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IDFC FIRST Bank recently launches an exclusive banking package for senior citizens.

Banking & Finance | Dated: 11 Feb 2025

On February 6, 2025, Mumbai (Maharashtra)-based IDFC FIRST Bank Limited, a subsidiary of Infrastructure Development Finance Company (IDFC) Limited, recently launched an exclusive set of banking products and services designed specifically for senior citizens.

🎯 Key Highlights:

  • - The newly launched offerings include the Senior Citizen Savings Account and Senior Citizen Fixed Deposits (FDs), designed to cater to the unique financial needs of elderly individuals.
  • - This initiative aims to provide secure, customized, and superior financial solutions tailored to meet the unique needs of this important demographic.
  • - IDFC FIRST Bank recently introduced the Senior Citizen Savings Account, eliminating over 30 charges associated with regular savings accounts. This account is tailored to meet the financial needs of senior citizens, ensuring greater convenience and cost savings.

💡 Other Important Facts:

  • (i) The bank has also launched Senior Citizen Fixed Deposits (FDs), offering an additional 0.5% interest rate compared to regular deposits. This initiative aims to provide higher returns and financial security to senior customers.
  • (ii) A new feature, Senior Citizen Specials, has been integrated into the bank’s mobile banking application. It includes customized investment solutions, cyber insurance coverage of ₹2 lakh, and a complimentary 1-year MediBuddy membership, which offers unlimited doctor video consultations for up to four family members, up to 15% discounts at network pharmacies, a full-body health checkup covering 50+ parameters, and a ₹500 wallet balance for healthcare expenses. Additionally, seniors can access a simplified mutual fund investment option backed by research to modify investments based on their risk-reward appetite.
  • (iii) To provide greater financial flexibility, IDFC FIRST Bank has also waived penalties on premature FD closures, allowing senior citizens to withdraw their funds anytime without incurring any charges.

📚 Test Your Knowledge:

Which bank recently launched an exclusive banking package designed for senior citizens?

Correct Answer: IDFC FIRST Bank

🚀 Quick Recap:

About IDFC First Bank Limited

  • MD & CEO V. Vaidyanathan
  • Headquarter : Mumbai