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IDFC FIRST Bank has launched an exclusive range of banking products and service for senior citizens. This initiative includes tailored accounts, fixed deposits, and a suite of value-added services that prioritize security, convenience, and financial well-being for the elderly.
Among the highlights of the new offering are the Senior Citizen Savings Account and Senior Citizen Fixed Deposits, which aim to provide superior, customized, and secure financial solutions for seniors.
Key Features of the Senior Citizens’ Banking Program:
0.5% Additional Interest on Fixed Deposits: Senior citizens can benefit from an additional 0.5% interest rate on Fixed Deposits, a significant benefit that ensures higher returns on their savings.
No Penalty for Premature FD Closure: Understanding the need for flexibility, the bank has removed penalties typically associated with the premature closure of Fixed Deposits, providing senior citizens with greater control over their investments.
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Cyber Insurance Coverage: To combat the rising tide of online fraud and cyber threats, the bank provides Rs2 lakh of cyber insurance coverage to senior citizens
Complimentary MediBuddy Health Membership: In collaboration with MediBuddy, senior customers will receive a one-year complimentary membership, offering unlimited doctor video consultations for up to 4 family members. This feature aims to promote health and wellness in the community.
Health and Wellness Benefits: The offering also includes a full-body health check-up covering over 50 parameters, along with a Rs 500 wallet balance to use for health-related expenses. Additionally, seniors can avail up to 15% discounts at network pharmacies, making healthcare more affordable.
Simplified Mutual Fund Investment: The new mobile app feature offers senior citizens access to a simplified mutual fund investment experience. These investments are carefully curated with a conservative approach, allowing seniors to adjust their risk-reward profiles according to their comfort levels.
Special Features via the IDFC FIRST Bank Mobile Banking App:
The bank has launched a ‘Senior Citizen Specials’ feature on its mobile banking app, offering an intuitive interface that simplifies banking for older adults. This feature is designed to be senior-friendly, enabling easier navigation and providing access to a range of services like bill payments, balance inquiries, fund transfers, and more.
“We want to treat our senior citizens as special and ensure they are not just financially secure but also empowered to manage their wealth with ease,” said Chinmay Dhoble, Country Head – Retail Liabilities & Branch Banking at IDFC FIRST Bank. “Our specialized package for senior citizens, including no penalty on FD closures, health benefits, cyber insurance, and a customized app, is a tribute to their immense contribution to society. We are delighted to roll out these offerings and hope they add value to their lives.”
The Senior Citizen Savings Account offered by the bank is designed to eliminate over 30 common charges typically levied on savings accounts, ensuring that senior citizens can enjoy a hassle-free and affordable banking experience.
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