IDFC First Bank is a private sector bank and recently, this lender has issued a set of revised interest rates for its fixed deposit (FD) accounts. These new rates on the FDs were made effective from September 15, 2021. With a minimum sum of Rs 10,000, you too can open an FD at this private sector bank. It should be noted that the bank does have a flexible tenure of 7 days all the way up to 10 years. The bank also offers its customers an attractive set of benefits such as a 0.5 per cent higher rate of interest for the senior citizens who opt to open one with this bank. There are also other benefits such as no penalty for seniors on premature withdrawal, competitive interest rates, easy documentation process, online booking facilities and even monthly/quarterly interest payout options.
With that said, here is a look at the revised interest rates for the FDs for this lender that have come into effect as of September 15, 2021.
Fixed Deposits Interest Rates for General Citizens for Deposits Under Rs 2 Crore
The interest rate for the FDs for general citizens has a massive range, starting from a 2.5 per cent interest rate per annum for the 7 to 14-day bracket and going all the way up to a 5.25 per cent interest rate per annum for a maximum tenure of 5 years and 1 day to 10 years.
7 – 14 days – 2.50 per cent per annum
15 – 29 days – 2.50 per cent per annum
30 – 45 days – 2.75 per cent per annum
46 – 90 days – 2.75 per cent per annum
91 – 180 days – 3.25 per cent per annum
181 days – less than 1 year – 4.50 per cent per annum
1 year – 2 years – 4.75 per cent per annum
2 years 1 day – 3 years – 5.00 per cent per annum
3 years 1 day – 5 years – 5.20 per cent per annum
5 years 1 day – 10 years – 5.25 per cent per annum
Fixed Deposits Interest Rates for Senior Citizens for Deposits Under Rs 2 Crore
The wide range of interest rates also applies to the customers that fall into the senior citizens’ category, however, as mentioned before, senior citizens will receive a higher interest rate at 0.50 per cent for the same tenures allocated for the general citizens. This causes the range to start at 3.00 per cent per annum for the 7-to-14-day investment period and extend to a maximum of 5.75 per cent per annum for the time bracket of 5 years and 1 day to 10 years.
7 – 14 days – 3.00 per cent per annum
15 – 29 days – 3.00 per cent per annum
30 – 45 days – 3.25 per cent per annum
46 – 90 days – 3.25 per cent per annum
91 – 180 days – 3.75 per cent per annum
181 days – less than 1 year – 5.00 per cent per annum
1 year – 2 years – 5.25 per cent per annum
2 years 1 day – 3 years – 5.50 per cent per annum
3 years 1 day – 5 years – 5.70 per cent per annum
5 years 1 day – 10 years – 5.75 per cent per annum
IDFC First Bank Savings Account Interest Rates (Progressive Returns)
The bank has also revised the interest rates for the Savings Accounts as well which were made effective from 01/05/2021. It stated in a document that the Interest payable on the Savings Account will be calculated on a progressive basis, as per the rates listed below.
= 1 lakh – 4.00 per cent per annum
> 1 lakh = 10 lakh – 4.50 per cent per annum
> 10 lakh = 2 crore – 5.00 per cent per annum
>2 crore =10 crore – 4.00 per cent per annum
>10 crore =100 crore – 3.50 per cent per annum
>100 crore – 3.00 per cent per annum
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Source: News18