IDFC First Bank Revises Bulk FD Rates, Senior Citizens Get Incentives; Check Latest Interest Rates Here

IDFC First Bank has revised its bulk fixed deposits rates with effect from September 8, 2023. These FDs do not have premature withdrawal facility. The deposits vary from Rs 2 crore to Rs 25 crore. Depositors can earn as high as 7.60% rate. On bulk FDs where premature withdrawal is permitted, the interest rates are lower compared to where the facility is not allowed. The tenures range from 7 days to 10 years.

The bank is offering 7.60% rate on tenure from 366 - 399 days, while 7.50% rate is offered on tenures from 400 days to 731 days.

Also, the bank is offering a 7.45% rate on 271 - 365 days tenure, and 7.40% on 181 - 270 days. While a 7.25% rate each is offered on 92 - 180 days and 732 - 1095 days tenure.

An interest rate of 7.10% is offered on maturities from 3 years 1 days to 10 years.

In shorter duration, the bank is giving 6.70% on 61-91 days tenure, 6.05% on 46-60 days tenure, 5.55% on maturities from 36-45 days, 5.30% on tenures of 15-35 days, and lastly 5.25% is offered on 7-14 days tenure.

On bulk FDs from Rs 2 crore to Rs 25 crore with premature withdrawal facility, the interest rate varies from 5.25% to 7.45%.

IDFC First said that Fixed Deposit shall not have any premature withdrawal facility i.e. fixed Deposit cannot be closed by the depositor before expiry of the term of such deposit. However, 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 the event of premature withdrawal of these deposits under the above mentioned exceptional circumstances, the Bank will not pay any interest on the principal amount of the deposit. Any interest credited or paid upto the date of such premature closure will be recovered from the deposit amount.

Also, the Monthly Interest Payout option is not available.

For seniors, IDFC First Bank is offering incentives for Senior Citizens 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.

Further, auto renewal facility is not available for such Fixed Deposits at time of opening of the Fixed Deposit account. Additionally, no Lien can be marked against these FDs.