• Fixed Deposit
  • IDFC First Bank
  • IDFC Bank Fixed Deposit
IDFC Bank Fixed Deposit

IDFC Bank Fixed Deposit

PrivateAAA 
Shield CheckDICGC

7.25%

Interest for 3 years

IDFC First Bank FD Interest Rates 2024

TenureNormal Citizen FD RateSenior Citizen FD Rate
7 days - 1 month 14 days3%3.5%
1 month 15 days - 5 months 27 days4.5%5%
5 months 28 days - 11 months 29 days5.75%6.25%
1 year - 1 year6.5%7%
1 year 1 day - 1 year 4 months 11 days7.5%8%
1 year 4 months 12 days - 1 year 4 months 12 days8%8.5%
1 year 4 months 13 days - 1 year 5 months 30 days7.5%8%
1 year 6 months - 2 years7.75%8.25%
2 years 1 day - 3 years7.25%7.75%
3 years 1 day - 9 years 11 months 28 days7%7.5%

Note: All interest rates shown above are as on 7th May 2024

About IDFC First Bank FD

IDFC FIRST was formed on December 18th, 2018, when IDFC Bank Ltd (IDFC Bank) and Capital First Ltd (CFL) merged. IDFC Ltd was initially established in 1994 to support infrastructure finance in India and later obtained a banking license from the RBI in 2014. After merging with CFL and its subsidiaries, the new entity was renamed IDFC FIRST. The bank operates in three segments: retail, commercial, and corporate banking. The bank has its headquarters in Mumbai. As of March 2022, IDFC bank has 641 branch offices across India and 719 ATMs. The total deposits as of March 2022 stood at INR 1,05,634 crores. IDFC Bank’s Fixed Deposits have a AAA Credit Rating.

IDFC First Bank FD

3% - 8%

FD Rate

3.5% - 8.5%

FD Rate for Seniors

₹ 10000

Minimum Deposit

₹ 2 Crores

Maximum Deposit

-

Lock-in

-

FD Tenure

-

Loan against FD

AAA

CRISIL Rating

IDFC First Bank FD Returns Based on Investment Amount

Investment AmountFor 3 years with interest of 7.25%For 5 years with interest of 7%
₹ 50,000 ₹ 62,108₹ 70,881
₹ 1 lakh ₹ 1,24,215₹ 1,41,763
₹ 2 lakh ₹ 2,48,430₹ 2,83,525
₹ 5 lakh ₹ 6,21,076₹ 7,08,813
₹ 10 lakh ₹ 12,42,152₹ 14,17,625

Compare IDFC First Bank Fixed Deposit Returns with Top Banks

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

vs
Uttarbanga Kshetriya Gramin Bank FD
down-arrow
IDFC First Bank FD
IDFC First Bank FD
Maturity Amount 1,06,697 1,05,326
Total Investment Amount₹ 1,00,000₹ 1,00,000
Total Interest Gained6,697 5,326

Compare IDFC First Bank Fixed Deposit Rates with Top Banks

Bank NameFD Interest Rates
Uttarbanga Kshetriya Gramin Bank FD
5.2% - 5.2%
Kotak Mahindra Bank FD
7% - 7.6%
Paschim Banga Gramin Bank FD
5.3% - 5.8%
Indian Overseas Bank FD
6.5% - 7%
HDFC Ltd FD
7.35% - 7.6%
Jharkhand Rajya Gramin Bank FD
6.5% - 6.75%
Andhra Pragathi Grameena Bank FD
7% - 7.6%
Rajasthan Marudhara Gramin Bank FD
7.1% - 7.6%
Arunachal Pradesh Rural Bank FD
6.25% - 6.75%
State Bank of India FD
6.75% - 7.25%

Calculate IDFC First Bank FD Returns

1,00,000

Total Investment

6,697

Wealth Gained

1,06,697

Maturity Amount

Explore Debt Funds, instead!

The flexible & tax efficient alternative to FDs.

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.

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%.

Frequently Asked Questions

What is the highest IDFC First Bank FD rate today?

The highest IDFC First Bank FD rates for general citizens is 8% p.a. and 8.5% p.a. for senior citizens.

What is the highest interest rate on IDFC First Bank 1 year FD scheme?

The highest interest rate on IDFC First Bank 1 year FD scheme is 6.5% p.a.

What is IDFC First Bank FD scheme interest rate for 5 years?

7% p.a is the interest rate for 5 years on IDFC First Bank FD scheme.

How many years FD will double in IDFC First Bank?

To know in how many years IDFC First Bank 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 First Bank Bank FD will double. The current highest IDFC First Bank FD interest rate is 8% so investors will double the investment in 9.00 years. Similarly, senior citizen depositors will double their FD investment in 8.47 years, where the highest FD rate for senior citizens is 8.5%.

What is IDFC First Bank FD minimum deposit amount?

The minimum investment in IDFC First Bank FD is INR 10,000. However, there is no limit on the maximum amount of investment in IDFC First Bank FD.

What is senior citizen fixed deposit interest rates in IDFC First Bank?

The senior citizen fixed deposit interest rates in IDFC First Bank range between 3.5% to 8.5% p.a. for an available minimum and maximum investment duration.

What are the available FD tenures in IDFC First Bank?

IDFC First Bank FD tenure ranges from 7 days to 9 years 11 months 28 days

What is IDFC First Bank FD ROI for 10 lakh deposit for 1 year?

The interest from the IDFC First Bank FD calculator for 10 lakh deposit for 1 year will be INR 66,972. The maturity value will be INR 10,66,972. You can use Scripbox’s FD Calculator to determine the maturity value of your investment.

How to check the fixed deposit balance in IDFC First Bank?

You can check IDFC First Bank FD balance either online or offline mode. For online mode, log in to the IDFC First Bank internet banking portal. Alternatively, you can visit the nearest IDFC First Bank bank to update your passbook for FD balance enquiry.

How many FDs can be opened in IDFC First Bank?

There is no restriction on the number of FDs you can open with IDFC First Bank.