That’s why it’s important to find the best rate of interest for a savings account that suits your needs. What really makes a difference over time is the effect of compounding. This is when you earn interest on the interest that has been added to the account. There are Many Leading Banks Which are Known for Offering the Best Savings Account for Pensioners A Pensioner Savings Account Makes You Enjoy a Stress-free Post Retirement Life So now that you have reached at the age of 58 or 60.

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.

Table of Contents

Best Savings Accounts For Over 60s Love Songs

1 List of Banks Offering Best Savings Account for Pensioners
- 1.3 Documents Required

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.

Best Savings Accounts For Minors

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

Best Savings Accounts For Over 60s Fashion

Best Savings Accounts For Over 60s

Points to Ponder

Best Account For Saving Money

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.