IDFC First Bank Modifies Interest Rates On Fixed Deposit: Check New Rates Here

IDFC Bank Limited ("IDFC Bank") a private sector bank has modified interest rates on its fixed deposit scheme which are now effective from 15th September 2021. By placing a minimum deposit amount of Rs 10,000, one can open a fixed deposit account at IDFC First Bank for a flexible tenure of 7 days to 10 years. Apart from that, the bank offers attractive benefits to the fixed deposit customers such as 0.5% higher interest for senior citizens with IDFC FIRST Bank Fixed Deposit, no penalty for senior citizens on premature withdrawal, competitive interest rates, monthly/quarterly interest payout option or quarterly compounding, easy documentation, online booking facility and much more. So apart from all the stated benefits, let's have a look at the new interest rates on fixed deposits of less than Rs 2 Cr of the bank.

IDFC First Bank Regular Fixed Deposit Interest Rates

IDFC First Bank provides a 2.50 percent interest rate on FDs due in seven to fourteen days. The bank offers 2.50 percent and 2.75 percent interest rates for deposits maturing in 15-29 days and 30-45 days. The bank provides 2.75 percent interest on deposits maturing in 46-90 days and 3.25 percent interest on deposits maturing in 91-180 days. IDFC First Bank offers 4.50 percent on FDs due in 181 days or less than a year. The bank offers 4.75 percent on term deposits maturing in one to two years.

IDFC First Bank also offers 5.00 percent for maturity terms ranging from 2 years 1 day to 3 years. After the most recent modification, the bank provides an interest rate of 5.20 percent and 5.25 percent to the general public on deposits maturing in 3 years 1 day to 5 years and 5 years 1 day to 10 years. The revised card rates for Domestic, NRE & NRO Deposits less than INR 2 Crores are stated below.

Period	Rate of Interest (%p.a.)
7 - 14 days	2.50%
15 - 29 days	2.50%
30 - 45 days	2.75%
46 - 90 days	2.75%
91 - 180 days	3.25%
181 days - less than 1 year	4.50%
1 year - 2 years	4.75%
2 years 1 day - 3 years	5.00%
3 years 1 day - 5 years	5.20%
5 years 1 day - 10 years	5.25%
Source: Bank Website, w.e.f. September 15, 2021

IDFC First Bank Fixed Deposit Interest Rates For Senior Citizens

Senior citizens will continue to get a 0.50 percent additional rate over and above the aforesaid rate, but it will not be applicable for NRE or NRO Fixed Deposits.

Period	Rate of Interest (%p.a.)
7 - 14 days	3.00%
15 - 29 days	3.00%
30 - 45 days	3.25%
46 - 90 days	3.25%
91 - 180 days	3.75%
181 days - less than 1 year	5.00%
1 year - 2 years	5.25%
2 years 1 day - 3 years	5.50%
3 years 1 day - 5 years	5.70%
5 years 1 day - 10 years	5.75%
Source: Bank Website, w.e.f. September 15, 2021

IDFC First Bank Savings Account Interest Rates

IDFC First Bank is now providing the following interest rates as of 01/05/2021 on a savings account. Savings account interest will be determined on a progressive basis, according to the rate slabs stated below.

Balance (Rupees)	Rate of Interest (% p.a.) (Progressive)
<= 1Lac	4.00%
> 1lac <= 10lac	4.50%
> 10lac <= 2Cr	5.00%
>2Cr <=10Cr	4.00%
>10Cr <=100Cr	3.50%
>100 Cr	3.00%
(Effective from 01/05/2021)