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
Account Opening Procedure
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.
Application Procedure
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