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Senior Citizen Savings Account

Make your golden years even more rewarding with the IDFC FIRST Bank Senior Citizen Savings Account. Enjoy a competitive interest rate of up to 7.25% per annum, along with a wide range of exclusive benefits tailored just for you.Read More

With our Senior Citizen Savings Account, you’ll enjoy free doorstep banking, preferential rates on fixed and recurring deposits, and priority service at all our branches. Now, it's easier than ever to manage your finances — just open a Senior Citizen Savings Account and experience the convenience and special perks designed for effortless banking in your golden years.Read Less

Apply For Senior Citizen Savings Account

₹35 lakhs free personal accident insurance cover | ₹1 Cr free air accident insurance cover

Interest up to 7.25%

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Complimentary Health Benefits for 1 year with MediBuddy

  • Free unlimited online General Physician Consultation for 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 such as kidney function tests, complete blood count tests, glucose fasting (FBS) - Sodium Flouride and more
  • Wallet amount worth Rs. 500

Note: This benefit is available on new accounts opened w.e.f. 1st Jan’24
Customers will be eligible for MediBuddy subscription only post-activation of Netbanking or Mobile Banking.

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Monthly Interest Credit on your Savings Accounts

Bank online at peace with Cyber Insurance of up to Rs. 2 lakhs

  •  Be insured from 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
  • Applicable only for senior citizens


T&C
Monthly Interest Credit on your Savings Accounts

Monthly Interest Credit on your Senior Citizen Savings Accounts

  • Earn interest on interest with IDFC FIRST Bank
  • Monthly interest credits versus the industry norm of quarterly interest credit

 

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Monthly Interest Credit on your Savings Accounts
VISA Signature Platinum Card Visa Classic Debit Card

VISA Platinum Debit Card with ₹25K average monthly balance

  • Free and unlimited ATM transactions: at any bank, anywhere in India
  • Higher daily purchase limit of ₹6 lakh and higher daily ATM withdrawal limit of ₹2 lakh
  • Complimentary domestic airport lounge access, once every quarter
  • Lost card liability protection of up to ₹6 lakhs
  • Free Personal Accident Insurance Cover of Rs. 35 lakhs and Air Accident Insurance Cover of Rs. 1 crore
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VISA Signature Platinum Card Visa Classic Debit Card

VISA Classic Debit Card with ₹10K Average Monthly Balance

  • Daily ATM cash withdrawal limit of ₹1 lakh and higher purchase limit of ₹4 lakhs
  • Free and unlimited ATM transactions at any bank, anywhere in India
  • Free Personal Accident Insurance Cover of ₹5 lakhs and Air Accident Insurance Cover of ₹30 lakhs
  • Lost card liability protection of up to ₹4 lakhs
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Track spends, earn rewards, check your risk profile, invest in Mutual Funds in a click, experience Google-like search, cash flow analysis
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The free IHO health membership being offered on new account opening has been discontinued w.e.f. 9th Jan’23.

Eligibility for Senior Citizen Savings Account

Who Can Apply?

  • Indian citizens
  • Residents of India
  • Above 60 years of age

Documentation

For Digital Bank Account Opening:

  • Aadhaar number
  • PAN number

For Physical Bank Account Opening:

  • Passport-size photograph
  • If you have a PAN Card, it is mandatory to provide it while opening your account
  • Any one of the following document:

    - Aadhaar Card

    - Passport

    - Voter’s Identity Card (Election Card)

    - Permanent and valid driving license with photograph

    - Job Card issued by NREGA duly signed by an officer of the State Government

    - Letter issued by the National Population Register containing details of name and address.

Senior Citizens Account Eligibility

Fees & Charges for Senior Citizen Savings Account

Find out about our minimal and transparent fees & charges

View Fees & Charges

Senior Citizens Account Fees And Charges

FREQUENTLY ASKED QUESTIONS

How can I open my IDFC FIRST Bank Senior Citizen Savings Account?

You can open an IDFC FIRST Bank Senior Citizens Savings Account by simply walking into your nearest IDFC FIRST Bank branch. Our associates will serve you immediately, thanks to our policy of priority treatment for Senior Citizens at branches.

Can I open a Senior Citizen Savings Account in joint mode if I am below 60 years of age?

Yes, you can open a Senior Citizen Savings Account with a Senior Citizen in joint mode, even if you are below the age of 60 years. The Senior Citizen, however, would need to be the primary applicant.

How will I get my 1-year complimentary Medibuddy subscription?

Within 30 days of activating mobile banking or Netbanking, you will receive the voucher on your registered email ID. Click on the link shared on the email & input your details to redeem. It might take 48 hours to activate after you input your details. You will receive an SMS once your subscription is activated. Log in using the mobile number you used during redemption. Enjoy free & unlimited benefits for 1 year!

How does the no pre-mat charges/ no penalty on early closure of Fixed Deposits work for Senior Citizens?

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.

What is Sweep-In/Sweep-Out facility?

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.

Are there any fees & charges associated with IDFC FIRST Bank Senior Citizen 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

What are the different ways I can add money/transfer funds to my account?

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

Is nomination facility available with an IDFC FIRST Bank Senior Citizen Savings Account? How can I add a nominee?

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

What are the modes of operating my IDFC FIRST Bank Senior Citizen Savings Account?

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

What are the ways through which I can track my IDFC FIRST Bank Senior Citizen Savings Account?

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

More FAQs

Savings Account Blogs

Benefits of senior citizen bank account

FEATURED

Senior Citizen Savings Account: Features & Benefits

A senior citizen savings account offers unique benefits, like tax benefits, complimentary personal accident insurance and priority services at bank branches. IDFC FIRST Bank provides all of this and more with up to 7.25% p.a. interest, flexible investment options, Medibuddy membership, cyber insurance, and digital access to various investment products.

Team FinFIRST17 Sep 2022 • 3 mins read

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