounts are investment options that are
available for NRIs who earn in foreign currency. The investment in NRE FDs is made in
foreign currency and once invested, they are automatically converted into Indian currency.
Following are the features of NRE FD accounts:
  One or more NRIs can invest in Non-Resident External (NRE) Fixed Deposit
Accounts.
 The banks decide the interest on NRE FDs. Also, the interest earned is completely
tax-free in India. Moreover, the interest and investment amount are fully repatriable.
 The tenure of the FD ranges from one year to 10 years.
 The minimum investment for NRE FD is slightly higher when compared to a regular
FD.
 Nomination and auto-renewal facility is available on NRE FDs.
 Only eligible investors can open NRE FD accounts. NRIs, Indian citizens, residing in
foreign countries for studies, employment and business, Person of Indian Origin or
Overseas Citizen of India can invest in NRE FD.

10. Foreign Currency Non-Resident (FCNR) Account

Foreign Currency Non-Resident (FCNR) Account is a term deposit account that is maintained
in foreign currency. One can open this account in only one of the nine currencies allowed by
RBI. Following are the features and benefits of the FCNR account:

 FCNR(B) account is a term deposit account and not a savings account where NRI
investors can invest money. One can also transfer funds from an NRE account to an
FCNR (B) account.
 NRIs can deposit money in only one of the nine currencies. They are USD, GBP,
AUD, SGD, CAD, CHF, HKD, EUR, JPY. Also, investors have to deposit money in
the currency of NRIs country of residence.
 The interest rate on FCNR accounts varies with banks and currency of deposit. Also,
the banks pay interest only after the completion of one year of deposit. Also, the
interest earned on this account is completely tax-free in India.
 Tenure of FCNR deposits ranges from one to 5 years.
 Banks allow premature withdrawal with a penalty. Also, withdrawals can happen only
in foreign currency. Moreover, banks also offer an overdraft facility on FCNR
deposits. However, the terms of the loan vary for different banks.
 Interest and principal amount are fully repatriable, i.e., fully transferable to a foreign
country.

READ MORE:

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 Best Banks in India
1 Current account

Current bank account is opened by businessmen who have a higher number of regular
transactions with the bank. It includes deposits, withdrawals, and contra transactions. It is
also known as Demand Deposit Account.
Current account can be opened in co-operative bank and commercial bank. In current
account, amount can be deposited and withdrawn at any time without giving any notice. It
is also suitable for making payments to creditors by using cheques. Cheques received
from customers can be deposited in this account for collection.
In India, current account can be opened by depositing Rs.5000 to Rs. 25,000. The
customers are allowed to withdraw the amount with cheques, and they usually do not get
any interest. Generally, current account holders do not get any interest on their balance
lying in current account with the bank.
Current account holder get one important advantage of overdraft facility.
Features of Current Bank Account

The main features of current account are as follows:-

 Current bank accounts are operated to run a business.

 It is a non-interest bearing bank account.
 It needs a higher minimum balance to be maintained as compared to the savings
account.
 Penalty is charged if minimum balance is not maintained in the current account.
 It charges interest on the short-term funds borrowed from the bank.
 It is of a continuing nature as there is no fixed period to hold a current account.
 It does not promote saving habits with its account holders.
 Banker requires KYC (Know your Customers) norms to be completed before
opening a current account.
 The main objective of current bank account is to enable the businessmen to
conduct their business transactions smoothly.
 There is no restriction on the number and amount of deposits.
  There is also no restriction on the number and amount of withdrawals made, as
long as the current account holder has funds in his bank account.
 Generally, bank does not pay any interest on current account. Nowadays, some
banks do pay interest on current accounts.

