IDFC First Bank revised the interest rates on its fixed deposits (FDs) with effect from 1 July 2019. The private lender offers term deposits for short as well as long-term with tenures ranging between 7 days to 10 years.
After the revision, the highest interest rate is being offered for fixed deposits of a 2-year tenure at 8.50 percent.
Here are the interest rates on domestic, NRE and NRO fixed deposits less than Rs 2 crore with effect from 1 July 2019-
|7 - 14 days||4.00%|
|15 - 29 days||5.00%|
|30 - 45 days||6.25%|
|46 - 90 days||6.50%|
|91 - 180 days||6.75%|
|181 days - 1 year||7.00%|
|1 year 1 day - less than 2 years||7.75%|
|2 years 1 day - 5 years||7.50%|
|5 year 1 day - 10 years||7.25%|
Non-Resident Rupee (NRE) and Non-Resident Ordinary Rupee (NRO) are applicable for non-resident Indians (NRIs) who wish to make fixed deposits at the IDFC First Bank.
However, the 5-year tax saver deposits are only available for Indian residents. The revised interest rate on it is-
IDFC First Bank was formed after a merger between non-banking financial company Capital First and IDFC Bank. The merger became effect from 12 January 2019. It has 203 bank branches, 129 ATMs and 454 rural business correspondent centres.