The private sector lender IDFC First Bank has hiked its interest rates on fixed deposits of less than ₹2 Cr. For deposits with maturities ranging from 7 days to 10 years, the bank is providing interest rates of 3.5% to 7.00%. IDFC First Bank is currently giving a maximum interest rate of 7.75% on deposits maturing in 18 months-1 day – 3 years (549 days to 3 years). On its website, IDFC First Bank noted that the new rates are in effect as of today, March 1, 2023.
IDFC First Bank FD Rates
On fixed deposits maturing in 7 to 29 days, the bank is now offering an interest rate 3.50% and for those maturing in 30 – 45 days, IDFC First Bank is now offering an interest rate of 4.00%. IDFC First Bank is now offering an interest rate of 4.50% on a deposit tenor of 46 – 90 days and the bank is now offering an interest rate of 5.00% on a deposit tenor of 91 – 180 days. Deposits maturing in 181 days – 366 days will now fetch an interest rate of 6.75% and those maturing in 367 days – 18 months (367 days to 548 days) will now fetch an interest rate of 7.25%.
The bank currently offers a maximum interest rate of 7.75% on fixed deposits maturing in 18 months, 1 day to 3 years (549 days to 3 years), while IDFC First Bank also offers an interest rate of 7.00% on deposits maturing in 3 years, 1 day to 10 years. On tax saver fixed deposits maturing in 5 years. IDFC First Bank will now offer an interest rate of 7.00%.
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The benefit for senior citizens will not be accessible for NRE or NRO fixed deposits and will be at an additional premium of 0.50% over the aforementioned rate for resident citizens.
IDFC First Bank also allows recurring deposits with tenors ranging from 6 months to 120 months. On recurring deposits (RDs) maturing in 6 months, the bank will offer an interest rate of 5.00% and 6.75% maturing in 9 months.
IDFC First Bank is offering an interest rate of 7.25% on recurring deposits (RDs) maturing in 12 months to 18 months and the bank is now offering an interest rate of 7.75% on recurring deposits (RDs) maturing in 21 months to 36 months.
RDs maturing in 39 months to 120 months will now fetch an interest rate of 7%. “The incentive for Senior Citizens will be at an additional spread of 0.50% over the above rate and will not be available for NRE or NRO Recurring Deposits,” said IDFC First Bank on its website.
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