IDFC First Bank Hikes Fixed Deposit (FD) Interest Rates Up To 8%: Details Inside

Ahead of the Holi Festival 2024, IDFC First Bank, one of India's top private sector banks, has announced an important move for fixed deposit investors. The bank increased the interest rate on fixed deposits of less than Rs 2 Cr as a festive treat. The bank is now providing a maximum return of 8% to the general public and 8.50% to senior citizens over 500 days of tenure as a result of the modification. The latest FD rates, which are applicable to domestic, NRE, and NRO deposits under INR 2 crore, are valid as of March 21, 2024, according to the bank's official website.

IDFC First Bank FD Rates

The bank offers a 3% interest rate on deposits maturing in 7 to 45 days, while IDFC First Bank offers a 4.50% interest rate on deposits maturing in 46 to 180 days. For a deposit period of 181 days to less than a year, IDFC First Bank is giving an interest rate of 5.75%; for a deposit duration of one year, the rate is 6.50%. The interest rate on deposits at IDFC First Bank that mature in 1 year, 1 day to 499 days will now be 7.50%, while the highest rate of return on deposits that mature in 500 days will be 8%. On FDs maturing in 501 days - 548 days the bank will pay an interest rate of 7.50% and on those maturing in 549 days - 2 years, IDFC First Bank will pay an interest rate of 7.75%.

IDFC First Bank FDs maturing in 2 years 1 day - 3 years will now pay an interest rate of 7.25% and those maturing in 3 years 1 day - 5 years will now fetch an interest rate of 7.00%. On long-term deposits maturing in 5 years 1 day - 10 years, IDFC First Bank is now offering an interest rate of 7.00%.

On tax-saver deposits maturing in 5 years, the bank is offering an interest rate of 7.00%.

Period	Rate of Interest (%p.a.) w.e.f. March 21, 2024 Less than INR 2 Crores
7 - 14 days	3.00%
15 - 29 days	3.00%
30 - 45 days	3.00%
46 - 90 days	4.50%
91 - 180 days	4.50%
181 days - less than 1 Year	5.75%
1 year	6.50%
1 year 1 day - 499 days	7.50%
500 days	8.00%
501 days - 548 days	7.50%
549 days - 2 years	7.75%
2 years 1 day - 3 years	7.25%
3 years 1 day - 5 years	7.00%
5 years 1 day - 10 years	7.00%
Tax Saver Deposit (Only for Domestic Deposits) - 5 Years	7.00%
Source: Bank Website

"The incentive for Senior Citizens will be at an additional spread of 0.50% p.a. over the above rate and will not be available for NRE or NRO Fixed Deposits," IDFC First Bank has mentioned on its website.

"IDFC FIRST Bank offers the best Fixed Deposit rates for general and senior citizens. Senior citizens are given an added advantage and can earn 0.50% more as interest," the bank has mentioned on its website.

"We wish to inform that Mr. V. Vaidyanathan, Managing Director & CEO, has gifted 7,00,000 equity shares of IDFC FIRST Bank Limited held by him to the persons named below on March 21, 2024. It is declared that the recipients are not related to him in any manner under the definition of related parties of the Companies Act or SEBI Regulations," said IDFC First Bank in a regulatory filing on March 21, 2024.