IDFC Bank offers domestic, NRE and NRO recurring deposits and the interest offered on the deposits are competitive. The minimum monthly instalment and duration for which an RD account can be opened with the bank is Rs.2,000 and 6 months respectively. The tenures can go up to 10 years with the maximum monthly instalment being Rs.75,000. The interest rates offered on RDs range from 6.25% to 7.25% for general citizens while senior citizens are offered 0.50% more on all tenures.
Listed below are the tenures and interest rates offered by IDFC bank on domestic. NRE, and NRO recurring deposits (RDs) as of 2020
|Deposit Tenure||Interest rate for General citizens (p.a.)||Interest rates for Senior Citizens (p.a.)|
|1 year 3 months||7.25%||7.75%|
|1 year 6 months||7.25%||7.75%|
|1 year 9 months||7.25%||7.75%|
|2 years 3 months||7.25%||7.75%|
|3 years 3 months||7.20%||7.70%|
|7 years 6 months||7.20%||7.70%|
Note: Senior citizens are not eligible to avail additional interest of 0.50% on NRO and NRE recurring deposits
IDFC Short Term Recurring Deposit Interest Rates
RDs opened for tenure of 6 months to 1 year 6 months fall under the category of short-term RDs. The interest offered the bank for such tenures is in the range of 6.75% to 7.25% p.a. Seniors who are above the age of 60 years can avail in the range of 7.25% to 7.75% p.a. for opening a short-term RD with IDFC bank.
IDFC Medium Term Recurring Deposit Interest Rates
Medium-term RDs are those which have a deposit tenure that ranges from 1 year 9 months to 5 years. The interest paid by IDFC for such tenures is between 7.20% to 7.25% p.a. Senior citizens are offered in the range of 7.70% to 7.75% p.a.
IDFC Long Term Recurring Deposit Interest Rates
Long-term RDs are those deposits which have a tenure above 5 years. The interest paid to general citizens by the bank is 7.20% while senior citizens are offered 7.70% p.a.
IDFC Bank NRE and NRO Recurring Deposit Interest Rates
For NRE and NRO recurring deposits, IDFC offers the same interest rates. The only difference is that senior citizens are not offered the additional interest for any of the investment tenures.