UPI for elders who don't want to use existing bank accounts

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Deal Cadet
rk2022

Hello All,

I am trying to ask elders in the family to start using UPI but they are hesitant on setting up with their existing bank accounts to avoid being victims of the fraud.

Any suggestions on how to get them started with limited amount say 5k or 10k so they can use for grocerries etc.

One thing I can think of is, opening a digital zero balance account, deposit limited amount and set this up for UPI. Any other alternatives without going through all this?

Thank you all!!

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Deal Cadet Deal Cadet
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What bank you are using or suggest?

Blaze Blaze
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@rk2022

My personal preference is zero balance+ low debit card charges+branch deposit facility (in case of any future need) ..

Using this as daily usage accounts in our family :-

1)ICICI - zero balance subject to online funding of 95K (check if it's still available)

2 federal / indusind.

I would not suggest PSU banks as their digital capabilities are still not upto the zero balance accounts I mentioned above.

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Blaze Blaze
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What you have mentioned is the only safest way I can think of. I'm following same.

Deal Cadet Deal Cadet
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What bank you are using or suggest?

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Helpful Helpful
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True, Very unreliable bank..!

Helpful Helpful
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NSDL Payments Bank seems more safe (for this context)

Fully Digital process

Usually allows 5k-10k max UPI per day

Charges are less compared to mainstream banks

Great as a backup account!

(I'm sure there are few cons to it too..but for a riskfree Banking, Payments Banks seems up for it)

Deal Newbie Deal Newbie
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Kotak 811 zero balance account is good too. 

Online account opening process is smooth, for KYC their agents will visit your home (if you choose physical KYC). 

Zero to minimal charges. If you only opt for virtual debit card, then no card renewal charges.


Deal Subedar Deal Subedar
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Why go to a full service bank and get hit by account maintenance charge whenever balance falls? FSBs do not like Zero balance/ Jan dhan accounts because they are not profitable

Open a dedicated Kotak 811 zero balance account online from home with video KYC. Just do not let them convert it into full account. Deposit 10K and done.

However, I would not let any elder get into UPI/PIN/APP/Smartphone hassle. Chances of fraud and other problems are pretty high simply because they are not savvy. Their money in an account inaccessible via card/app/UPI will be safe like a air-gapped computer. That added safety is worth a little inconvenience.

Deal Newbie Deal Newbie
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opena jupiter account... it has everything they can transfer few thousand when needed.

Finance Mentor Finance Mentor
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Delete 

Deal Cadet Deal Cadet
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Au digital bank is good

Deal Cadet Deal Cadet
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Visa debit card linking with g.pay. 

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