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Senior Citizens Fixed Deposit Interest Rates in IDBI Bank

Updated on: Sep 1st, 2023

After years of hard work, senior citizens seek investment avenues that provide security and enhanced returns. IDBI Bank recognises this need and offers specialised fixed deposit (FD) schemes tailored for senior citizens.


These FDs typically come with higher interest rates than regular deposits, ensuring seniors get the most out of their savings. Moreover, the stability of an established institution like IDBI Bank adds an extra layer of trust. This blog will delve deep into the Senior Citizen FD Rates offered by IDBI Bank, examining their features, benefits, and why they stand out in the vast financial landscapes.

Features of Senior Citizen FD

Enhanced Interest Rates: Senior citizens typically receive a bonus interest rate on top of the regular FD rates. The specific rate hinges on the bank's current offerings.

Qualification: Only individuals 60 or older can establish a senior citizen FD account.

Duration: Depositors can choose from a diverse range of FD durations, usually between 7 days and 10 years.

Early Withdrawal: Although penalties may apply, senior citizens often benefit from more accommodating terms for premature FD closures.

Borrowing Options: Like other depositors, senior citizens have the privilege of securing loans against their FDs.

Beneficiary Assignment: The bank allows a beneficiary to inherit the FD funds after the account holder's passing.

Tax Deduction at Source (TDS) Implications: Earnings from interest are taxable under Indian tax regulations. Yet, by submitting Form 15H, eligible senior citizens can avoid TDS deductions.

Automatic Renewal: IDBI, among other banks, possibly features an automatic renewal mechanism, ensuring the FD's continuation post-maturity unless directed otherwise.

Deposit Limits: The deposit range for a senior citizen FD can differ. While a minimum threshold is often set, a maximum limit might be absent.

Unique Offerings: Periodically or based on bank initiatives, exclusive perks or attributes tailored for senior citizens may be presented.

Interest Rates of Senior Citizen FDs

The IDBI FD rates for Resident / NRO are below Rs. 2 Cr.

Maturity Slab


Sr. Citizen

0-6 DaysNANA
07-14 days



15-30 days



31-45 days



46- 60 days



61-90 days



91 days - 6 months



6 months 1 day to 270 days



271 days up to< 1 Year



1 Year



> 1 Year to 2 Years (except 444 Days & 700 Days)



> 2 Years to < 3 Years



3 Years to < 5 Years



5 Years



> 5 Years to 7 Years



>7 Years to 10 Years



>10 Years to 20 Years



5 Years Tax Saving FD



Eligibility Criteria

The eligibility criteria for the senior citizen FDs is that they need to be at least or above the age of 60 on the day of opening the FD account. They typically need to be residents to open a senior citizen FD; However, NRIs can also open accounts through NRE and NRO accounts.

Documents Required

The documentation required is similar to that of a normal FD account opening. One metric being essential is your age proof.


Identity Proofs

  • Aadhar Card 
  • Passport
  • Driver’s License


Address Proof

  • Gas Bill 
  • Utility Bill 
  • Bank Statement 
  • Cancelled Cheque

Age proof is mandatory to avail of a Senior Citizen FD account.


Who qualifies as a senior citizen at IDBI Bank?

Generally, individuals aged 60 years and above are considered senior citizens by most banks, including IDBI Bank.

Is there a specific tenure for senior citizen FDs at IDBI Bank?

IDBI Bank offers a range of tenures for FDs. However, the special interest rate for senior citizens is applicable across various tenures.

Can I open a joint FD account with a senior citizen rate?

Yes, but typically, the primary account holder must be a senior citizen to avail of the special rates.

Earn once in a decade
returns on FD

Lock in returns as high as
8.35% before they go down

Top Banks Senior Citizen FD Rates

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