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  • As per amendment in the Income Tax Rules, PAN or Aadhaar are to be mandatorily quoted for cash deposit or withdrawal aggregating to Rupees twenty lakhs or more in a FY. Please update your PAN or Aadhaar. Kindly reach out to the Bank’s contact center on 1800 10 888 or visit the nearest IDFC FIRST Bank branch for further queries.

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Senior Citizen Savings Account

Make your golden years even more special with IDFC FIRST Bank Senior Citizen Savings Account. Enjoy our rate of 7%* per annum, along with a host of benefits, just for you.Read More

Our Senior Citizen Savings Account gives you free doorstep banking, preferential rates on fixed, and recurring deposits and priority service at our branches.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%

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

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

 

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 to senior citizens


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
  • Free Personal Accident Insurance Cover of Rs. 35 lakhs and Air Accident Insurance Cover of Rs. 1 crore
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
  • Purchase Protection of up to ₹50,000
Digital Bank Account

Experience a Mobile Banking revolution

Track spends, earn rewards, check your risk profile, invest in Mutual Funds in a click, experience Google-like search, cash flow analysis

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

What is a Senior Citizen's Savings Account?

A Senior Citizen's Savings Account is a Savings Account especially for custoners above the age of 60 years.

What is the eligibility criteria for opening an IDFC FIRST Bank Senior Citizen Savings Account?

You can open an IDFC FIRST Bank Senior Citizen Savings Account if you are an Indian Citizen, residing in India and above the age of 60 years.

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

You can open an IDFC FIRST Bank Savings Account in one of the following ways:

- Simply walk in to your nearest IDFC FIRST Bank branch

- Open an online Savings Account in less than two minutes (Click here to open a Savings Account)

Did you know? IDFC FIRST Bank offers Monthly Interest Credits on Savings Account, as against quarterly interest payouts offered by most banks. Open a Savings Account online in less than 2 minutes here.

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.

What are the documents required to open an IDFC FIRST Bank Senior Citizen Savings Account?

To open a Senior Citizen Savings Account online, you only need your Aadhaar number & PAN

If you choose to open your account at your nearest branch, you will need the following:

Passport-size photograph

PAN

Identity proof such as Aadhaar Card, Passport, Voter’s Identity Card, Driving Licence, etc. 

You can check out the detailed list here.

What is a Sweep-Out facility?

The Sweep-Out facility 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 and set a limit of ₹50,000. This means, whenever your balances exceed ₹50,000, the surplus funds are transferred to a Fixed Deposit enabling you to earn higher returns on your idle funds.

What is a Sweep-In facility?

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 Despoit back to your Savings Account.

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

Let's understand how the Sweep-In facility works: A Sweep-Out FD of ₹1,00,000 was 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 to your Savings Account. Additionally, ₹50,000 will also be transferred to your Account, since that is the Sweep-Out limit you have opted for. 

What is the interest rate I would earn on my Senior Citizen Savings Account?

The interest rate on your Senior Citizen Savings Account would vary depending on the balance slab in which your Average Monthly Balance falls. You can visit this page to know more about the latest interest rates offered by IDFC FIRST Bank 

What is the frequency of interest pay-out?

Interest earned on your IDFC FIRST Bank Senior Citizen Savings Account balance is credited to your account on a monthly basis. 

We offer Monthly Interest Credits on your Average Monthly Balance, as opposed to the common practice of crediting interest on a quarterly basis by most banks.

How does the Monthly Interest Credits feature work and how will I benefit from it?

With an IDFC FIRST Bank Savings Account, experience the joy of earning Monthly Interest Credits on your Savings Account. You earn 'interest on interest' with the power of monthly compounding interest. IDFC FIRST Bank is one of the only universal banks to offer this feature, against the standard practice of crediting interest on your Savings Account every quarter.

Monthly compounding interest payout is better for you than Quarterly interest payout because when you get interest credit in Month 1, the interest for Month 2 is paid on your opening balance + interest received in Month 1 and so on. So, you earn more on your savings!

Can you afford to not have an IDFC FIRST Bank Savings Account? Open a Savings Account in just a few simple steps here. 

What is the initial pay-in amount required for opening your IDFC FIRST Bank Senior Citizen Savings Account?

The initial pay-in amount would depend on the Senior Citizen Savings Account variant you have opted for, i.e. ₹10,000 or ₹25,000. 

You can choose to open an account with higher Average Monthly Balance to earn higher interests on your savings.

What is the minimum account balance required to be maintained monthly in the IDFC FIRST Bank Senior Citizen Savings Account?

You would need to maintain the Average Monthly Balance required as per the variant of Senior Citizen Savings Account you have opted for - ₹10,000 or ₹25,000. Please click here to see the applicable Schedule of Charges.

How would the Average Monthly Balance of my IDFC FIRST Bank Senior Citizen Savings Account be calculated?

Average Monthly Balance in an account is calculated by dividing the sum of each day’s balance in the account and the number of days in the particular month

Every day, from the 1st to the end of the month, we take the balance in your Savings Account at the end of the day. We total them all up and divide by the number of days in the month. That’s it! Example: Lets consider a month of 30 days.

Account Statement Sample
Transaction Date and Time Date Transaction Details Debit  Credit  Balance (Rs.)
    Opening Balance     200,000.00
11-06-2023  11:01 6/11/2023 EMI Debit 957067 50,000.00    150,000.00
21-06-2023   13:30 6/21/2023 UPI/MOB/2359575837/UPI   50,000.00  2,00,000.00 

   

Descritpion End of day account balance (Rs.) Sum of balance (Rs.)
EOD Balance from 1st June'23 to 10th June'22 200000 200000 x 10 = 20 lakhs
EOD Balance from 11th June'23 to 20th June'22 150000 150000 x 10 = 15 lakhs
EOD Balance from 21st June'23 to 30th June'22 200000 200000 x 10 = 20 lakhs
Sum of end of day balance of all days of the month   20 lakhs + 15 lakhs + 20 lakhs = 55 lakhs
Average Monthly Balance = (Sum of end of day balance of all days of the month) / (no. of days of the month) 
= 55 lakhs / 30 days
= Rs. 1,83,333.33

   

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

With IDFC FIRST Bank Savings Account you pay Zero Charges* on 28 commonly used Savings Account services like IMPS, NEFT, RTGS, ATM transactions, Cash transactions, Cheque book issuance, SMS alerts and more. We have been offering these services for free to customers maintaining Average Monthly Balance as low as ₹10,000, for the past 4 years.

You can know more about services offered at Zero Charges here: www.idfcfirstbank.com/zerofeebanking 

Open an IDFC FIRST Bank Savings Account here.

*T&C Apply

Will I be charged any fees/penalty for non-maintenance of Average Monthly Balance in the Senior Citizen Savings Account?

Yes, 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

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?

Yes, you can add a nominee to your IDFC FIRST Bank Senior Citizen Savings Account.

How can I add a nominee to my IDFC FIRST Bank Senior Citizen Savings Account?

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

What Debit Card will I get with my IDFC FIRST Bank Savings Account?

The Debit Card you get on opening an IDFC FIRST Bank Savings Account depends on the account variant you've opted for. You can view the benefits offered with each card variant here 

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