Among all the commercial banks, the fixed deposit (FD) interest rates IDFC First Bank are the best. The Bank is not a small savings bank and is a full fledged commercial bank. The interest rates are the best from among commercial banks in the country. Take a look.
A 2-year deposit fetches an interest rate of 8.50 per cent, while senior citizens can receive an interest rate of 9 per cent. Take a look at the interest rates on the various other tenures. Do also remember that the interest rates are subject to a tax deduction at source if the interest amount crosses a sum of Rs 10,000 every year.
Minimum tenure for NRE Deposits is 365 days and NRO/ Domestic Deposits is 7 days. No interest is payable where deposit has not been in place for applicable minimum tenure.
Interest Rates on Deposits & Advances
Card Rates for Domestic, NRE & NRO Deposits less than INR 2 Crores*
|Period||Rate of Interest (%p.a.) w.e.f July 1, 2019 Less than INR 2 Crores|
|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%|
|Tax Saver Deposit (Only for Domestic Deposits)||Rate of Interest (%p.a.) w.e.f July 1, 2019 Less than INR 2 Crores|
Most of the commercial banks in the country are offering an interest rate of around 7 to 7.5 per cent. Against this backdrop, the interest rate offered by IDFC Bank is not bad at all. For investors with a 2-year time frame in mind, this deposit is a good bet.