IDFC First Bank Alters Interest Rates On Fixed Deposits, New Rates Effective From 16 November

Since May of this year, when the Reserve Bank of India (RBI) began raising the repo rate, banks have been raising the interest rates on fixed deposits (FDs) and savings accounts. Lenders have raised interest rates on their FDs. The interest rate on term deposits in the recent week has been increased by leading lenders such as HDFC Bank, State Bank of India (SBI), Axis Bank, ICICI Bank, RBL Bank, and Kotak Mahindra Bank. In a recent update, on November 16, leading private sector lender IDFC Bank increased the FD rates.

IDFC First Bank FD rates

Private sector lender IDFC FIrst raised its fixed deposit (FD) rates for accounts above Rs 2 crore. The bank has altered its FD rates for a variety of deposit terms, from 7 days to 10 years. For deposits above Rs 2 crore, the minimum interest rate is currently 5.30 percent, and the maximum is 7.55 percent for the general public. According to the Bank's official website, Incentive for Senior Citizens will be 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. The Premature withdrawal is not permitted by the Bank for Rs. 2 crore to 25 crore.

Interest rates on FD - Domestic, NRE, NRO - Rs. 2 crore and above - W.e.f. November 16, 2022

Period	FD Rates (Rs. 2 crore - 5 crore)	FD Rates (> Rs. 5 crore - 10 crore)	FD Rates (> Rs. 10 crore - 15 crore)	FD Rates (> Rs. 15 crore - 25 crore)
7 - 14 days	5.30%	5.30%	5.30%	5.30%
15 - 35 days	5.30%	5.30%	5.30%	5.30%
36 - 45 days	5.55%	5.55%	5.55%	5.55%
46 - 60 days	5.65%	5.65%	5.65%	5.65%
61 - 91 days	6.20%	6.20%	6.20%	6.20%
92 - 180 days	6.85%	6.85%	6.85%	6.85%
181 - 270 days	6.95%	6.95%	6.95%	6.95%
271 - 365 days	7.30%	7.30%	7.30%	7.30%
366 - 399 days	7.55%	7.55%	7.55%	7.55%
400 - 499 days	7.40%	7.40%	7.40%	7.40%
500 - 540 days	7.40%	7.40%	7.40%	7.40%
541 - 731 days	7.40%	7.40%	7.40%	7.40%
732 - 1095 days	7.35%	7.35%	7.35%	7.35%
3 years 1days - 5 years	7.25%	7.25%	7.25%	7.25%
5 Year 1 Day - 8 Years	7.25%	7.25%	7.25%	7.25%
8 Year 1 Day - 10 Years	7.25%	7.25%	7.25%	7.25%

Source - IDFCFirstbank.com