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The Indian financial institution, IDFC Bank, is headquartered in Mumbai and commenced operations on the 1st of October, 2015 after the Reserve Bank of India provided it with a global banking license in July. The bank is now part of the integrated infrastructure banking company, IDFC. It was listed on the National Stock Exchange of India as well as the Bombay Stock Exchange on November 6, 2015. The incorporation of the bank, however, took place on the 30th of January, 1997 and the registered office was located in Chennai. Operations commenced on June 9, 1997. Having registered as a non-banking financial institution with the RBI in 1998, the bank officially transformed into a Public Financial Institution a year later. IDFC Bank was officially launched by Prime Minister Narendra Modi on October 19, 2015.
A fixed deposit can be referred to as an account in which funds are deposited for a particular period of time, and the interest rate remains the same during the course of the tenure. The interest rates applicable to these fixed deposits will depend upon the tenure. The lowest interest rate that can be availed on an IDFC Bank fixed deposit is 4% in case the tenure is between seven and 14 days, and the maximum is 7.50% in case the tenure extends from 732 days to 10 years.