Banks & Senior Citizens
All the Senior Citizens of today, had mostly opened their bank accounts years ago when they were working.
Today, every such senior citizen assumes that now he being a senior citizen, his bank account will be a Senior Citizen account, which shall attract all the benefits applicable to Senior Citizens.
They all are assuming WRONG. This is what had happened all along :
When we senior citizens had opened the account, we all were working and some of us, possibly had more than one bank account. However, everyone had one Default Bank account, which was easy for having day to day operations, if needed, and wherein one’s salary was being deposited every month. Over the period, possibly, many such persons have closed extra bank accounts and have kept one single bank account, which is easy to operate.
When we had opened the bank account, it was with an introduction from some existing account holder of that bank. There was no other document required to be submitted for any proof of any kind.
When Mr Jaswant Singh was the Finance Minister in NDA ruled government under Mr Bajpei, he made it compulsory for every account holder to submit two recent photographs of all the account holders of every account, along with self attested photocopy of one’s PAN Card.
Then came the need for giving the details of one’s email address, which was either through filling up of a form or by login to the respective account on internet, and filling the details online. Many banks then started sending the bank statements directly to every account’s first holder’s email address.
When Mobile phones were spread on large scale, then the banks too asked for everyone’s mobile number, and the verification was done through OTPs.
Finally was the Aadhar card linking to the bank account, which in term linked the Aadhar with bank account, PAN number, email address and mobile number.
One would assume that, as both Aadhar and PAN specify the Date of Birth of the account holder, which is also registered with the bank, when one completes Sixty years of age, the said account automatically should be changed to a Senior Citizen Account.
We all are wrong.
Some months ago, I received a call from my Bank. I did NOT give any of my details on phone. But the caller just read out my details and offered me an additional bank account, which was a separate Senior Citizen account. I politely refused, and requested the caller, to convert my existing bank account to Senior Citizen account.
To my surprise, the caller politely denied the request, and told me that it is NOT possible to do so. I shall have to open a separate Senior Citizen account to get the benefits. My existing bank account shall continue, (which also has the details of my Date of Birth), but cannot be changed to a Senior Citizen account.
Strange. With technology having changed rapidly during the last decade, the banks, both PSU and Private, cannot automatically change the category of the savings bank account, (when the first account holder becomes a senior citizen) to make the existing account as Senior Citizen account.
That is my experience. If what I understand is true, then it is grossly wrong and needs to be changed immediately.
Senior Citizen Members, who have worked with banks may please throw some light on this subject. Others may please check with their banks and comment. more
Today, every such senior citizen assumes that now he being a senior citizen, his bank account will be a Senior Citizen account, which shall attract all the benefits applicable to Senior Citizens.
They all are assuming WRONG. This is what had happened all along :
When we senior citizens had opened the account, we all were working and some of us, possibly had more than one bank account. However, everyone had one Default Bank account, which was easy for having day to day operations, if needed, and wherein one’s salary was being deposited every month. Over the period, possibly, many such persons have closed extra bank accounts and have kept one single bank account, which is easy to operate.
When we had opened the bank account, it was with an introduction from some existing account holder of that bank. There was no other document required to be submitted for any proof of any kind.
When Mr Jaswant Singh was the Finance Minister in NDA ruled government under Mr Bajpei, he made it compulsory for every account holder to submit two recent photographs of all the account holders of every account, along with self attested photocopy of one’s PAN Card.
Then came the need for giving the details of one’s email address, which was either through filling up of a form or by login to the respective account on internet, and filling the details online. Many banks then started sending the bank statements directly to every account’s first holder’s email address.
When Mobile phones were spread on large scale, then the banks too asked for everyone’s mobile number, and the verification was done through OTPs.
Finally was the Aadhar card linking to the bank account, which in term linked the Aadhar with bank account, PAN number, email address and mobile number.
One would assume that, as both Aadhar and PAN specify the Date of Birth of the account holder, which is also registered with the bank, when one completes Sixty years of age, the said account automatically should be changed to a Senior Citizen Account.
We all are wrong.
Some months ago, I received a call from my Bank. I did NOT give any of my details on phone. But the caller just read out my details and offered me an additional bank account, which was a separate Senior Citizen account. I politely refused, and requested the caller, to convert my existing bank account to Senior Citizen account.
To my surprise, the caller politely denied the request, and told me that it is NOT possible to do so. I shall have to open a separate Senior Citizen account to get the benefits. My existing bank account shall continue, (which also has the details of my Date of Birth), but cannot be changed to a Senior Citizen account.
Strange. With technology having changed rapidly during the last decade, the banks, both PSU and Private, cannot automatically change the category of the savings bank account, (when the first account holder becomes a senior citizen) to make the existing account as Senior Citizen account.
That is my experience. If what I understand is true, then it is grossly wrong and needs to be changed immediately.
Senior Citizen Members, who have worked with banks may please throw some light on this subject. Others may please check with their banks and comment. more
Viewed by 23
With respect to the Hon’ble Supreme Court, I beg to differ with the decision. My opinion and I could be wrong. However….. ! A person is using a bank account for most of his life time. In such cases, he/she mostly remembers two important numbers. First, the bank account number and the second, Customer Id number, which are important to most of the online operations. In addition, there are two more numbers, which relate to the branch of the bank having the account, which are the MICR & IFSC codes are required to be remembered. Once the person completes 60 years of age, becomes a Senior citizen and retires, if he is expected to open a separate new bank account as a Senior Citizen, then it means that the Senior Citizen needs to remember new bank account number for the newly opened Senior Citizen account. The branch in which such account is opened may NOT be the branch in which the senior citizen had been holding his/her savings account. It means that two new additional numbers, the MICR & IFSC codes of the new branch will have to be remembered. In that case, there MUST be a similar action for all the MPs, who get their pensions from the government. After they complete their tenure as MPs, and are no more representatives in the parliament, THEN (repeat, only THEN) they all must open a Fresh New Bank account to claim their pensions. Or else, they shall NOT be given any pension. If all MPS could do that, then it would be fine for a senior citizen to open a separate bank account once he/she completes 60 years of age. Because then the senior citizens know that the problem they are facing are also faced by their MPs. If not, it is a Strong Offence against each and every Senior Citizen by asking him/her to open and operate one more bank account. If the senior citizens also should use less cash and more of new banking, then that MUST change. more
Dec 08
Similarly a number of times they ask for KYC forms even though submitted earlier . Efficient handling of public interface is lacking even in 2018 more
Dec 05
Since the A/c of Senior Citizen will have the Govt. benefits if any to this Account, separate A/c is needed since it can be bound to some security concerns like Aadhar number since many Banks follow the recent S.C. directions of Aadhar being not compulsory. more
Dec 01
