IDFC First Bank offers flexible FDs, cyber insurance and health perks for senior citizens; check details here

/ 2 min read

Under this program, the bank has introduced a dedicated feature on its Mobile Banking app called ‘Senior Citizen Specials’.

These offerings include the Senior Citizen Savings Account and Senior Citizen Fixed Deposits.
These offerings include the Senior Citizen Savings Account and Senior Citizen Fixed Deposits. | Credits: Sanjay Rawat

In today’s Reserve Bank of India (RBI) Monetary Policy Committee (MPC) meeting, Governor Sanjay Malhotra announced a reduction in the repo rate by 25bps to 6.25%, signalling a higher likelihood of interest rate cuts on bank Fixed Deposits (FDs). In response, IDFC FIRST Bank has introduced an exclusive and specialised range of banking products and services tailored to meet the distinct financial needs of senior citizens, ensuring security, convenience, and enhanced benefits for their savings and investments.

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Naveen Kukreja, Co-Founder and CEO of Paisabazaar.com says, "While the reduction in repo rate has increased the chances of rate cuts in bank FDs, the lag in the transmission of reduced repo rates to bank FDs would depend on the gap between the credit and deposit growth rates, liquidity in the banking system and other market factors. Depositors having investible surpluses for the short or medium term can consider booking FDs offering higher yields, especially those offered for longer tenures. This will allow them to earn higher FD yields during a falling interest rate regime."

Besides, IDFC FIRST Bank has unveiled an exclusive and specialised range of banking products and services specifically curated to address the unique financial requirements of the elderly members of society.

These offerings include the Senior Citizen Savings Account and Senior Citizen Fixed Deposits, reaffirming the bank’s commitment to providing superior, secured and customised financial solutions for this important customer segment.

Under this program, the bank has introduced a dedicated feature on its Mobile Banking app called ‘Senior Citizen Specials’. This feature is offered to senior citizens.

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Chinmay Dhoble, Country Head of Retail Liabilities and Branch Banking, said, “Our Senior Citizen Savings Account eliminates over 30 charges that are typically levied on savings accounts. In addition, we have put together a very special package for our senior citizens, with no premature breakage penalty on fixed deposits, health benefits, cyber insurance and a special app customised for seniors.”

These offerings include the Senior Citizen Savings Account and Senior Citizen Fixed Deposits, reaffirming the bank’s commitment to providing superior, secured and customised financial solutions for this important customer segment.

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Through such an App, senior citizens can access safe, secure, and customised investment solutions tailored to their life stage, ensuring financial stability and peace of mind. To further enhance their savings, they receive an additional 0.5% interest rate on fixed deposits (FDs), along with the flexibility of no penalty on premature FD closures.

In an era of increasing digital threats, a cyber insurance coverage of ₹2 lakhs is provided to safeguard them from online fraud. Additionally, a complimentary one-year MediBuddy health membership extends unlimited doctor video consultations for up to four family members.

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Seniors also benefit from up to a 15% discount at network pharmacies, a full-body health checkup covering over 50 parameters, and a ₹500 wallet balance for medical expenses.

Furthermore, the mobile banking app offers a seamless mutual fund investment experience, backed by innovation and research. The conservative investment options can be personalised based on an individual’s risk-reward appetite, ensuring a secure yet flexible financial future.

IDFC FIRST Bank was created by the merger of infrastructure financing Giant IDFC Bank and retail financing specialist Capital First in December 2018. Earlier, IDFC Bank launched Commercial Banking operations in 2016.

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