|Tenure||Normal Citizen FD Rate||Senior Citizen FD Rate|
|7 days - 29 days||3.5%||4%|
|30 days - 1 month 14 days||4%||4.5%|
|1 month 15 days - 3 months||4.5%||5%|
|3 months 1 day - 5 months 29 days||5%||5.5%|
|6 months - 1 year 1 day||6.75%||7.25%|
|1 year 2 days - 1 year 6 months 1 day||7.25%||7.75%|
|1 year 6 months 2 days - 2 years 11 months 30 days||7.5%||8%|
|3 years - 9 years 11 months 28 days||7%||7.5%|
Note: All interest rates shown below are as on 9th Jan 2023
IDFC Bank is one of the leading banks in India. IDFC Bank is a universal bank, offering financial solutions through its nationwide branches, internet and mobile. IDFC First Bank Ltd. was formed with the merger between erstwhile Capital First and erstwhile IDFC Bank. The bank has a balance sheet size of Rs. 1.49 Lakh Crs as on 31st March 2020 The bank recorded a loss of Rs 2850 Crs in FY20
3.5% - 7.5%
4% - 8%
FD Rate for Seniors
₹ 2 Crores
Loan against FD
|Investment Amount||For 3 years with interest of 7.5%||For 5 years with interest of 7%|
|₹ 50,000||₹ 62,572||₹ 70,881|
|₹ 1 lakh||₹ 125,145||₹ 141,763|
|₹ 2 lakh||₹ 250,289||₹ 283,525|
|₹ 5 lakh||₹ 625,723||₹ 708,813|
|₹ 10 lakh||₹ 1,251,446||₹ 1,417,625|
Use FD calculator to change values and compare your returns from top banks.
|Maturity Amount||₹ 106,963||₹ 108,139|
|Total Investment Amount||₹ 100,000||₹ 100,000|
|Total Interest Gained||₹6,963||₹ 8,139|
|Bank Name||FD Interest Rates|
|Jana Small Finance Bank FD||7.85% - 8.8%|
|CSB Bank FD||5.75% - 6.25%|
|Axis Bank FD||7% - 7.75%|
|Deutsche Bank FD||7% - 7%|
|Ujjivan Small Finance Bank FD||7.2% - 7.95%|
|Indian Bank FD||6.25% - 6.75%|
|Federal Bank FD||6.5% - 7%|
|Chaitanya Godavari Grameena Bank FD||6.25% - 6.75%|
|Ellaquai Dehati Bank FD||5.3% - 5.55%|
|Paschim Banga Gramin Bank FD||5.2% - 5.7%|
IDFC First Bank offers multiple fixed deposits for various tenures with different interest rates to its investors. The interest rate on IDFC First Bank FDs is higher in their savings account. One can invest in IDFC First Bank FDs through both online and offline modes with a minimum investment of INR 10,000. This article covers IDFC First Bank FD, its features and interest rates in detail.
Following are the types of IDFC Bank fixed deposit schemes:
The regular fixed deposit account is for individuals between 18 years and 60 years.
The senior citizen FD account can be opened by individuals above the age of 60 years. The interest rates for these accounts is higher than other FDs. The interest rate is 0.5% higher than the regular ones. Also, the senior citizen depositors can opt for a monthly interest payout option. This helps them generate a monthly income to meet their expenses.
The deposits under this scheme qualify for tax savings under Section 80C of the Income Tax Act. Deposits up to INR 1,50,000 per annum qualify for the deduction.
Two or more NRIs can open the Non-Resident External (NRE) FD account. One can convert the foreign currency that they earn outside India into Indian currency by depositing it in this account. Also, the principal amount, as well as the interest earned, is completely repatriable. Furthermore, the interest income is tax-exempt under Section 10(4) of the Income Tax Act.
Non-Resident Indian (NRI), Person of Indian Origin (PIO) and Overseas Citizen of India (OCI) are eligible to open the NRO FD account. The income one earns in INR can be deposited into this account. Also, these accounts can be jointly held with an Indian resident. However, the resident has to be a relative as specified under Section 6 of the Companies Act, 1956.
Tenure: The tenure of an IDFC First Bank FD ranges from seven days to ten years. Also, one cannot change the tenure of their IDFC First Bank FD once it has commenced.
