Federal Bank new savings account for seniors with insurance, lounge access

Esteem Savings Account is available for new and existing customers at all Federal Bank branches

Federal Bank has introduced a special savings account for senior citizens. The Esteem Savings Account for people aged 55 and above offers a "comprehensive package of benefits", said the lender.

 

“Today's individuals aged 55 years and above have access to abundant opportunities and possibilities. We are delighted to launch the Esteem Savings Account, a bespoke solution that caters for the needs of such individuals," said Shalini Warrier, executive director at Federal Bank.

 

Features of the savings account

 

Complimentary insurance cover: Insurance cover includes a complimentary yearly health check-up, hospital cash facility and access to a doctor-on-call service.

 

Travel convenience: The account includes two free airport lounge access passes per quarter.

 

Family benefits: Account holders can open zero-balance accounts for their spouse and two additional zero-balance accounts for their grandchildren, "promoting family financial inclusivity".

 

Cost-effective banking: The account eliminates charges on 10 commonly used banking services, including debit card issuance, NEFT, RTGS and various certificate generations.

 

Additional perks: Customers enjoy exclusive discounts on health services, utilities, and elder care, along with a 25 per cent discount on locker rent and a waived annual maintenance charge for the first year of a demat account.

 

“This innovative account offers a comprehensive suite of services and benefits, focusing on comfort, health, and financial well-being. The Esteem Savings Account represents a significant step forward in our mission to set a new standard in customer-centric banking," said Warrier.

 

The account is available at all Federal Bank branches for new and existing customers. Interested individuals can find more details at www.federalbank.co.in/esteem-savings-account.