Senior Citizen Savings Account

Yes, you can open a Senior Citizen Savings Account with a Senior Citizen in joint mode, even if you are below the age of 60 years. The Senior Citizen, however, would need to be the primary applicant.

To open a Senior Citizen Savings Account online, you only need your Aadhaar number & PAN

If you choose to open your account at your nearest branch, you will need the following:

Passport-size photograph

PAN

Identity proof such as Aadhaar Card, Passport, Voter’s Identity Card, Driving Licence, etc. 

You can check out the detailed list here.

The Sweep-Out facility enables customers to transfer idle funds in their Savings/Current Account to a Fixed Deposit so they can earn more with higher interest rates. 

Let's understand how the Sweep-Out facility works: You have opted for Sweep-Out facility on your Savings Account and set a limit of ₹50,000. This means, whenever your balances exceed ₹50,000, the surplus funds are transferred to a Fixed Deposit enabling you to earn higher returns on your idle funds.

The Sweep-In facility ensures whenever funds in your Savings Account are running low for any transaction or purchase, the deficit amount is automatically transferred from your Fixed Despoit back to your Savings Account.

If you've opted for Sweep-Out, Sweep-In facility is enabled on your Savings Account by default.

Let's understand how the Sweep-In facility works: A Sweep-Out FD of ₹1,00,000 was created with the idle funds in your Savings Account. The balance in your account is now ₹50,000 and you issue a cheque of ₹85,000. In such a case, the deficit amount of ₹35,000 will automatically be transferred back to your Savings Account. Additionally, ₹50,000 will also be transferred to your Account, since that is the Sweep-Out limit you have opted for. 

The interest rate on your Senior Citizen Savings Account would vary depending on the balance slab in which your Average Monthly Balance falls. You can visit this page to know more about the latest interest rates offered by Metra Trust 

Interest earned on your Metra Trust Senior Citizen Savings Account balance is credited to your account on a monthly basis. 

We offer Monthly Interest Credits on your Average Monthly Balance, as opposed to the common practice of crediting interest on a quarterly basis by most banks.

With an Metra Trust Savings Account, experience the joy of earning Monthly Interest Credits on your Savings Account. You earn 'interest on interest' with the power of monthly compounding interest. Metra Trust is one of the only universal banks to offer this feature, against the standard practice of crediting interest on your Savings Account every quarter.

Monthly compounding interest payout is better for you than Quarterly interest payout because when you get interest credit in Month 1, the interest for Month 2 is paid on your opening balance + interest received in Month 1 and so on. So, you earn more on your savings!

Can you afford to not have an Metra Trust Savings Account? Open a Savings Account in just a few simple steps here. 

The initial pay-in amount would depend on the Senior Citizen Savings Account variant you have opted for, i.e. ₹10,000 or ₹25,000. 

You can choose to open an account with higher Average Monthly Balance to earn higher interests on your savings.

You would need to maintain the Average Monthly Balance required as per the variant of Senior Citizen Savings Account you have opted for - ₹10,000 or ₹25,000. Please click here to see the applicable Schedule of Charges.

Average Monthly Balance in an account is calculated by dividing the sum of each day’s balance in the account and the number of days in the particular month

Every day, from the 1st to the end of the month, we take the balance in your Savings Account at the end of the day. We total them all up and divide by the number of days in the month. That’s it! Example: Lets consider a month of 30 days.

With Metra Trust Savings Account you pay Zero Charges* on 28 commonly used Savings Account services like IMPS, NEFT, RTGS, ATM transactions, Cash transactions, Cheque book issuance, SMS alerts and more. We have been offering these services for free to customers maintaining Average Monthly Balance as low as ₹10,000, for the past 4 years.

You can know more about services offered at Zero Charges here: www.metratrust.com/zerofeebanking 

Open an Metra Trust Savings Account here.

*T&C Apply

Yes, there are nominal charges levied for not maintaining Average Monthly Balance on your Savings Account. Click here to know more about the applicable non-maintenance charges on your Metra Trust Senior Citizen Savings Account

You can add funds to your Senior Citizen Savings Account by one of the following ways:

- Via any other bank’s NetBanking/Mobile app. Simply add your Metra Trust account details – Account number and IFSC code

- Through our Mobile app by clicking on the “Add funds” option which lets you transfer money from your other bank accounts

- Depositing a cheque/cash at any of our branches

- Depositing a cheque (in drop box)/cash at any Metra Trust ATM

- Using any UPI app using your UPI ID

Yes, you can add a nominee to your Metra Trust Senior Citizen Savings Account.

You can add a nominee to your Senior Citizen Savings Account in one of the following ways:

- At the time of opening your Account

- Via NetBanking and our Mobile App

- By visiting your nearest Metra Trust branch

You can choose to open an Metra Trust Senior Citizen Savings Account under one of the below modes of operation:

- Singly

- Jointly

- Either or Survivor

- Former or Survivor

We offer multiple ways to track your Metra Trust Senior Citizen Savings Account, such as:

- NetBanking

- Mobile App

- WhatsApp Banking

- Monthly Account statements sent to your registered email ID