• IDFC Fixed Deposit

    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 Deposits

    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 4.00% p.a. in case the tenure is between seven and 14 days, and the maximum is 7.25% in the case of tenures that range from 1 year to 10 years.

    Key Features of IDFC Bank Fixed Deposits

    • The minimum amount of money that must be deposited into an IDFC Bank fixed deposit account is Rs.10,000.
    • Funds deposited into the fixed deposit account may be partially withdrawn and no premature penalty fees will be applicable.
    • Senior Citizen’s fixed deposit accounts can be opened by individuals who are 60 years old and above.
    • The fixed deposit account for senior citizens guarantees an extra annual interest of 0.5% if the amounts deposited are under Rs.10 crore.
    • Tax benefits can be availed on deposits to the extent of Rs.1.5 lacs per financial year.
    • Tax deducted at source will be 10% in case the interest earned per financial year is in excess of Rs.10,000.
    • The tenure of the fixed deposit ranges from seven days to 10 years.
    • The interest rate applicable to IDFC Bank fixed deposits varies depending upon the tenure of the investment.

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    IDFC FD Reviews

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