7 Best Savings Accounts for Senior Citizens

Money management for senior citizens is a complex matter. Post retirement, when you no longer are the earning members in your home, you will more often look to keep your entire life’s savings safe while earning moderate rate of return on that as well. Not a lot of investment instruments are suited to such a requirement that is safe and will help you earn a good return on your savings.

For senior citizens, it is advisable to deposit their lifetime savings in a savings bank account or fixed deposits, which will offer good interest rates with personalized services, overall convenience for senior citizens with offers and discounts. You can choose a savings account as it ensures safety of your money and has a substantial number of branches across the country, particularly the city you live in.

Choosing a bank with worldwide branches, which provides a savings account designed for customers above 60 years of age, will make life and banking even simpler for you if you frequent to international destinations often.

7 Best Savings Accounts for Senior Citizens – 2025

There are various banks that offer savings account for senior citizens with numerous benefits. Let us check some of the best savings account for senior citizens below:

Note: Interest rates as on November 2025. These rates may change without prior information.

RBL Senior First Savings Account

Senior citizens can manage their finances better with the RBL Senior First Savings Account that is tailor-made for the banking needs of anybody above the age of 60.

Features & Benefits

• Charge of Rs. 750 at the time of account opening is waved off
• You get the benefit of discounted brokerage charges at 0.25% on delivery instead of 0.50%
• Earn higher interest rates by opting for Gain4Sure Fixed Deposits
• Option to get savings and/or current account balance on your phone by dialling 1800 419 0610 from the registered mobile number

IndusInd Bank Indus Senior Savings Account

IndusInd Bank provides Indus Senior Savings Account to make the banking experience convenient and comfortable for their customers above 60 years of age. Indus Senior is an account having benefits and privileges especially designed for the senior citizens. There are two senior citizen savings accounts – Privilege and Maxima.

Indus Senior Privilege

Indus Senior Savings account comes with higher returns on deposits (0.5% additional) along with host of services specially crafted for all the senior citizens.

• With Indus Senior Privilege, you will get a RuPay Debit card for free, which can be used across the country at any RuPay enabled ATM or merchant
• The average monthly balance to be maintained under Indus Senior Privilege is Rs. 10,000 or Fixed Deposit of Rs. 2.5 lakh
• Customers can get higher interest on fixed deposits (0.5% additional) even with Indus Privilege account
• Customers will also get personal accident insurance of Rs. 1 lakh as part of the RuPay Debit card offer and can avail 20% discount on medical tests done at SRL Labs

Indus Senior Maxima

• With Indus Senior Maxima savings account, you will get a Platinum Debit Card for free, which comes with a limit of Rs. 2 lakh per day for shopping and purchases and a limit of Rs. 1 lakh for ATM cash withdrawals
• Customers can also avail a free add on account for family where the average monthly balance needs to be maintained across all the accounts together
• Customers can even get higher interest on fixed deposits (0.5% additional) with Indus Maxima account. One can also avail a personal accident insuranceof Rs. 1 lakh and a medical insurance up to Rs. 50,000 for fractures
• Option to avail 20% discount on medical tests done at SRL Labs

Kotak Mahindra Bank Grand Savings Account

The Kotak Mahindra Bank Grand Savings Account offers new age senior citizens multiple offers and benefits to make their life easier. Following are the features and benefits that Kotak Mahindra Bank offers for senior citizens:

Features & Benefits

• With Grand Savings Account from Kotak Mahindra Bank, you can earn up to 6% p.a. interest on your savings
• You can open a Grand Savings Account with Kotak Mahindra Bank as early as you turn 55 years of age
• Customers will get a Platinum Debit Card with Grand Savings account, which offers purchase protection up to Rs. 1 lakh for all the consumer durable goods purchased
• You can also set up AutoPay feature to pay bills directly from your account, which helps you in making timely bill payments
• You can also opt for a Kotak Aqua Credit Card with Grand Savings account, which comes with a credit limit of 80% of your term deposit value with the bank
• Overdraft facility of up to 85% on your term deposit is also available with this account.

Axis Bank Senior Privilege Savings Account

Axis Bank Senior Privilege Savings Account can be opened as soon as you turn 57 years. Check the features and benefits that Axis Bank Senior Privilege Account offers:

Features & Benefits

• The accountholder gets a personalised senior ID card for availing discount at health care centres and emergency use
• Axis Bank Senior Privilege Savings Account comes with a debit card for which you have to pay a nominal fee of Rs. 150
• You can earn a 3.5% p.a. interest with Senior Privilege Account on your savings. Also, you can earn 0.5% preferential rate on Fixed Deposits / Recurring Deposits
• With Senior Privilege account, you can start with low opening deposits like Rs. 10,000 in metros and urban centres, Rs. 5,000 in semi urban centres and Rs. 2,500 in rural centres
• You will also get one free passbook on request

HDFC Bank Senior Citizens Account

HDFC Bank Senior Citizens Account comes with free insurance benefits, lifetime free debit card and other privileges for senior citizens.

Features & Benefits

• HDFC Bank Senior Citizens Account provides you accidental hospitalisation of Rs. 50,000 per annum, which is a reimbursement cover for the first applicant
• You will also get a free Rewards International Debit Card for the first applicant with a cash withdrawal limit of Rs. 50,000 per day and a shopping limit of Rs. 2.75 lakh per day
• Accountholders can avail a merchant discount of 20% on Apollo branded products

ICICI Senior Citizen Savings Account

The account can be availed by the resident individual having a sole or a joint account, foreign national and Hindu Undivided Family (HUF) customers who are above the age of 60. ICICI Bank has a special senior citizen desk at all their branches where every customer above the age of 60 years can carry out all their banking transactions, without having to wait in queues.

Features & Benefits

• You get a complimentary personal accident insurance and purchase protection cover on your Savings Account
• Facility to invest in Senior Citizens Savings Scheme that gives you assured returns and tax benefits under Section 80C
• Money multiplier facility for a higher interest rate than savings account.

Baroda Senior Citizen Privilege Scheme

Baroda Senior Citizen Privilege Scheme offers higher rates of interest and is a safe and reliable investment option for senior citizens. The scheme includes various benefits as mentioned below:

Features & Benefits

• 3 free transactions in a month (included Financial & non-financial) on non-BOB ATMs over & above of free transaction limit of non-BOB ATMs
• Sweep facility available on request over & above Rs. 50,000 in multiple of Rs. 10,000 for 181 days & reverse sweep in multiple of Rs. 1,000
• 1st year free Visa Platinum Debit card with cash withdrawal limit up to Rs. 1 lakh and purchase limit on POS up to Rs. 2 lakh per day

Please Note: The information provided on this page may not reflect the most recent updates. For the latest details, please visit the respective bank’s official website.