HDFC Bank special senior citizen account: A detailed review and comparison

HDFC Bank is the country’s largest private lender. Apart from serving millions of customers, the bank also offers special banking accounts to senior citizens. Special Senior Citizen Account offers several enticing features. Notable among these are the doorstep banking facility for senior citizens above 70 years, a free rewards international debit card, and preferential rates on fixed deposits. Furthermore, the account offers free insurance benefits, which cover accidental hospitalisation, death, additional international air coverage, fire & burglary insurance, and loss of checked baggage insurance. The debit card provided is essential for availing these insurance benefits. 

Besides, the account has easy banking services like BillPay, InstaAlert, net banking, standing instructions, and mobile banking. HDFC Bank also introduced the "Senior Citizen Care FD" with an interest rate of 7.75% for terms between 5 years one day to ten years, higher than the regular FD rates.

Comparison with other Major Banks

Now let's compare the HDFC Bank Special Senior Citizen Account with similar accounts from other major banks, specifically Axis Bank's Senior Privilege Savings Account and ICICI Bank's Seniors Club Savings Account.

Axis Bank Senior Privilege Savings Account

This account also offers a number of benefits including an interest of 3-3.5% on daily balances, paid quarterly, and a higher preferential rate of 0.75% on FD/RDs. It offers discounts at various healthcare services, including up to 20% at several diagnostic centres and up to 15% at over 4,000 Apollo pharmacies. The account also provides a bill payment facility at the branch with one-time registration for 146 billers, along with preferential treatment at branches.

ICICI Bank’s Seniors Club Savings Account

The ICICI Seniors Club Savings Account requires a minimum average balance of Rs 125,000. It comes with a hospitalisation allowance of up to Rs 30,000, a dedicated branch relationship manager to address banking and investment needs, a dedicated Senior Citizen Desk at branches, and exclusive discount offers on Titanium Privilege Debit Card. Moreover, it offers a high cash withdrawal limit of Rs 100,000 per day and a transaction limit of Rs 150,000 per day, along with free unlimited access to ATMs of all banks, free unlimited cash transactions at the branch, and a complete waiver on DD/ PO charges.