Fixed Deposit Details
Bank Name
IDFC FIRST Bank
Eligibility
Senior citizens above 60 years of age.
Interest Rate
3.50 to 8.25% per annum.
Tenure
7 days to 10 years.
Fixed Deposit Type
Senior Citizens
Senior Citizens Fixed Deposits
Tax Benefits
None
Credit Ratings
CRISIL A1+
Interest Payment Frequency
Monthly, Quarterly, Annually, At maturity. Typically for fixed deposits having interest payment at maturity, compound interest is applicable and for fixed deposits having monthly interest payment, simple interest is applicable. Typically fixed deposits having a tenure of one year or less, simple interest is applicable. It is best to consult the bank officials before you book a fixed deposit.
Cummulative/Non-Cummulative
Both
Features
- This scheme is specially designed for senior citizens.
- Minimum deposit amount of Rs.10,000
- Deposits shall be eligible for a Demand Loan /overdraft facility of up to 90% of the deposit amount.
- There is no penalty for premature withdrawal.
Minimum Investment Amount
10,000
Features & Benefits
Pros
- Competitive interest rates.
- No penalty for premature withdrawal.
- Flexible interest payout options.
Cons
- No tax benefits.
- High minimum deposit requirement.
Pros & Cons
How to Open?
Online:
- Visit the IDFC First Bank website or download their mobile app.
- Navigate to the "Deposits" section and select "Fixed Deposits."
- Enter your desired amount, tenure, and interest payout option.
- Provide your basic KYC details and verify with OTP.
- Transfer funds to create the FD.
Offline:
- Visit an IDFC First Bank branch near you.
- Fill out the necessary forms and provide your KYC documents.
- Submit the required amount to open the FD.
Product Review
About this content
Public source: Original MyRupaya page
Captured 2026-11-06T10:59:57Z. Public page text has been preserved and restyled. Historical financial/product information may be outdated. Embedded widgets and forms are not copied or connected to live services.
