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 deposit a fixed amount for a definite period and earn interest as per IDFC First Bank FD rates, receiving both principal and interest upon maturity. They can opt for interest payouts monthly, quarterly, or at maturity. You 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, enabling you to earn returns aligned with your investment goals.

IDFC First Bank FD Rates For Senior Citizens

Here are the IDFC Senior Citizen FD rates for various deposits with different tenures:

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

*IDFC FD interest rates for senior citizens w.e.f. September 3, 2025

IDFC First Bank FD Rates For Senior Citizens (Tax Saver Deposit)

*IDFC First Bank Senior Citizen FD rates ( Tax Saver Deposit) w.e.f. September 3, 2025

IDFC First Bank FD Rates For Senior Citizens (Green Deposit)

*IDFC FD rates for senior citizens (Green Deposits) w.e.f. July 15, 2025

How to Open an IDFC Senior Citizen FD Account?

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:

   Step 1: Download the IDFC FIRST Bank mobile banking app
   Step 2: Log in to the app
   Step 3: Provide an investment amount
   Step 4: Click on “best plan” to receive the most suitable plan
   Step 5: Click “all plans” tab to choose a plan of your liking
   Step 6: Give the required approvals
   Step 7: You shall also receive an email and SMS notification from IDFC FIRST Bank informing you about the same

   For New Customers:

   Step 1: Go to the IDFC FIRST Bank website and navigate to the Digital FD section.
   Step 2: Submit your basic KYC details and verify with OTP.
   Step 3: Choose your desired amount, tenure, interest payout option, and transfer funds to create the FD.
   Step 4: Confirm your details and pay via available services.
   Step 5: Upon payment completion, your FD will be activated, and you will start earning interest on your investment.

2. Offline Process

   For Both New and Existing Customers:

   Step 1: Visit your nearest branch with your KYC documents.
   Step 2: Get and complete the fixed deposit application form provided at the branch.
   Step 3: Submit your filled form along with required KYC documents.
   Step 4: Deposit the minimum amount using cash or a cheque.
   Step 5: The bank will issue a physical Fixed Deposit Receipt as confirmation.

Eligibility to Open an IDFC First Bank Senior Citizen FD Account

The following individuals are eligible to apply:

• Must be a resident of India
• Must be 60 years of age or older
• Must be located in India

Documents Required to Open an IDFC First Bank Senior Citizen FD Account

The following general documents are required to open an IIDFC First Bank FD senior citizen account are:

• Proof of Identity (Aadhaar Card, PAN Card, Passport, etc.)
• PAN Card
• Proof of Address (Utility bill, Aadhaar, Passport, etc.)
• Proof of Age (To get IDFC Senior Citizen FD rates)
• Passport-sized Photograph

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.

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 income tax laws. 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 FD Rates for senior citizens are 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.