Senior citizens in India with considerable surplus wealth are the current targets of private banks and wealth managers, the Times of India reports.

According to the news service, India's seniors, who comprise 7 per cent of the country's population, are becoming more involved in investment activities. Anindya Mitra, senior vice president for retail liabilities at HDFC Bank, was quoted as having said that a growing number of wealthy seniors are aware of new investment opportunities and are looking for products which are tailored for them.

"We have started giving special offers to senior citizens on products like demat accounts, online trading accounts, forex transactions and even on credit cards," Mr Mitra said. He added that in terms of demand deposits, seniors account for 10 per cent of the total customer base, while 33 per cent opt for fixed deposits.

K V S Manian, group head of retail liabilities at Kotak Mahindra Bank, echoed this phenomenon involving affluent seniors. "They have a larger investable surplus," he said. "They want to grow their wealth and maybe even leave behind targeted sums to their successors even after maintaining their lifestyles." According to Mr Manian, 12 per cent of their clients are senior citizens.

So far, the news service notes, the investment product of choice are fixed deposits, given their conservative nature. Reverse mortgages are also being offered, but this has yet to see demand as the inheritance and succession concepts remain ingrained among Indians.

Other banks reportedly joining the hunt for wealthy seniors include the State Bank of Travancore and Karnataka Bank.