So now that you have reached at the age of 58 or 60, which means you must have retired or going to retire soon from your professional work commitments. Well, of course, it’s a good thing that now you will spend enough quality time with your loved ones. But no more regular income could be the biggest roadblock in your post-retirement lifestyle. Well, not anymore! That’s Right! With plenty of leading banks offering the best savings accounts for pensioners, you don’t to worry at all. These types of accounts apart from giving you the interest on your savings or pension comes with many unmatched features and privileges that will make you enjoy a stress-free post-retirement life.
So, without wasting any time further, let’s just come to the point straight by letting you know some of the best pensioners savings accounts in the post below.
List of Banks Offering Best Savings Account for Pensioners
| Bank | Account Type | Interest (in per annum) | Fee & Charges ( Non Maintenance of Minimum Average Balance ) | Minimum Quarterly/ Monthly Average Balance |
|---|---|---|---|---|
| SBI | Senior Citizens Savings Scheme | Up to 8.60% | NIL | NIL |
| ICICI | Life Plus Senior Citizens Account | Up to 7.25% | 5% of the shortfall in required MAB or Rs. 100 whichever is lower | ₹4,500 |
| Axis Bank | Pension Savings Account | Up to 4% | NIL | NIL |
| Bank of Baroda | Baroda Pensioners Savings Bank Account | Up to 4% | NIL | NIL |
| IDBI Bank | Pension Saving Account | Up to 4% | NIL | NIL |
| HDFC Bank | Pension Accounts | Up to 4% | NIL | NIL |
| PNB | PNB Pension Savings Account | Up to 4% | NIL | NIL |
| Bank of India | SB Account for Pensioners | Up to 4% | NIL | NIL |
| Kotak Mahindra Bank | Grand Savings Account | Up to 6% | ₹150-500 | ₹10,000 |
Who Can Open a Savings Account for Pensioners?
- An Indian citizen with an age of 58 or 60 years
- An employee of Central Government and Civil Ministry (under Central Government Civil Pension Scheme)
- Employees of the Armed Forces (Army, Navy, Air Force) under Defense Pension Scheme
- An Employee of a Provident Fund Organization or existing members of ‘Member of Employees’ Family Pension Scheme
How to Open a Pensioner Savings Account?
When it comes to applying for these accounts, it is absolutely easy and a hassle-free process. The pensioners can either open their savings account online or offline.
Online:
- If a pensioner chooses an online medium, he/she simply needs to visit the official website of his/her favourite bank.
- Download the form online and fill the same with the required personal details.
- Follow the simple steps coming on your screen,followed by uploading the form along with the necessary documents.
- Soon after receiving your request, the bank officials will get in touch with you for further proceedings.
Offline:
- Visit the nearest bank branch and ask for an application form
- Fill the application form and submit the same with all the required documents along with latest passport size photographs
- Submit the form to the concerned official to process your application further
- After the successful verification of the KYC, you will be notified with the news of account opening
Documents Required
- Recent passport size photographs (2/4)
- Duly filled and signed application form
- Identity Proof-PAN Card/Driving License/Passport/ Voter’s ID/ Aadhaar Card
- Address Proof-Passport,/Driving License/ Voter’s ID/ Aadhaar Card/ Utility Bill/ Bank Statement/ Bank Account Passbook (Updated and not more than 3 months old)
- Signature Proof-PAN Card,/Driving License/ Passport
- Retirement Proof
- Any other document requested by the bank
Features & Benefits
- Safety and Security of the Money
- Zero Balance Account
- Enhanced Banking Benefits
- Bank Easy with Debit Card
- Personal Accident Insurance Cover
- High ATM Withdrawal Limit
- Lost Card Liability & Purchase Protection Liability
- Transferable From One Bank/Branch to Another
Points to Ponder
- Some banks also allow you to open a joint account with your spouse only.
- No minimum balance is required to open this account. Well, which means it’s a zero balance opening account.
- An applicant needs to open his/her pensioner savings account 6 months prior to the date of retirement.