Senior Citizen Savings Account

We do not charge Senior Citizen customers penalties on premature closure of FDs.

For example, if you book an FD for 400 days (At say 8.4%), and decide to close it earlier, say after 1 year, you will receive the FULL interest due for 1 year, say 7%, WITHOUT any 1% penalty on interest. Click here for latest FD rates.

First, let’s understand what the Sweep-Out facility is. Sweep out enables customers to transfer idle funds in their Savings/Current Account to a Fixed Deposit so they can earn more with higher interest rates. 

Let's understand how the Sweep-Out facility works: You have opted for Sweep-Out facility on your Savings Account with a threshold of ₹50,000, and a limit of ₹75,000. This means, whenever your balances touches/exceeds ₹75,000, the surplus funds in excess of ₹50,000 will be transferred to a Fixed Deposit enabling you to earn higher returns on your idle funds (Minimum Sweep out FD value is hence ₹25,000.)

If you've opted for Sweep-Out, Sweep-In facility will be enabled on your Savings Account by default.

The Sweep-In facility ensures whenever funds in your Savings Account are running low for any transaction or purchase, the deficit amount is automatically transferred from your Fixed Deposit back to your Savings Account.

Let's understand how this Sweep-In facility works: Sweep-Out FDs worth ₹1,00,000 were created with the idle funds in your Savings Account. The balance in your account is now ₹50,000 and you issue a cheque of ₹85,000. In such a case, the deficit amount of ₹35,000 will automatically be transferred back from Auto Sweep FD to your Savings Account.

If you maintain your Average Monthly Balance (AMB), you will pay ZERO Charges* on ALL commonly used Savings Account services IMPS, NEFT, RTGS, ATM transactions, Cash transactions, Cheque book issuance, SMS alerts and 29 more. However, in case you don’t maintain the required AMB, there are nominal charges levied for not maintaining Average Monthly Balance on your Savings Account. Click here to know more about the applicable non-maintenance charges on your IDFC FIRST Bank Senior Citizen Savings Account

*You can know more about services offered at Zero Charges here

You can add funds to your Senior Citizen Savings Account by one of the following ways:

- Via any other bank’s NetBanking/Mobile app. Simply add your IDFC FIRST Bank account details – Account number and IFSC code

- Through our Mobile app by clicking on the “Add funds” option which lets you transfer money from your other bank accounts

- Depositing a cheque/cash at any of our branches

- Depositing a cheque (in drop box)/cash at any IDFC first bank ATM

- Using any UPI app using your UPI ID

Yes, you can add a nominee to your Senior Citizen Savings Account in one of the following ways:

- At the time of opening your Account

- Via NetBanking and our Mobile App

- By visiting your nearest IDFC FIRST Bank branch

You can choose to open an IDFC FIRST Bank Senior Citizen Savings Account under one of the below modes of operation:

- Singly

- Jointly

- Either or Survivor

- Former or Survivor

We offer multiple ways to track your IDFC FIRST Bank Senior Citizen Savings Account, such as:

- NetBanking

- Mobile App

- WhatsApp Banking

- Monthly Account statements sent to your registered email ID

On turning 60, the customer is automatically considered a Senior Citizen in our systems, and is entitled to Senior Citizen benefits such as preferential interest rates on FD/RD, no premature closure penalty on FDs, etc. 

However the Savings Account variant is only converted to a Senior Citizens A/C on your specific request, as it is a voluntary decision. In case you want to convert your Savings A/C to a Senior Citizens Savings A/C, please contact your nearest branch or call us on 1800 10 888.