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Savings Account for Pensioners

Central Civil Government Pensioners can now receive their pensions directly into an IDFC FIRST Bank Savings Account. Enjoy a seamless banking experience tailored to your needs with exclusive benefits designed for pensioners.Read More

Activate your pension with IDFC FIRST Bank and enjoy a hassle-free retirement with exclusive benefits tailored to your needs.Read Less

Which Savings Accounts Can Receive Pension?

• Any IDFC FIRST Bank Savings Account can be used to receive pension

• In the event of the primary pensioner’s demise, the spouse can continue to receive the Family Pension in the same account

Note:

• Accounts can only be held individually or jointly with a spouse

• Power of Attorney is not permitted

Open Bank Account Online

How to Activate Your Pension in an IDFC FIRST Bank Savings Account

If You Already Have an IDFC FIRST Bank Savings Account

  • Submit your IDFC FIRST Bank Account Number to the Head of Office of your department/ministry/office.
  • Request them to initiate pension disbursement into your IDFC FIRST Bank account.
  • Provide any additional details as requested by your Head of Office.
  • Once the Pension Payment Order (PPO) is received, IDFC FIRST Bank will credit your pension.
senior citizen

If You Don’t Have an IDFC FIRST Bank Savings Account

  • Open an account with IDFC FIRST Bank.
  • Once you receive your IDFC FIRST Bank Account Number, submit it to the Head of Office of your department/ministry/office.
  • Request them to initiate pension disbursement into your new account.
  • Provide any additional details as requested by your Head of Office.
  • Once the Pension Payment Order (PPO) is received, IDFC FIRST Bank will credit your pension.
senior citizen
If You Already Have an IDFC FIRST Bank Savings Account

If You Already Have an IDFC FIRST Bank Savings Account

  • Submit your IDFC FIRST Bank Account Number to the Head of Office of your department/ministry/office.
  • Request them to initiate pension disbursement into your IDFC FIRST Bank account.
  • Provide any additional details as requested by your Head of Office.
  • Once the Pension Payment Order (PPO) is received, IDFC FIRST Bank will credit your pension.
If You Don’t Have an IDFC FIRST Bank Savings Account

If You Don’t Have an IDFC FIRST Bank Savings Account

  • Open an account with IDFC FIRST Bank.
  • Once you receive your IDFC FIRST Bank Account Number, submit it to the Head of Office of your department/ministry/office.
  • Request them to initiate pension disbursement into your new account.
  • Provide any additional details as requested by your Head of Office.
  • Once the Pension Payment Order (PPO) is received, IDFC FIRST Bank will credit your pension.

IDFC FIRST Bank Savings Account Benefits for Pensioners

When you receive your pension in an IDFC FIRST Bank Savings Account, you enjoy:
Zero Average Monthly Balance (AMB)

Withdraw funds freely from your account without worrying about maintaining a minimum balance, as long as your pension is credited monthly to the account.

Zero Charges on all Savings Account Services

Enjoy zero charges on all savings account services, including IMPS, NEFT, RTGS transactions, ATM withdrawals, cash deposits, and more!

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High Interest Rates

Earn some of the highest interest rates in the industry with up to 7.00% p.a. on your savings, depending on your account balance. 

Monthly Interest Credits

When you receive interest payouts monthly, you grow your savings faster with the power of compounding—earning interest on your interest!

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Senior Citizen Savings Account

In addition to the above benefits, the following benefits can be enjoyed with Senior Citizen Savings Account
 

• Prioritize your health with a complimentary 1-year MediBuddy membership

• Complimentary Cyber Insurance cover of Rs. ₹2 lakhs for safe & secure online banking

• Enjoy an additional 0.5% interest rate on Fixed Deposits (FDs).

• No pre-closure charges if you close your FD/RD before maturity.

• Free Doorstep Banking & Priority Treatment at Branches

Know More
Open Bank Account Online

Eligibility

Who Can Apply?

The following Central Civil Government veterans can receive their pensions in an IDFC FIRST Bank Savings Account:

  • 53 Central Ministries including Corporate Affairs, Education, Finance, Tourism, and more.

  • 48 Central Departments including Commerce, Expenditure, Revenue, and others.

  • High Court (HC) & Supreme Court (SC) Judges

  • Members of Parliament

  • IAS, IPS, IFS, IRS, ICAS Officials

  • 2 Independent Departments Including Atomic Energy, Space.

    Note: Defence, Telecom, Railway & Postal employees not included

Learn about the updated eligibility criteria for opening a Savings Account

FREQUENTLY ASKED QUESTIONS

How can I receive a pension in my IDFC FIRST Bank Account?

