Banks love senior citizens. Not because they care, but because they profit from their mistakes.
Don’t let this happen to your parents.
If your parents are above 60, this thread will save them money, stress, and time.
If you help your parents manage their finances, then, you don't want to miss this thread either.
Bookmark it. Share it. Use it.
Don’t let this happen to your parents.
If your parents are above 60, this thread will save them money, stress, and time.
If you help your parents manage their finances, then, you don't want to miss this thread either.
Bookmark it. Share it. Use it.
1/ Never set “auto-renew” on fixed deposits.
Sounds convenient, right? Wrong.
When you actually need the money, you’ll pay penalties to break it.
Great for the bank’s P&L.
Terrible for your parent’s pocket.
Sounds convenient, right? Wrong.
When you actually need the money, you’ll pay penalties to break it.
Great for the bank’s P&L.
Terrible for your parent’s pocket.
2/ Do KYC before reminders come.
Banks give tight timelines, and seniors may not be in the best health to run around.
Make it a routine check—less stress, no last-minute rush.
Banks give tight timelines, and seniors may not be in the best health to run around.
Make it a routine check—less stress, no last-minute rush.
3/ Keep nominees updated.
Every account.
Every FD.
Every locker.
No nominee = long legal headaches later.
Don’t leave it to chance.
Every account.
Every FD.
Every locker.
No nominee = long legal headaches later.
Don’t leave it to chance.
4/ Get yourself nominated—if they trust you.
It’s not about control, it’s about access.
So that money doesn’t get stuck in the system when it’s needed most.
It’s not about control, it’s about access.
So that money doesn’t get stuck in the system when it’s needed most.
5/ Link all your parent’s other accounts as payees.
A small setup task, but a lifesaver when you need to transfer money quickly.
A small setup task, but a lifesaver when you need to transfer money quickly.
6/ Always go to the bank prepared.
• Carry PAN + Aadhaar (originals + photocopies) + passport photos.
• Don’t depend on the local photocopier.
• And ensure parents visit their locker at least once a year.
• Set a reminder + track SMS/email alerts.
• Carry PAN + Aadhaar (originals + photocopies) + passport photos.
• Don’t depend on the local photocopier.
• And ensure parents visit their locker at least once a year.
• Set a reminder + track SMS/email alerts.
7/ Never let Relationship Managers (RMs) pitch directly to parents.
Most mis-selling happens here—insurance, mutual funds, “special schemes.”
Sit with them, explain calmly, and protect them from pressure tactics.
Safe > shiny.
Most mis-selling happens here—insurance, mutual funds, “special schemes.”
Sit with them, explain calmly, and protect them from pressure tactics.
Safe > shiny.
8/ Check ATM/debit card limits.
Seniors often forget they have a ₹20k or ₹25k daily cap.
Raise limits if needed, and enable SMS alerts so frauds don’t slip by unnoticed.
Seniors often forget they have a ₹20k or ₹25k daily cap.
Raise limits if needed, and enable SMS alerts so frauds don’t slip by unnoticed.
9/ Consolidate small balances.
Many seniors have multiple accounts across banks.
Close the unused ones—less paperwork, fewer headaches, lower fraud risk.
Lesser penalties due to MAB requirements.
Many seniors have multiple accounts across banks.
Close the unused ones—less paperwork, fewer headaches, lower fraud risk.
Lesser penalties due to MAB requirements.
10/ Enable net banking & UPI—but with care.
Do it once, set simple limits, and teach them the basics.
Sometimes less digital is safer, but having access on your side helps in emergencies.
Do it once, set simple limits, and teach them the basics.
Sometimes less digital is safer, but having access on your side helps in emergencies.
11/ Create one folder with:
•All account details
•FD receipts
•Insurance docs
•PAN/Aadhaar copies
You’ll thank yourself later when paperwork comes calling.
•All account details
•FD receipts
•Insurance docs
•PAN/Aadhaar copies
You’ll thank yourself later when paperwork comes calling.
12/ Banks thrive on our inertia.
But with a little foresight, we can protect our parents from stress and save money.
If you found this useful, share the thread—someone else’s parents will thank you. 🙏
But with a little foresight, we can protect our parents from stress and save money.
If you found this useful, share the thread—someone else’s parents will thank you. 🙏
https://x.com/jasuja/status/1956615420221231484
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