Advantage of Current Bank Account

The advantages of current account are as follows:-

 Current account is mainly opened for businessmen such as proprietors,

partnership firms, public and private companies, trust, association of persons, etc.
that has a large number of daily banking transactions, i.e. receipts and/or
payments.
 It enables businessmen to carry out their business transactions properly and
promptly.
 The businessmen can withdraw from their current accounts without any limit,
subject to banking cash transaction tax, if any levied by the government.
 Home branch is that location where one opens his bank account. There are no
restrictions on deposits made in the current account opened in a home branch of a
bank. However, the current account holder can deposit the cash from any other
branch of a bank other than the home branch by paying a nominal charge as
applicable.
 It helps businessmen to make a direct payment to their creditors by issuing
cheques, demand-drafts or pay-orders, etc.
 It enables a bank to collect money on behalf of its customers and credits the same
in their customers' current accounts.
 It enables the current account holder to obtain overdraft (short-term borrowing)
facility.
 The creditors of the account holder can get credit-worthiness information of the
account holder through inter-bank connection.
 It facilitates the industrial progress of the country. Without its help, businessmen
would face difficulties in running their businesses.
 It has the facilities of Internet-banking and mobile-banking to carry out important
business transactions with ease and quickly.
 It also provides various other advantages (benefits) such as:
 Deposit and withdrawal of money (cash) at any location.
  Multi-location funds transfer,
 Electronic funds transfer,
 Periodical (monthly, quarterly or yearly) e-mail or download of bank statements in
various formats like '.XLS', '.TXT', '.PDF', etc.
 Support from customer care executives

2 Personal Loan
A personal loan account is a dedicated account created by a bank
or lending institution when an individual obtains a personal loan.
This account serves as a financial record and management tool
for both the borrower and the lender. When the personal loan is
approved, the loan amount is typically deposited into the personal
loan account. From there, the borrower is responsible for
repaying the loan in regular instalment over a predetermined
period.

The personal loan account statement provides a comprehensive

overview of the loan details. It includes information such as the
current outstanding balance, the amount and due date of each
installment, and the interest charged on the loan. This statement
helps the borrower keep track of their repayment progress and
enables them to plan their finances accordingly.

Additionally, the personal loan account allows the lending

institution to track the borrower's payment history and ensure
that the loan is being repaid as agreed. It serves as a reference
point for any queries or clarifications regarding the loan and
provides a record of the borrower's financial commitment.

It's essential for borrowers to review their personal loan account

statements regularly and stay informed about the terms and
conditions of their loan. In case of any questions or concerns, it is
advisable to reach out to the bank or lending institution managing
the personal loan account for assistance.
3 Fixed deposit account
A fixed deposit account, also known as a term deposit or time deposit, is a
popular financial product offered by banks and other financial institutions.
It provides individuals with a safe and reliable way to invest their money
and earn a fixed rate of interest over a predetermined period.

When you open a fixed deposit account, you deposit a specific amount of
money for a set tenure, which can range from a few months to several
years. The interest rate offered on fixed deposits is generally higher than
that of regular savings accounts, making it an attractive investment option
for individuals seeking stable returns.

One of the key advantages of a fixed deposit account is the security it

offers. Since the interest rate is fixed at the time of account opening, you
are protected from fluctuations in market rates. This makes fixed deposits
a low-risk investment choice for those who prioritize capital preservation.

The funds deposited in a fixed deposit account are typically not accessible
during the agreed-upon tenure. Withdrawing the funds before maturity
may result in penalties or a reduction in the interest rate earned. This lock-
in period helps individuals inculcate disciplined saving habits and
discourages impulsive spending.

At the end of the fixed deposit tenure, you have several options. You can
choose to renew the account for another term, allowing your investment to
continue earning interest. Alternatively, you can withdraw the funds and
utilize them as needed. Some banks may provide automatic renewal
options, making it convenient for individuals who wish to reinvest their
funds without any additional paperwork.

Fixed deposit accounts are generally considered safe investments. In many

countries, they are protected by deposit insurance schemes provided by the
government or other regulatory bodies. These schemes ensure that a
certain portion of the deposited amount is insured, providing individuals
with an added layer of financial security.

Before opening a fixed deposit account, it is essential to consider factors

such as the interest rate offered, the minimum deposit requirement, the
tenure options available, and any associated fees or penalties. Comparing
offerings from different banks will help you make an informed decision
and choose the option that best aligns with your financial goals.
In summary, a fixed deposit account is a secure and reliable investment
product that allows individuals to earn a fixed rate of interest over a
predetermined period. With its low-risk nature and guaranteed returns, it
is an appealing choice for those seeking stability and capital preservation in
their investment portfolio.

4 Saving account
A savings account is a popular financial tool that enables individuals to save and grow
their money over time. It offers a secure and convenient way to store funds while
earning interest. One of the key benefits of a savings account is its safety. Banks
typically provide deposit insurance, which means that even if the bank were to fail, your
funds would still be protected up to a certain limit. This assurance makes savings
accounts a reliable option for safeguarding your money.

