UPI for elders who don't want to use existing bank accounts
- 786
- 13
-
- Last Comment
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!!
- Sort By
What bank you are using or suggest?
Any bank except federal
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)
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.
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.
opena jupiter account... it has everything they can transfer few thousand when needed.
Delete
Au digital bank is good
Visa debit card linking with g.pay.
What bank you are using or suggest?
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.