HDFC Bank Senior Citizens Account

HDFC Bank offers special savings account for Senior citizens where they are given various privileges and enhanced saving facilities. This account is termed as HDFC Senior Citizens Account. The minimum balance requirement under this account is Rs 5000 in urban and semi-urban areas. The interest rates applicable are 4% per annum.

The account holders are given an EasyShop International Debit card. Senior citizens who are residents of India and fall within the age group of 60 years or above can open this account. In the case of joint account, the senior citizen should be the first applicant.

Services furnished with HDFC Senior Citizens Account

Different services such as BillPay, InstaAlert, net banking, standing instructions, mobile banking, etc. are offered to these account holders.

Features of HDFC Senior Citizens Account

  • The withdrawal limit under this account is Rs 25,000 daily.
  • The shopping limit each day is Rs 1.25 lakhs.
  • The passbook and cheque books payable at par are issued free of charge.
  • The account holder is entitled to SMS and email transaction alerts.
  • Special concessions are offered on the online trading account. In the first year, the annual maintenance charges are free of cost. Further, one can avail a discount of Rs 250 from second year onwards. Also, one can enjoy free dematerialization of physical shares for entire life. However, this is applicable only if the Demat account is linked to the customer's senior citizen account.

Benefits of HDFC Senior Citizens Account

  • One gets an Accidental hospitalisation cover of Rs 50,000 per annum.
  • Cash allowance of Rs 500 per say up to 15 days in a year is applicable for each day of hospitalisation due to an accident.
  • In the case of an online trading account, the account holder gets a preferential account opening with charges of just Rs 599.
  • Traveller's cheques are free of cost.
  • The fixed deposits can be availed at preferential rates

Fee Applicable on HDFC Senior Citizens Account

  • The minimum balance one should maintain is Rs 5000. In case the holder isn't able to do so, a charge of Rs 150 is applicable if the account holds an amount between Rs 2500 and Rs 5000, and a charge of Rs 300 if it is Rs 2500.
  • The new chequebook costs Rs 75.
  • Issuing Duplicate or ad-hoc statement costs Rs 50 in the case of branch and non-IVR phone banking and Rs 30 in the event of Net Banking or mobile banking at IVR or ATM per statement.
  • Cheque return charges due to insufficient funds are RS 350 on the first cheque returned and Rs 750 on subsequent cheques. In the case of technical reasons like design mismatch, post-dated, or date not mentioned, charges are Rs 50 applicable.
  • A fee of Rs 80 is charged in case cheques are deposited and returned unpaid.
  • Rs 400 charged annually in the case of holding statement.
  • Cancellation of cheque or DD are Rs 40; ATM card replacement is Rs 200, TIN generation for Rs 50 and TDS certificate is issued for free.