In addition to security, savings accounts also offer the opportunity to earn interest on
your deposited funds. While the interest rates may not be substantial, they provide a
passive way to grow your savings over time. This feature is particularly beneficial for
individuals who are looking to accumulate funds for specific goals or long-term
financial planning.

Another advantage of savings accounts is their accessibility. You can easily access your
funds through various channels, such as in-person banking, ATMs, online transfers, or
mobile banking applications. This flexibility allows you to withdraw or transfer money
as needed, providing you with quick access to your savings whenever necessary.
However, it's important to note that some savings accounts have limitations on the
number of withdrawals or transfers you can make within a certain period to encourage
consistent saving habits.

Furthermore, savings accounts can help you establish and track financial goals.
Whether you're saving for a down payment on a house, a dream vacation, or an
emergency fund, having a separate savings account allows you to allocate funds
specifically for these purposes. Many banks offer tools and features that enable you to
set goals within your savings account, making it easier to stay motivated and disciplined
in reaching your financial objectives.

Lastly, savings accounts are crucial for building emergency funds. Life is unpredictable,
and unexpected expenses or financial emergencies can arise at any time. By regularly
setting aside a portion of your income in a savings account, you can gradually
accumulate a safety net to handle such situations. Having an emergency fund not only
provides peace of mind but also helps you avoid relying on credit or incurring debt
during challenging times.
In summary, a savings account provides a secure and accessible way to save money
while earning interest. It allows you to establish financial goals, track your progress,
and build emergency funds. With its numerous benefits, a savings account is a valuable
tool for anyone looking to save, grow their wealth, and achieve financial stability.

5 Recurring account
A recurring account, also known as a recurring deposit (RD) or a monthly savings
scheme, is a specialized type of bank account designed to facilitate regular and
systematic savings. It encourages individuals to deposit a fixed amount of money at
regular intervals, typically on a monthly basis.

One of the primary benefits of a recurring account is the promotion of systematic

savings. By committing to deposit a fixed amount regularly, individuals develop a habit
of setting aside a portion of their income for savings. This disciplined approach ensures
consistent savings and helps individuals achieve their financial goals over time.

Recurring accounts also offer flexibility in determining the deposit amount. Individuals
can choose the monthly installment that suits their financial capabilities and goals. This
flexibility allows for customization according to personal financial circumstances,
making it accessible to a wide range of individuals.

Similar to a savings account, a recurring account earns interest on the deposited funds.
The interest rates offered on recurring accounts may vary depending on the bank and
prevailing market conditions. While the interest rates may be lower compared to other
investment options, the accumulated interest over the tenure of the account can
contribute significantly to the total savings.

Recurring accounts have a fixed tenure, typically ranging from six months to ten years,
depending on the bank's offerings. At the end of the tenure, the account matures, and
the individual receives the total accumulated amount, which includes the principal
deposits and the interest earned. This provides a clear timeline for individuals to plan
and achieve their savings goals.

In addition to promoting financial discipline, recurring accounts help individuals work

towards specific savings goals. Whether it's saving for a down payment on a house, a
dream vacation, or any other future expense, the regular deposits in a recurring
account enable individuals to make steady progress towards their goals. It provides a
structured approach to savings and helps individuals stay focused and committed.

Overall, a recurring account provides individuals with a convenient and structured way
to save money regularly. It offers flexibility in deposit amounts, earns interest on
savings, and helps individuals develop financial discipline. By setting up a recurring
account, individuals can work towards achieving their financial goals over a specific
tenure, ensuring steady growth of savings and a sense of accomplishment.
6 NRI Account
NRI accounts are specialized financial accounts for Indian
citizens residing abroad. They come in three types: NRE, NRO,
and FCNR. NRE accounts are maintained in Indian rupees, fully
repatriable, and ideal for foreign earnings. NRO accounts
manage Indian income and have partial repatriability. FCNR
accounts hold foreign currency and offer full repatriability.
Opening an NRI account requires essential documents like
passport, proof of residence, visa, and an account opening form.
These accounts provide online banking, remittance services,
foreign currency exchange, and investment options in India. It's
important to understand the tax regulations associated with NRI
accounts.

NRI accounts are specialized financial accounts for Indian

citizens living abroad. They have three types: NRE, NRO, and
FCNR. NRE accounts are in Indian rupees, fully repatriable, and
suitable for foreign earnings. NRO accounts handle Indian
income and have partial repatriability. FCNR accounts hold
foreign currency and allow full repatriation. Opening an NRI
account requires documents like passport, proof of residence,
visa, and an account opening form. These accounts offer online
banking, remittance services, foreign currency exchange, and
investment options. Complying with tax regulations is important
for NRI account holders.