Minimum and maximum investment: The minimum investment in IDFC Bank FD is INR 10,000. However, there is no limit on the maximum amount of investment except for IDFC First Bank tax saving FD, which is INR 1,50,000.
IDFC Bank FD rates: IDFC Bank FD rates range between 2.75% and 6% for regular citizens and between 3.25% and 6.5% for senior citizens. Moreover, IDFC Bank offers an additional 0.5% interest to senior citizens on their FDs. IDFC Bank pays interest every month or quarter as per the choice of the investor.
Premature withdrawal: All IDFC Bank FDs can be withdrawn prematurely except for the tax-saving FD. The bank charges a penalty for early withdrawal. However, the penalty varies as per the terms and conditions of IDFC Bank.
Loan against FD: IDFC First Bank offers loans against their FDs. Investors can get up to 90% of the deposit amount as a loan against their IDFC First Bank FD investment. Also, the interest rate of the loan will be in the range of 3.75% to 7%. Moreover, the tenure of the loan is limited to the tenure of the IDFC First Bank FD.
Nomination facility: IDFC First Bank FD investors can nominate beneficiaries for their FDs.
Auto-renewal: Investors can opt for auto-renewal of their IDFC First Bank FDs.
Safety: The Deposit Insurance Scheme of RBI covers all IDFC First Bank deposits. The scheme covers all IDFC First Bank deposits up to INR 5,00,000.
Additional payments: Investors cannot deposit an additional amount in an IDFC First Bank FD once it has commenced. However, they can open a fresh IDFC First Bank FD with the new amount.
One can open an IDFC Bank FD account through various modes such as Internet Banking, Mobile App and offline.
The following steps will help an individual to open an IDFC Bank FD account through internet banking:
The following steps will guide in opening an FD account through IDFC Bank Mobile App:
To open an IDFC Bank FD account offline, one has to visit the nearest IDFC Bank branch. Fill the IDFC Bank FD application form and submit all the necessary documents along with the deposit amount. On successfully processing the application, IDFC bank will provide an FD receipt.
Following are the documents required to open an FD account with IDFC Bank:
Following is the eligibility criteria to open an IDBI Bank FD
IDFC Bank offers recurring deposits to its depositors. IDFC Bank recurring deposits have a minimum tenure of six months and thereafter in multiples of 3 months. The maximum tenure of IDFC Bank RDs is ten years. Depositors can open an RD account either by going to the IDFC First Bank branch or online using internet banking. The interest rate for regular citizens on IDFC First Bank RDs is in the range of 5% to 6%, and for senior citizens, it is in the range of 5.5% to 6.5%.
Only investment in IDFC Bank Tax Saving FD qualifies for tax saving up to INR 1,50,000 per annum. Investment in no other IDFC Bank FDs qualifies for tax saving under Section 80C of the Income Tax Act. The interest income from IDFC Bank FD is taxable as per the investor’s income tax slab rates. Moreover, the interest income is subject to a TDS of 10% if the income from IDFC Bank FD exceeds INR 40,000 per annum. For senior citizens, the limit is INR 50,000 per annum. Also, if the investor doesn’t disclose PAN Card details to the IDFC Bank, then the TDS rate will be 20%.
To know in how many years IDFC Bank FD will double, we can follow the 72 rule. We have to divide 72 by the interest rate, and the result will be the number of years IDFC Bank FD will double. For example, for a tenure of 500 days, the IDFC Bank FD interest rate for senior citizens is 6.5%. An investor can double the investment amount by investing for this tenure in IDFC Bank FD in 11.07 years (72/6.5).
IDFC Bank guarantees returns in the form of interest on their FDs. Moreover, the Deposit Insurance Scheme of RBI covers all IDFC Bank deposits. Also, the scheme covers all IDFC Bank deposits up to INR 5,00,000. Hence IDFC Bank FDs are safe for investment.
IDFC Bank FD rates range between 2.75% and 6% for regular citizens. Moreover, IDFC Bank offers an additional 0.5% interest to senior citizens on their FDs. IDFC Bank pays interest every month or quarter as per the choice of the investor.
The highest FD rate in IDFC Bank is 6% for regular citizens for a tenure of 500 days. The highest IDFC Bank FD rate for senior citizens is 6.5%.
The minimum investment in IDFC Bank FD is INR 10,000. However, there is no limit on the maximum amount of investment in IDFC Bank FD.
Yes, investors can open an IDFC Bank FD account online through their internet banking facility.