IDFC Bank Fixed Deposit

Private

AAA

DICGC

5.75%

Interest for 3 years

IDFC First Bank FD Interest Rates Sep 2021

Note: All interest rates shown below are as on 22nd Jun 2021

Historical FD Rates →
TenureNormal Citizen FD RateSenior Citizen FD Rate
7 days - 14 days2.75%3.25%
15 days - 29 days3%3.5%
1 month - 1 month 15 days3.5%4%
1 month 16 days - 2 months 29 days4%4.5%
3 months - 5 months 27 days4.5%5%
6 months - 11 months 30 days5.25%5.75%
1 year - 2 years5.5%6%
2 years 1 day - 9 years 11 months 29 days5.75%6.25%
3 years - 4 years 11 months 30 days6%6.5%

About IDFC First Bank Fixed Deposit

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

2.75% - 6%

FD Rate

3.25% - 6.5%

FD Rate for Seniors

-

Minimum Deposit

₹ 2 Crores

Maximum Deposit

0 days

Lock-in

-

FD Tenure

-

Loan against FD

AAA

CRISIL Rating

Fixed Deposits

Flexible tenure & partial withdrawal facility, without the hassle of opening a savings account.

IDFC First Bank Fixed Deposit Returns Based on Investment Amount

Investment AmountFor 3 years with interest of 5.75%For 5 years with interest of 5.75%
₹ 50,000₹66609₹66609
₹ 1 lakh₹133218₹133218
₹ 2 lakh₹266435₹266435
₹ 5 lakh₹666088₹666088
₹ 10 lakh₹1332176₹1332176

Compare IDFC First Bank Fixed Deposit Returns with Top Banks

Use FD calculator to change values and compare your returns from top banks.

vs

Pre Tax

Post Tax

Tax Rate
Maturity Amount₹105641₹ 101764
Total Investment Amount₹ 100000₹ 100000
Total Interest Gained₹5641

₹5641

₹ 1764
Income Tax on Wealth Gained₹ 12898₹ 13092

Compare IDFC First Bank Fixed Deposit Rates with Top Banks

Bank NameFD Interest Rates
Dhanlaxmi Bank
5.4% - 5.9%
Tamilnad Mercantile Bank
5.5% - 5.5%
IDBI Bank
5.3% - 5.8%
Bank of India
5.15% - 5.65%
Sundaram Finance
6.25% - 6.75%
AU Small Finance Bank
6.25% - 6.75%
Canara Bank
5.5% - 6%
Axis Bank
5.4% - 5.9%
Mahindra Finance
6.3% - 6.55%
PNB Housing Finance Ltd
6.6% - 6.85%
State Bank of India
5.3% - 5.8%
HDFC Bank
5.15% - 5.65%
Bank of Baroda
5.1% - 5.6%
LIC Housing Finance
5.75% - 6%
Tamil Nadu Power Finance
7.75% - 8.25%
Jammu & Kashmir Bank
5.3% - 5.8%
Bajaj Finance
6.5% - 6.75%
Yes Bank
6.25% - 7%
RBL Bank
6.3% - 6.8%
Punjab and Sind Bank
5.3% - 5.8%
Kotak Mahindra Bank
5.1% - 5.6%
IndusInd Bank
6% - 6.5%
Central Bank of India
5% - 5%
DCB Bank
6.5% - 7%
Bandhan Bank
5.25% - 6%
Fincare Small Finance Bank
6.25% - 6.75%
DBS Bank
5.5% - 5.5%
Indian Overseas Bank
5.2% - 5.7%
Karur Vysya Bank
5.5% - 6%
Equitas Small Finance Bank
6.35% - 6.85%
City Union Bank
5.5% - 6%
SCB Bank
5.35% - 5.85%
Karnataka Bank
5.5% - 5.9%
South Indian Bank
5.5% - 6%
HDFC Ltd Fixed Deposit
6.05% - 6.3%
Bank of Maharashtra
4.9% - 5.4%
ICICI Housing Finance Company
6.05% - 6.3%
ESAF Small Finance Bank
5.75% - 6.25%
Indian Bank
5.15% - 5.65%
Shriram Finance
8% - 8.4%
Federal Bank
5.35% - 5.85%
ICICI Bank
5.15% - 5.65%
Ujjivan Small Finance Bank
6.75% - 7.25%
Post Office
5.5% - 5.5%
Punjab National Bank
5.1% - 5.6%
Union Bank of India
5.4% - 5.4%

Calculate IDFC First Bank Fixed Deposit Returns

₹ 100000

Total Investment

₹5641

Wealth Gained

₹5641

Wealth Gained

₹105641

Maturity Amount

How to invest in IDFC First Bank Fixed Deposit?

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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.

