IDFC FIRST Bank Senior Citizen FD Rates 2025

What is an IDFC Senior Citizen FD? 

IDFC First Bank Senior Citizen FD is a fixed deposit scheme for individuals aged 60 years and above. Senior citizens can opt for interest payouts monthly, quarterly, or at maturity. Senior citizens can begin investing with as little as ₹5,000 for Digital FDs and ₹10,000 for Offline FDs. The scheme offers fixed-income options with flexible tenures. To view the latest returns offered on IDFC First Bank Fixed Deposits, you can check the current IDFC First Bank FD rates. Let’s take a look at the current interest rates, key features, and the steps to open a Senior Citizen FD with IDFC First Bank.

Key Benefits of IDFC Bank Senior Citizen FD

IDFC First Bank offers various benefits to senior citizens, including higher interest rates and convenient account features. These include:

• Flexible Tenure Options: IDFC First Bank offers deposit tenures ranging from 7 days to 10 years, giving senior citizens the flexibility to choose a duration that suits their financial needs, whether for short-term requirements or long-term planning.
• Interest Payout Options: Senior citizens can choose to receive interest payouts monthly, quarterly, or at maturity with IDFC First Bank Fixed Deposits. This helps manage regular expenses such as medical bills or household needs, especially for those relying on a steady income stream during retirement.
• Auto-Renewal Facility: The auto-renewal feature offered by IDFC First Bank ensures that the fixed deposit is automatically renewed at maturity based on the original instructions. This is useful for senior citizens who may not visit the bank frequently or don’t use digital banking.
• Premature Withdrawal: In case of unexpected expenses or medical emergencies, senior citizens can withdraw their IDFC First Bank Fixed Deposit before maturity without paying any penalty.
• Sweep-in and Sweep-out Facility: IDFC FIRST Bank offers an auto-sweep facility for senior citizens. It links the savings account with a fixed deposit. When the balance crosses ₹75,000, the extra amount moves into a 370-day FD. This helps earn higher interest automatically. If the balance drops below the set limit, funds are transferred back from the FD. The sweep happens in ₹1,000 units using the LIFO (Last in First Out) method.

IDFC First Bank FD Interest Rates for Senior Citizens 

Here are the IDFC First Bank FD interest rates for senior citizens for various deposits with different tenures:

IDFC First Bank Senior Citizen FD Rates (Less Than ₹3 Crore)

*IDFC First Bank senior citizen FD interest rates w.e.f. June 6, 2025

IDFC First Bank Senior Citizen FD Rates (Tax Saver Deposit)

*IDFC First Bank senior citizen FD interest rates w.e.f. June 6, 2025

IDFC First Bank Senior Citizen FD Rates (Green Deposit)

*IDFC First Bank senior citizen FD interest rates w.e.f. June 6, 2025

How to Open an IDFC Senior Citizen FD?

Senior citizens can open a Fixed Deposit with IDFC FIRST Bank easily, using either online or offline methods. Here’s how:

1. Online Process

   For Existing Customers: 

   • Visit the IDFC FIRST Bank website or open the mobile app.
   • Click on “Open Fixed Deposit” or “Digital FD”.
   • Complete the quick onboarding process (including Video KYC, if applicable).
   • Choose Senior Citizen FD from the options.
   • Enter the deposit amount (minimum ₹5,000), tenure (7 days to 10 years), and interest payout preference (monthly, quarterly, or at maturity).
   • Select your funding method – net banking, UPI, or linked account.
   • Review all details and click “Create FD” to complete the process.
   • Confirmation will be sent via SMS/email, and you can track the FD in the app or website dashboard.

   For New Customers:

   • Visit the official IDFC FIRST Bank website and click on “Open Digital FD.”
   • Complete the video KYC or upload the necessary documents for identity verification.
   • Provide your deposit details such as amount, tenure, interest payout option, and nominee information.
   • Make the payment online.
   • Once done, your FD will be created, and confirmation will be sent via email or SMS.

2. Offline Process

   For Both New and Existing Customers:

   • Visit your nearest IDFC FIRST Bank branch.
   • Request the Fixed Deposit application form.
   • Fill in your details and choose the Senior Citizen FD option.
   • Select the deposit amount (minimum ₹10,000), tenure, and interest payout mode.
   • Submit the form and fund the FD via cash or cheque.
   • The bank staff will process the FD and issue an FD receipt or acknowledgement.

Taxation on IDFC Bank Senior Citizen FD Interest

Interest earned on IDFC First Bank Senior Citizen Fixed Deposits is taxable and added to your total income, taxed according to the Income Tax Act. From April 1, 2025, TDS will be deducted only if the total interest earned in a year exceeds ₹1 lakh. Senior citizens can submit Form 15H to avoid TDS if their income is below the taxable limit. Under Section 80TTB, senior citizens can claim a deduction of up to ₹50,000 on interest earned from IDFC First Bank FDs.

Key Takeaways

IDFC FIRST Bank Senior Citizen Fixed Deposits offer an additional 0.50% interest over regular FDs, with tenures ranging from 7 days to 10 years and payout options such as monthly, quarterly, or at maturity, suiting the income needs of retirees. Senior citizens can open an FD online through a simple, paperless process or by visiting a branch, based on their comfort. Customers can compare FD interest rates with those of other leading banks in India to make an informed investment decision.