Give debit card benefits to seniors

Most senior citizens live on their interest income from fixed deposits, which has a debit card linked to their interest accruing account. They could use or withdraw only the amount in the interest account. They do not apply for credit cards, as it is additional cost for them, and they do not need a credit card for regular monthly use.

The only hitch is that in case a senior citizen is hospitalized for an emergency, he could only utilize the money in the interest accruing account. Another hazard is that in case they wish to utilize New Year/festival season bonanza offers by dealers, such as 12/18 instalment payment for a product without any interest, they cannot use the debit card, as those bonanza interest-free offers are only for credit card users.

With the current New Year bonanza interest-free offers by dealers, banks should allow shops to accept seniors’ debit cards for such interest-free instalment offers, so that they could give some gifts, such as smartphones/computers/laptops amounting to nearly 50,000/- etc., to their teenage grand-children during the festive period; without delving into their savings accounts to pay for the full amount in one shot, which is a hassle for them.

SUMITH DE SILVA