Axis Bank's A/c for seniors: pay Rs 2,000 for a savings account

Axis bank today announced the launch of a Senior Privilege Savings Account. This new account is for ‘Seniors’ who are aged 57 years and above with a package of benefits that help them through retired life.

The banks press release said, “Senior Privilege Account holders would be attended to on priority at Axis Bank branches. The account also gives them 20-60% discount on health check-ups at over 600 diagnostic centres. Axis Bank has tied up with United Healthcare India to bring this benefit to its customers.”

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Apart for this, they will also get a senior citizen’s ID card. The account comes with a bill payment facility, where they can pay their bills at the branch with single registration.

As per the bank’s website, the quarterly service fee for the account is Rs 500. But if the consumer has a relationship of Rs 1 lakh with the bank via other bank accounts or fixed deposits the fee would be waived off.

Firstpost take: We think, if you have a Rs 1 lakh relationship with the bank, this account might work for you. But, if you don’t have that kind of cash to park in a savings account and or FD, you should stay away. The quarterly fee is too high and there are other options available out there.