IDFC First Bank offers the Fixed Deposit scheme at interest rates ranging between 2.75% p.a. and 6.00% p.a. The tenure of FD ranges between 7 days and 10 years. Senior citizens are provided an additional rate of interest of 0.50%.
The main features of the FD account offered by IDFC First Bank are mentioned below:
The rate of interest that is offered by IDFC First Bank for deposits less than Rs.2 crore is mentioned below:
|Tenure||Interest Rate offered to the General Public (p.a.)||Interest Rate offered to Senior Citizens (p.a.)|
|7 days to 14 days||2.75%||3.25%|
|15 days to 29 days||3.00%||3.50%|
|30 days to 45 days||3.50%||4.00%|
|46 days to 90 days||4.00%||4.50%|
|91 days to 180 days||4.50%||5.00%|
|181 days to less than 365 days||5.25%||5.75%|
|12 months to 499 days||5.25%||5.75%|
|501 days to 2 years||5.75%||6.25%|
|2 years 1 day to 5 years||5.75%||6.25%|
|5 years 1 day to 10 years||5.75%||6.25%|
*The IDFC First Bank FD rates tend to change at the discretion of the bank. The rates mentioned in the table are valid as of 15 September 2020.
|1 year to less than 2 years||2.05%||2.05%||0.50%||1.85%||2.21%|
|2 years to less than 3 years||-||-||0.55%||2.00%||2.19%|
|3 years to less than 4 years||-||-||-||-||2.84%|
|4 years to less than 5 years||-||-||-||-||3.22%|
Yes, you can open the fixed deposit account offered by IDFC First Bank online.
Yes, IDFC First Bank will levy a penalty in the case of premature withdrawal.
Yes, the interest that is earned on the FD account is taxable.
Simple interest is used for an FD with a tenure of up to 180 days. In the case of an FD account with a tenure of more than 180 days, the interest is compounded on a quarterly basis.
The minimum and maximum tenure of the FD account are 7 days and 10 years, respectively.
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