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IDFC FIRST Bank Raises Interest Rates On Deposits Maturing In 7 Days To 2 Years: See New Rates Here

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Leading private sector lender IDFC FIRST Bank has decided to raise its interest rates on fixed deposits amounting less than Rs 2 crore. The new rates have come into effect on Monday from May 23, 2022. Soon after the revision in rate of interest of FDs below Rs 2 crore, the bank also hiked interest rates for FDs for the tenure of 7- 29 days from the current 2.5% to 3.50%, a 100 basis-point raise.

 
IDFC FIRST Bank Raises Interest Rates On Deposits Maturing In 7 Days To 2 Years

Meanwhile, interest rates for FDs maturing in 30-90 days have also been revised. Previously these FDs were fetching an interest rate of 3% but now citizens can get an increased interest rate of 4% following the revision, a hike of 100 basis point.

Earlier, IDFC was offering an interest rate of 3.50 for deposits maturing in 91 to 180 days but now you can earn a higher interest rate of 4.50%. The bank has increased interest rates for deposits maturing in 181 days to less than 1 year from 4.75 % to 5.75%.

Senior citizens can get an additional benefit of 0.50% right from deposits 7-14 days to 5 years 1 day to 10 years.

Citizens can enjoy an interest rate of 6% for FDs maturing in 1 year to 3 years while there is an interest rate of 6.25% for deposits maturing in 3 years 1 day to 5 years. Deposits maturing in 5 years 1 day to 10 years will not offer an interest rate of 6.00%.

Story first published: Wednesday, May 25, 2022, 16:10 [IST]
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