Product Details
Bank Name
Karnataka Bank
Account Name
KBL Wise Senior Citizen Savings Account Advantage
Account Type
Savings
Interest Rate
Up to INR 1 Lakh: 2.75%
Above INR 1 Lakh and up to INR 10 Lakh: 2.75%
Above INR 10 Lakh and up to INR 50 Lakh: 2.75%
Above INR 50 Lakh and up to INR 100 Lakh: 3.5%
Free Debit Card
NCMC Rupay International Platinum Debit Card.
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Account Opening Fees
0
Annual Maintenance Fees
0
Minimum Account Balance
Minimum monthly average balance of Rs. 25,000
Debit Card Charges
0
NEFT Charges
Free if done through net banking/mobile banking.
IMPS Charges
Free if done through net banking/mobile banking.
Fees and Charges
KBL Wise Senior Citizen Savings Account Advantage
Special Features
HospiCash benefits of up to Rs. 30,000.
Users will get top-up health insurance cover of up to Rs. 10 lakhs.
Free NCMC Rupay International Platinum debit card.
Users will get a free MediBuddy Healthcare membership.
Eligibility Criteria
Only senior citizens are eligible to open this account.
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
Account exclusively designed for senior citizens.
HospiCash benefits of up to Rs. 30,000.
Free NCMC Rupay International Platinum debit card.
Special interest rates for fixed deposits.
Health insurance cover.
Cons
Low interest rate.
High minimum monthly average balance of Rs. 25,000 is required.
KBL Wise Senior Citizen Savings Account Advantage
The account comes loaded with a number of value add features. However, the account offers low interest rate. It can be considered by individuals who are looking for a good package of value add features.
Abhijeet Saxena
Abhijeet Saxena
Nalsar University of Law
Ex- Senior Associate, Shardul Amarchand Mangaldas, Delhi
Ex - Khaitan & Co. Bengaluru,
Ex - National Stock Exchange, Mumbai,
Ex - Argus Partners, Mumbai
Product Review
Account Opening and Procedure
How to open an Account?
To open a KBL Wise Senior Citizen Savings Account with Karnataka Bank, follow these steps:
Visit a Karnataka Bank Branch: Locate the nearest branch to your residence.
Required Documents:Proof of Identity: Aadhaar Card, PAN Card, Passport, Voter ID, Driving License
Proof of Address: Aadhaar Card, Passport, Voter ID, Driving License, Utility Bills
Age Proof: Age-related documents like a birth certificate or pensioner ID card
Photographs: Two recent passport-sized photographs
Account Opening Form: Obtain an account opening form from the bank representative and fill it out accurately.
Submit Documents and Open Account: Submit the completed form and all required documents to the bank representative. They will guide you through the account opening process.