Indian banks go for Granny market

Roughly about 80 million seniors in India are being persuaded by banks to avail of customised products.

India's seniors who account for 7 percent of the population are increasingly becoming an important target base for banks, as stated in a report in The Economic Times.

While term deposits have been the preferred source of savings for seniors, as banks offer 0.5 percent more for senior citizens, there is a growing interest for other schemes as well.

"We have started giving special offers to senior citizens on products like demat accounts, online trading accounts, forex transactions and even on credit cards," said Anindya Mitra, senior vice-president (retail liabilities), HDFC Bank.