If You Already Have an IDFC FIRST Bank Savings Account:

  1. Submit your IDFC FIRST Bank Account Number to the Head of Office of your department/ministry/office.
  2. Request them to initiate pension disbursement into your IDFC FIRST Bank account.
  3. Provide any additional details as requested by your Head of Office.
  4. Once the Pension Payment Order (PPO) is received, IDFC FIRST Bank will credit your pension.

If You Don’t Have an IDFC FIRST Bank Savings Account:

  1. Open an account online with IDFC FIRST Bank.
  2. Once you receive your IDFC FIRST Bank Account Number, submit it to the Head of Office of your department/ministry/office.
  3. Request them to initiate pension disbursement into your new account.
  4. Provide any additional details as requested by your Head of Office.
  5. Once the Pension Payment Order (PPO) is received, IDFC FIRST Bank will credit your pension.

Am I eligible to receive a pension in my IDFC FIRST Bank Savings Account?

The following Central Civil Government veterans can receive their pensions in an IDFC FIRST Bank Savings Account:
• 53 Central Ministries including Corporate Affairs, Education, Finance, Tourism, and more
• 48 Central Departments including Commerce, Expenditure, Revenue, and others
• High Court (HC) & Supreme Court (SC) Judges
• Members of Parliament
• IAS, IPS, IFS, IRS, ICAS Officials
• 2 Independent Departments including Atomic Energy, Space
Note: Defence, Telecom, Railway & Postal employees are not included.

Who can I keep as a joint holder in my pension account?

Accounts can only be held individually or jointly with a spouse. Power of Attorney is not permitted.

If I already have an IDFC FIRST Bank Savings Account, do I need to open a new account to receive my pension?

No, you do not need to open a new account. Instead, follow these steps:

  1. Submit your IDFC FIRST Bank Account Number to the Head of Office of your department/ministry/office.
  2. Request them to initiate pension disbursement into your IDFC FIRST Bank account.
  3. Provide any additional details as requested by your Head of Office.
  4. Once the Pension Payment Order (PPO) is received, IDFC FIRST Bank will credit your pension.

What if I am already receiving my pension in another bank – is it possible to switch the pension to IDFC FIRST Bank? If yes, how?

Yes, it is a very easy process:

  1. Open an account online with IDFC FIRST Bank.
  2. Once you receive your IDFC FIRST Bank Account Number, submit it to the Head of Office of your department/ministry/office.
  3. Request them to initiate pension disbursement into your new account.
  4. Provide any additional details as requested by your Head of Office.
  5. Once the Pension Payment Order (PPO) is received, IDFC FIRST Bank will credit your pension.

Why should I switch my pension to IDFC FIRST Bank?

Enjoy the following benefits by switching your pension to IDFC FIRST Bank:

a) Monthly Interest Credit:
When you need to pay bills, EMIs, or rent monthly, why should you not earn savings interest monthly? Enjoy monthly interest credits on your pension with the power of compounding.

b) Zero Fee Banking:
We don’t charge you, even when you are not looking. ZERO FEE Banking is peace-of-mind banking. Enjoy zero-fee banking on all savings account services like NEFT/RTGS/IMPS, ATM transactions, and many more.

c) Attractive Interest Rate:
In your golden years, enjoy a 0.5% preferential interest rate on FDs and higher interest rates of up to 7% on savings account p.a.

d) Cyber Insurance of up to Rs. 2 lakhs:
No more fear of online banking. Enjoy complimentary cyber insurance cover of Rs. 2 lakhs.

  • • Insurance against theft of funds due to unauthorized digital transactions in your account such as phishing, spoofing, vishing, etc.
  • • Covers financial losses due to identity theft arising from the misuse of your personal information on the internet by a third party.
     

e) FREE MediBuddy Subscription – 1 year:
Your health is important to us. Enjoy 1-year complimentary health benefits with MediBuddy membership.

  • • Unlimited online general physician consultation for the complete family (up to 4 people)
  • • Special discounts across network pharmacies up to 15% on all medicine orders
  • • Free full-body health checkup covering 50+ parameters for the primary holder
  • • Wallet amount worth Rs. 500
     

f) Free Doorstep Banking:
Bank from the comfort of your home. Here are some of the many doorstep services that are offered:

  • • Cheque pick-up
  • • Cash pick-up
  • • Cash delivery
  • • Document pick-up
     

g) Priority Treatment at Branches:
No more hassles of standing in long queues – enjoy priority treatment at our branches.

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