IDFC FIRST Bank FD Rates for Senior Citizens 2025

What is an IDFC Senior Citizen FD? 

IDFC FIRST Bank Senior Citizen FD is a fixed deposit scheme for individuals aged 60 and above, offering a variety of benefits. The scheme provides flexibility with minimum investment amounts of just ₹5,000 for digital FDs and ₹10,000 for offline ones. 

Senior citizens can opt for a regular income stream by choosing monthly or quarterly interest payouts, or they can select the cumulative option to receive all interest at maturity. This fixed-income product features competitive FD interest rates and offers a range of flexible tenures to suit diverse financial goals.

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.
• No Penalty on Early Withdrawal: IDFC FIRST Bank offers senior citizens easy access to their funds for emergencies or other unforeseen expenses, ensuring liquidity without the loss of interest that typically comes with early withdrawals at most other banks.

IDFC First Bank FD Interest Rates for Senior Citizens 

Here are the IDFC First Bank FD 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. September 03, 2025

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

*IDFC First Bank senior citizen FD interest rates w.e.f. September 03, 2025

IDFC First Bank Senior Citizen FD Rates (Green Deposit)

*IDFC First Bank senior citizen FD interest rates w.e.f. July 15, 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

A tax-saving fixed deposit (FD) is a special type of FD that helps you reduce your taxable income. Under Section 80C of the Income Tax Act, you can get a tax deduction on the amount you invest, up to a maximum of ₹1.5 lakh per financial year. However, this comes with a mandatory 5-year lock-in period, meaning you cannot withdraw the money before it matures.

TDS is charged at a rate of 10% on your interest income if the total interest earned in a financial year from a single bank exceeds ₹50,000 for regular citizens and ₹1,00,000 for senior citizens. If you do not provide your PAN information to the bank, the TDS rate increases to 20%, regardless of the interest amount.

Key Takeaways

IDFC Senior Citizen FD rates 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, with no penalty for early withdrawal, an auto-renewal facility, and flexible tenures. Customers can compare FD interest rates with those of other leading banks in India to make an informed investment decision.