New Savings Accounts: HDFC Bank on Monday (August 3) announced the launch of two new savings account variants, Max for Seniors\u2019 and \u2018Max for Her\u2019, aimed at catering to senior citizens and women customers.<\/p>\n
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The new offerings are part of the bank\u2019s Savings Max account suite and include features such as cyber fraud protection, insurance benefits, doorstep banking and auto sweep facility for surplus savings, among others.<\/p>\n
The \u2018Max for Seniors\u2019 account offers benefits including cyber insurance cover of up to \u20b925,000, an additional 0.5% interest on fixed deposits, doorstep banking services, airport lounge access and debit card-linked accidental death cover of up to \u20b93.19 crore, subject to applicable terms and conditions.<\/p>\n
The \u2018Max for Her\u2019 account includes benefits such as complimentary health check-ups, lifestyle vouchers, airport lounge access, auto sweep facility and accidental death insurance cover of up to \u20b910 lakh, along with other features.<\/p>\n
HDFC Bank said the new variants are aimed at addressing the banking requirements of specific customer segments. The move comes amid rising focus among banks on customised savings products for different customer groups.<\/p>\n
According to government data cited by the bank, India\u2019s senior citizen population is projected to reach around 230 million by 2036, accounting for nearly 15% of the population. Women currently hold around 39.2% of bank accounts and contribute nearly 39.7% of total deposits.<\/p>\n
Ashish Parthasarthy, Group Head \u2013 Branch Banking, Payments, Treasury, Liability Products, Marketing, Virtual Channels and Infrastructure, HDFC Bank, said the products were designed to address changing customer expectations through tailored banking solutions.<\/p>\n
The bank also said customers under its premium savings suite for senior citizens and women would get additional benefits, including enhanced cyber cover and lifestyle privileges.<\/p>\n