With digital banking on the rise, many financial institution savings account holders go-to financial institution branches in recent times. However, no longer many senior citizens may be well-versed with the era and may still decide to create a go-to bank branch for their banking needs. RBI had asked all the banks to put positive critical matters in the vicinity for the benefit of the senior citizens and the differently-abled, such as visually impaired individuals.

Most banks have a separate financial institution account for senior residents with a host of capabilities for ease of operation of the financial savings financial institution account and top-quality returns on their price range. Also, banks have to mechanically convert KYC-compliant accounts into a ‘senior citizen account’ based on the date of beginning to be held with the financial institution. For those who are above 70 years, there are certain primary banking transactions that they’ll utilize, even domestically.

Doorstep banking

As a senior citizen, one may additionally publish the KYC documents and Life Certificate to the bank sitting at domestic. The financial institution may additionally charge for the service, depending on its Board-accredited policy. However, banks have additionally been asked to provide positive different centers to senior residents free of charge.

Given the difficulties faced by senior citizens of more than 70 years of age and otherwise-abled or infirm persons (having medically licensed persistent infection or incapacity), including visually impaired people, banks are recommended to make a concerted attempt to provide fundamental banking facilities, which include choosing up of coins and units towards receipt, delivery of cash in opposition to withdrawal from the account, transport of demand drafts, submission of Know Your Customer (KYC) documents and Life certificate at the residence of such account holders, the banks had been requested by the RBI to offer doorstep banking to them.

Seniors go to the department.

Still, if a pensioner desires to go to the branch, they may even put up the physical Life Certificate form at any branch of the pension paying bank. The banks were asked through the RBI that they ought to make certain that after a Life Certificate is submitted in any department, inclusive of a non-domestic department, of the pension paying financial institution, the same is updated and uploaded promptly in Core Banking Solution (CBS) by way of the receiving branch itself, to avoid any delay in credit score of pension.