IDFC FIRST Bank has introduced a specialised range of banking products and services tailored for senior citizens, reaffirming its commitment to offering secure, customised, and superior financial solutions for this important customer segment.
The newly launched offerings include the Senior Citizen Savings Account and Senior Citizen Fixed Deposits, designed to cater to the unique financial needs of elderly individuals. As part of this initiative, the bank has also introduced a dedicated feature on its Mobile Banking App called ‘Senior Citizen Specials’, providing exclusive benefits such as:
- Safe, secure, and customised investment solutions based on senior citizens’ life-stage needs.
- Additional 0.5% interest rate on fixed deposits.
- No penalty on premature closure of fixed deposits.
- Cyber Insurance Coverage of ₹2 lakhs to protect against rising cyber threats.
- Complimentary one-year MediBuddy health membership, offering unlimited doctor video consultations for up to four family members.
- Up to 15% discount at network pharmacies, a full-body health checkup covering 50+ parameters, and a ₹500 wallet balance for healthcare expenses.
- A simplified mutual fund investment experience, backed by research and innovation, allowing senior citizens to tailor investments according to their risk appetite.
Commenting on the Bank’s offerings for Senior Citizens, Chinmay Dhoble, Country Head – Retail Liabilities & Branch Banking said, “We want to treat our Senior Citizens special and we are happy to announce specialised and innovative offerings for Senior Citizens.
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Our Senior Citizen Savings Account eliminates over 30 charges that are typically levied on savings accounts. In addition, we have put together a very special package for our esteemed senior citizens, with no premature breakage penalty on fixed deposits, health benefits, cyber insurance and a special app customised for seniors. We hope this is liked by our seniors and this will be a tribute for their contribution to us.”
