IDFC First Bank Alters FD Rates; This Tenure Can Fetch You 7.90% Return Effective From 14th June

India's new age universal bank, IDFC First Bank, has updated its interest rates for fixed deposits under Rs 3 Cr. With the modification, the bank is now providing deposit periods ranging from 7 days to 10 years at interest rates between 3.00% and 7.00%. IDFC First Bank is now providing a maximum return of 7.90% to the general public and 8.40% to elderly individuals on a specific tenure of 500 days, kicking off from June 14.

IDFC First Bank FD Rates

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: 7.90%
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%

"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," mentioned IDFC First Bank on its website.

The first bank in India to provide monthly credit on savings accounts is IDFC FIRST Bank. There are no hidden charges on the credit cards. Along with many other benefits, it provides lifetime free with no minimum spend requirements, rewards points that never expire, interest-free cash withdrawals at ATMs, a dynamic low APR, and much more. The bank has financed over 40 million customers with consistently high asset quality, including 15 million loans to 4.3 million women entrepreneurs, 0.9 million loans for cattle, 16 million loans for lifestyle improvement, 1 million loans for sanitation, 6.5 million loans for mobility, and home financing for over 100,000 homes. In addition, it provides further retail and rural loans, including gold loans, harvest finance, and Kisan Credit Cards.

Meanwhile, Kotak Mahindra Bank and ICICI Bank today revised their fixed deposit interest rates on deposits below Rs 3 Cr. Kotak Mahindra Bank is now offering a maximum rate of interest of 7.40% for regular customers and 7.90% for senior citizens, with a 12-month term of 25 days to 23 months. Following today's change, the bank offers regular customers rates ranging from 2.75% to 6.20% on deposits that last from seven days to ten years.

The general public will now receive a maximum return of 7.20% from ICICI Bank over specific tenures, while senior citizens will receive a maximum return of 7.70%. Both new ICICI Bank fixed deposits and current fixed deposit renewals will be subject to the revised fixed deposit interest rates, which take effect on June 14.