Doorstep banking for senior citizens: From cheques to cash receipts, all you need to know
Banking Facility for Senior Citizens: RBI guidelines mandate banks to give certain basic banking facilities to senior citizens of 70 years of age or above at their doorstep
Are you a senior citizen who is over 70 years of age and find it difficult to go to the bank for basic banking transactions. Well, don't worry as you can avail services to carry out your basic banking transactions at your doorstep.
As per the guidelines of the banking regulator - the Reserve Bank of India (RBI), banks will have to give those citizens who are 70 years or above, banking facility at the doorstep.
For certain basic banking transactions like cash or cheque collection, the banks will have to make arrangements for collection. The bank executive will provide you a receipt against the cheque or the cash which you want to deposit with the bank.
The bank will also have to deliver cash withdrawn from your account or demand draft drawn on your account on requests made by you. Most importantly, you can submit your KYC documents and Life Certificate to the bank sitting at your home. The RBI has also issued instructions to banks with regards to the collection of life certificates.
But to avail these services from your home, you may be charged by the bank to depending on their Board approved policy. However, banks have also been asked to provide certain other facilities to senior citizens free of charge. To know more about RBI instructions to banks on Banking Facility for Senior Citizens, visit www.rbi.org.in/seniorcitizens. You can also call on 14440 to know more on this. In case you are not satisfied with the services or want to give suggestion, you can also email at email@example.com.
The facility has been extended to the senior citizens to give them a convenient and hassle free service.
As per the RBI instructions, the banks are required to convert fully KYC compliant account into 'Senor Citizen Account' on the basis of date of birth available with the bank in their records.
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Moreover, the banks are also required to set-up dedicated counters for senior citizens in each branch to give them priority for their banking needs.
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