NRI accounts cater to Indian citizens residing abroad and come

in three types: NRE, NRO, and FCNR. NRE accounts are in
Indian rupees, fully repatriable, and suited for foreign earnings.
NRO accounts manage Indian income and have partial
repatriability. FCNR accounts hold foreign currency and provide
full repatriability. Opening an NRI account requires essential
documents like passport, proof of residence, visa, and an account
opening form. These accounts offer online banking, remittances,
foreign currency exchange, and investment opportunities in India.
Adhering to tax regulations is important for NRI account holders.

7 Joint Account
Joint Account Ownership: A joint account is a financial account
shared by two or more individuals. It offers co-ownership and
equal access to funds for all account holders. In a joint account,
each person listed on the account has the right to deposit,
withdraw, and manage the funds. This type of account is
commonly used by family members, couples, or business partners
who want to combine their financial resources and jointly manage
their finances.

Account Features and Benefits: Joint accounts provide shared

control and convenience. All account holders have the freedom to
make transactions, write checks, and use debit cards associated
with the account. It allows for collaborative management of
household expenses, joint savings goals, or shared business
finances. Joint accounts also simplify financial planning and
record-keeping, as all transactions and balances are accessible to
all account holders.

Responsibilities and Considerations: With joint accounts, all

account holders are equally responsible for the account's
obligations and liabilities. This means that any debts or
overdrafts incurred by one account holder can affect the others. It
is essential for all parties involved to maintain open
communication, trust, and a clear understanding of financial
responsibilities. Joint account holders should discuss and agree on
spending limits, transaction authorization, and any specific terms
or conditions they wish to establish to ensure smooth account
management.

8 Minor Savings Account

Account Eligibility and Ownership: Minor savings accounts are
specifically created for children and teenagers. These accounts
are typically opened by a parent or legal guardian on behalf of
the minor. The adult acts as the primary account holder, while
the minor is the beneficiary or secondary account holder. The
account is opened in the minor's name, allowing them to develop
financial awareness and learn money management skills from an
early age. As the minor reaches the legal age of majority (usually
18 or 21, depending on the jurisdiction), the account ownership
can be transferred entirely to them.

Features and Restrictions: Minor savings accounts come with

features tailored to meet the needs of young savers. These
accounts often have low or no minimum balance requirements,
and some banks may even offer higher interest rates to encourage
savings habits. Minors can deposit money into their accounts,
usually through cash deposits, transfers, or checks. However,
withdrawal restrictions may apply, requiring parental consent or
joint approval to ensure responsible spending and supervision.
Online banking and mobile banking services are also commonly
available, providing convenient access to account information and
transactions.

Financial Education and Responsibility: Minor savings accounts

serve as valuable tools for financial education. They allow minors
to learn about money management, budgeting, and the
importance of saving. Parents or guardians play an essential role
in guiding and teaching the minor about responsible financial
practices. Monitoring the account activity together can help foster
good financial habits and provide
opportunities for discussions on saving, budgeting, and setting
financial goals. As the minor grows older and gains more
financial independence, the account can serve as a foundation for
their personal finances.

9 Senior Citizen Account

Eligibility and Benefits: Senior citizen accounts are available to
individuals who meet the age criteria specified by the financial
institution. These accounts offer various benefits tailored to meet
the needs of senior citizens. The benefits may include higher
interest rates on savings deposits, reduced or waived fees for
specific banking services, and additional services catering to the
requirements of older adults. Senior citizen accounts are aimed at
providing financial security and convenience to retirees and
senior individuals.

Account Features: Senior citizen accounts often come with

specific features to make banking more accessible and user-
friendly for older adults. These features may include special
check books with larger fonts for easier reading, personalized
assistance for account management, and priority access to
customer service. Some banks also offer additional perks such as
discounts on healthcare services, travel benefits, or exclusive
offers from partner establishments.

Documentation and Requirements: To open a senior citizen

account, individuals typically need to provide age verification
documents, such as a government-issued ID or passport, to
confirm eligibility. Other standard account opening procedures,
including proof of address and identification, may also apply. It's
advisable to check with the respective bank for specific
requirements and documentation needed for opening a senior
citizen account.