DBS Bank India Launches Priority Banking for Senior Citizens
DBS Bank India has introduced the 'DBS Golden Circle', a priority banking program tailored for senior citizens. This initiative is aimed at resident Indian citizens aged 60 and above, offering a suite of exclusive benefits and services designed to address the unique financial needs of the elderly.
The DBS Golden Circle program provides senior citizens with attractive interest rates on savings accounts and fixed deposits, enhanced security features, and personalized financial services. According to the India Ageing Report 2023 by the United Nations Population Fund, income insecurity is a major concern for the elderly, which this program seeks to mitigate.
Senior citizens enrolled in the DBS Golden Circle can earn up to 7% interest per annum on savings account balances between Rs 4 Lakhs and Rs 5 Lakhs. Additionally, they benefit from an enhanced interest rate of 0.50% per annum on fixed deposits with tenures ranging from 376 to 540 days.
"DBS Golden Circle is designed to make banking easier and more convenient for senior citizens, with a strong focus on trust, safety, and convenience", said Prashant Joshi, Managing Director and Head of Consumer Banking Group, DBS Bank India.
To enhance security, the program includes cyber insurance coverage up to Rs 1,00,000. Fixed deposits with a tenure of over one year do not incur penalties for premature withdrawals, and flexible interest payout options are available, including monthly, quarterly, or cumulative payouts.
Other benefits of the program include special overdraft rates against fixed deposits and loans on deposits, zero transaction fees for NEFT, RTGS, duplicate statements, unlimited free domestic ATM transactions, lifetime free debit cards, and discounts on locker rentals, providing a cost-effective and secure option for storing valuable items.
Furthermore, the DBS Golden Circle program offers a range of products from leading life insurance companies and ecosystem partners. These include curated health and wellness benefits, discounts on healthcare services, pharmacy discounts, hospicash benefits, and comprehensive annual health check-ups.