IDFC Fixed Deposit

IDFC First Bank offers the Fixed Deposit (FD) 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%.
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IDFC First Bank FD – Features

The main features of the FD account offered by IDFC First Bank are mentioned below:

  • Attractive interest rates
  • Senior citizens are offered an additional interest rate
  • Flexibility
  • No penalty is levied for senior citizens in the case of early withdrawal
  • NRE deposits come with a minimum tenure of 365 days
  • Domestic/NRO deposits come with the interest rate of 7 days

IDFC First Bank FD – Interest Rates

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%
500 days 6.00% 6.50%
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.

Foreign Currency Non-Resident (FCNR) Deposits up to 5 million

Tenure SGD AUD EUR GBP USD
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%
5 years - - - - 2.56%

About IDFC Bank

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 30 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.

IDFC Bank Fixed Deposit FAQs

  1. Can I open the FD account online?

    Yes, you can open the fixed deposit account offered by IDFC First Bank online.

  2. Will there be a penalty levied in the case of premature withdrawal?

    Yes, IDFC First Bank will levy a penalty in the case of premature withdrawal.

  3. Is the interest earned on the FD account taxable?

    Yes, the interest that is earned on the FD account is taxable.

  4. How is the interest calculated?

    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.

  5. What are the minimum and maximum tenure of the FD account?

    The minimum and maximum tenure of the FD account are 7 days and 10 years, respectively.

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