IDFC FIRST Bank has launched special products for senior citizens. These are – Senior Citizen Savings Account and Senior Citizen Fixed Deposits along with a host of other benefits. IDFC FIRST Bank has also introduced a dedicated section called ‘Senior Citizen Specials’ in its mobile banking app.
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Senior Citizen Specials is specifically designed for senior customers, offering them;
- Customised investment solutions as applicable to senior citizens’ needs based on their age.
- Additional 0.5% interest rate on fixed deposit
- No penalty on pre-mature closure of the FD investments
- Cyber Insurance Coverage of Rs 2 lakhs to protect our senior citizens from rising cyber threats as per the bank’s website,
- Complimentary one-year MediBuddy health membership with unlimited complimentary doctor video consultations for up to 4 family members as stated on the IDFC First Bank’s website
- Up to 15% discount in the network pharmacies, a full body health checkup covering 50+ parameters, and a Rs 500 wallet balance with MediBuddy.
- The mobile banking app also provides access to a simplified mutual fund investment experience, backed by innovation and research. The mutual fund scheme offered are conservative, and can be modified by the senior citizen based on their own risk-reward appetite.
Benefits of senior citizen savings account
IDFC FIRST Bank’s Senior Citizen Savings Account eliminates over 30 standard banking charges such as IMPS charges, ATM transaction charges, SMS alert charges, Debit Card Issuance changes. This makes day-to-day banking transactions more cost-effective. Along with this, the bank has waived off penalties on premature FD withdrawals, ensuring liquidity is available to senior citizens when needed.
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IDFC FIRST Bank is offering Cyber Insurance coverage exclusively for senior citizens. This insurance safeguards account holders from financial losses due to unauthorized digital transactions, including frauds such as phishing, spoofing, vishing, and other cyber threats.
Senior citizen FD interest rate
IDFC FIRST fixed deposit interest rate for senior citizens
| Tenure | FD rates for Senior Citizens w.e.f November 26, 2024 – Less than INR 3 Crores |
| 7 – 14 days | 3.50% |
| 15 – 29 days | 3.50% |
| 30 – 45 days | 3.50% |
| 46 – 90 days | 5.00% |
| 91 – 180 days | 5.00% |
| 181 days – & less than 1 year | 6.25% |
| 1 year | 7.00% |
| 1 year 1 day – 370 days | 7.75% |
| 371 days – 399 days | 8.00% |
| 400 days – 500 days | 8.40% |
| 501 days – 2 years | 7.75% |
| 2 years 1 day – 3 years | 7.30% |
| 3 years 1 day – 5 years | 7.25% |
| 5 years- 1 day – 10 years | 7.00% |