IDFC Bank Fixed deposit schemes

Following are the types of IDFC Bank fixed deposit schemes:

  • Regular Fixed Deposit Account
  • Senior Citizen Fixed Deposit Account
  • Tax Saver Fixed Deposit Account
  • NRE Fixed Deposit Account
  • NRO Fixed Deposit Account

IDFC Bank Regular Fixed Deposit Account

The regular fixed deposit account is for individuals between 18 years and 60 years.

  • Minimum Deposit Amount: INR 10,000
  • Maximum Deposit Amount: No limit
  • Minimum Deposit Tenure: 7 days
  • Maximum Deposit Tenure: 10 years
  • Premature withdrawal: Permitted. However, the bank charges a 1% penalty for all premature withdrawals.

IDFC Bank Senior Citizen Fixed Deposit Account

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.

  • Minimum Deposit Amount: INR 10,000
  • Maximum Deposit Amount: No limit
  • Minimum Deposit Tenure: 7 days
  • Maximum Deposit Tenure: 10 years
  • Premature withdrawal: Permitted. However, the bank charges a 1% penalty for all premature withdrawals.

IDFC Bank Tax Saver Fixed Deposit Account

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.

  • Maximum Deposit Amount: INR 1,50,000
  • Lock-in period: 5 years
  • Premature withdrawal: No partial or premature withdrawals

IDFC Bank NRE Fixed Deposit Account

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.

  • Minimum Deposit Amount: INR 10,000
  • Maximum Deposit Amount: No limit
  • Minimum Deposit Tenure: 1 year
  • Maximum Deposit Tenure: 10 years
  • Interest: Interest computation is done at a fixed rate. Depositors can either choose a simple interest or compound interest. With simple interest, the interest payouts are done on a monthly or quarterly basis. On the other hand, for compound interest, the interest gets compounded every 90 days and is paid on maturity.

IDFC Bank NRO Fixed Deposit Account

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.

  • Minimum Deposit Amount: INR 10,000
  • Maximum Deposit Amount: No limit
  • Minimum Deposit Tenure: 7 days
  • Maximum Deposit Tenure: 10 years
  • Interest: Interest computation is done at a fixed rate. For deposits greater than six months, the depositor can either choose a simple interest or compound interest. With simple interest, the interest payouts are done on a monthly or quarterly basis. On the other hand, for compound interest, the interest gets compounded every 90 days and is paid on maturity.

Key Features of IDFC First Bank Fixed Deposit Schemes

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.

How to open an IDFC Bank FD deposit account?

One can open an IDFC Bank FD account through various modes such as Internet Banking, Mobile App and offline.

Internet Banking

The following steps will help an individual to open an IDFC Bank FD account through internet banking:

  • Login to the IDFC Bank NetBanking account.
  • In the main menu, select the ‘Fixed Deposit’ option and choose the type of deposit account.
  • Fill in all the necessary details, nominee information and maturity instructions.
  • Click on ‘Submit’ to complete the account opening process.

Through Mobile App

IDFC Bank App

The following steps will guide in opening an FD account through IDFC Bank Mobile App:

  • Download the IDFC Bank App and log in.
  • In the main menu, select the ‘Fixed Deposit’ option and choose the type of deposit account.
  • Fill in all the necessary details, nominee information and maturity instructions.
  • Click on ‘Submit’ to complete the account opening process.

Offline IDFC Bank FD Opening

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.

Documents required to Open an IDFC Bank FD

Following are the documents required to open an FD account with IDFC Bank:

  • Proof of identity (Passport, PAN Card, driving license, Aadhar Card, and Voter ID)
  • Address proof (Bank statement with cheque, Aadhar card, passport)
  • Proof of date of birth (birth certificate, discharge certificate, PAN card, Aadhar card)

Eligibility to Open an IDFC Bank FD

Following is the eligibility criteria to open an IDBI Bank FD

  • Individuals
  • Sole proprietorship and joint ventures
  • Hindu Undivided Family (HUF)
  • Partnership firms, including Limited Liability Partnership (LLP)
  • Private/public limited companies, including the one-person company
  • Trust, society, and association
  • Government and quasi-government institutions, including a municipal corporation, defence establishment

Does IDFC First Bank offer Recurring Deposits?

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%.

Is FD interest taxable?

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%.

How many years FD will double?

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).

Frequently Asked Questions

Is IDFC First Bank FD safe?

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.

What is the FD rate of IDFC First Bank?

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.

What is the highest FD rate for IDFC First Bank?

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%.

Is there any minimum amount that I have to give for opening a Fixed Deposit with IDFC First Bank?

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.

Can a customer open an FD account online in IDFC First Bank?

Yes, investors can open an IDFC Bank FD account online through their internet banking facility.

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