IDFC FIRST Bank has introduced a range of banking services specially designed for senior citizens. These include mobile banking features, higher interest rates on fixed deposits, cyber insurance benefits, and healthcare services. In this article, we will share all the details about this exclusive new service for senior citizens.

What’s Special in the New FD Scheme?

IDFC FIRST Bank has introduced Senior Citizen Savings Account and Senior Citizen Fixed Deposit with exclusive benefits. Senior citizens will receive an additional 0.5% interest on FDs, and there will be no penalty for premature withdrawals.

Key Features of the Scheme

  • Cyber Insurance: Coverage of ₹2 lakh against online fraud.
  • Healthcare Benefits: One-year MediBuddy Health Membership with unlimited doctor video consultations for up to four family members.
  • Discounts & Health Tests: Up to 15% discount at network pharmacies, full-body health check-ups covering 50+ parameters, and a ₹500 wallet balance.
  • Easy Investment Options: Senior citizens can also invest in Mutual Funds easily.

Bank’s Initiative for Senior Citizens

Chinmay Dhoble, Country Head of Retail Liabilities and Branch Banking, stated that the initiative aims to provide a safe and user-friendly banking experience for senior citizens. The bank has also removed over 30 charges that are commonly levied on savings accounts for senior citizens.

Why Choose Fixed Deposit (FD)?

Fixed Deposit (FD) is a safe and risk-free investment option that offers guaranteed returns. Most banks provide interest rates between 3% to 8%, depending on the FD tenure. It is an ideal choice for those who prefer stable and secure returns on their investments.

Top 10 Benefits of IDFC FIRST Bank Senior Citizen Savings Account

  1. Higher FD Interest Rates – Senior citizens get 0.5% extra interest per annum on Fixed Deposits.

  2. Flexible FD Tenure – Choose deposit periods up to 10 years with monthly or quarterly interest payouts.

  3. No Penalty on Early Withdrawal – Withdraw funds anytime in emergencies without extra charges.

  4. Higher Savings Account Interest – Earn up to 7.25% p.a. on your savings balance.

  5. Monthly Interest Credit – Unlike other banks that pay interest quarterly, IDFC FIRST Bank credits it monthly for faster growth.

  6. Easy Digital Investments – Access FDs, Mutual Funds, Demat Accounts, Gold & ETFs through net banking and mobile apps.

  7. Complimentary Cyber Insurance – Get Rs 2 lakh coverage against online fraud and cyber threats.

  8. Free Health Benefits – One-year MediBuddy membership with unlimited doctor video consultations and discounts on medicines.

  9. No Hidden Charges – The bank has removed 30+ common charges on senior citizen savings accounts.

  10. Free Personal Accident Insurance – Get complimentary insurance without paperwork, medical tests, or premium payments.