FD rates: IDFC First Bank Revises Bulk Fixed Deposits Rates, Senior Citizens Get Incentive; Earn Up To 7.5%

Mumbai-based private sector lender, IDFC First Bank has revised interest rates on bulk fixed deposits starting from Rs 2 crore and above with effect from August 8. The latest FD rates vary from callable to non-callable FDs and also depending upon various tenures. A depositor can earn as high as a 7.5% rate on their FDs.

Here is the latest bulk FD rates at IDFC First Bank:

FD Interest Rates For Rs 2-25 crore (Premature Withdrawal Not Permitted):

Here, the highest interest rate that the bank is offering would be 7.45% on 366 - 399 days tenure. While the rate is 7.40% on tenures from 400 days to 731 days.

An interest rate of 7.15% is offered on 732 - 1095 days tenure and a 7.25% rate on 181 - 270 days tenure. IDFC First also offers a 7.10% rate each on 92 - 180 days tenure, and further from 3 years 1 day to 10 years maturity periods.

From 7 days to 91 days tenure, the rates are in the range of 5.25% to 6.50%.

According to IDFC First Bank's note, a fixed deposit shall not have any premature withdrawal facility i.e. fixed Deposit cannot be closed by the depositor before the expiry of the term of such deposit. However, the Bank may allow premature withdrawal of these deposits in exceptional circumstances such as (a) in the event of any direction from any statutory and/or regulatory authority/or government order or (b) deceased claim settlement cases.

In case of premature withdrawal of these deposits under exceptional circumstances, the Bank will not pay any interest on the principal amount of the deposit. Any interest credited or paid up to the date of such premature closure will be recovered from the deposit amount.

Additionally, no lien can be marked against these FDs. Further, an auto-renewal facility is not available.

FD rates on Rs 2-25 crore deposits (Premature Withdrawal Allowed):

Here, the highest FD rate is 7.30% offered on tenure 366 - 399 days, followed by a 7.20% rate offered on maturities from 400 days to 731 days. Depositors can also earn a 7.10% rate on 181 - 270 days, and 7.15% on 271 - 365 days tenure.

IDFC First also offers a 6.95% rate each on 92 - 180 days and 732 - 1095 days tenures. From 34 years 1 day to 10 years tenure, the rate is 6.90%. While from 7 days to 91 days tenure, the rate is 5.25% to 6.35%.

FD rates on deposits above Rs 25 crore (Premature withdrawal NOT permitted):

A depositor can earn as high as 7.5% on 365 - 399 day tenure from Rs 25 crore to over Rs 200 crore FDs. The bank also offers a 7.45% rate on tenures starting from 400 days to 5 years. However, from 5 years 1 day to 10 years tenure, the rate is fixed at 7.15%.

IDFC First also gives a 7.10% rate on 150 - 180 days and 7.25% on 181 - 270 days tenure.

From 7 days to 149 days tenure, the interest rate ranges from 5.25% to 7.05%.

FD rates above Rs 25 crore deposits (Premature Withdrawal Permitted):

On FDs over Rs 25 crore to Rs 25.25 crore, the interest rate is fixed from 5.25% to 5.75% across tenures. However, the FD rates are from 5.25% to 7.40% on FDs from above Rs 25.25 crore to more than Rs 200 crore on tenures from 7 days to 10 years.

IDFC First Bank premature withdrawal penalty:

The bank has levied a 1% penalty each on premature withdrawal facility on FDs above Rs 25 crore to over Rs 200 crore.

Senior citizens to get an incentive at an additional spread of 0.50% over the rate of deposit for the respective tenor and will not be available for NRE or NRO Fixed Deposits.