IDFC First Bank Revises Interest Rates On Bulk Fixed Deposits; Check New Rates Here

IDFC FIRST Bank has revised the interest rates of its bulk fixed deposits (FDs) of amounts above Rs 2 crore to Rs 25 crore. The bank offers the bulk fixed deposits scheme with a premature withdrawal facility and without a premature withdrawal facility for the deposits. According to the IDFC FIRST Bank's official website, the new interest rates have been effective from April 13, 2023. Check below IDFC FIRST Bank's latest interest rates on bulk deposits:

Domestic, NRE, NRO Interest rates - where Premature withdrawal is NOT permitted for Rs. 2 crore to 25 crore:

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	5.25%	5.25%	5.25%	5.25%
15 - 35 days	5.25%	5.25%	5.25%	5.25%
36 - 45 days	5.45%	5.45%	5.45%	5.45%
46 - 60 days	5.75%	5.75%	5.75%	5.75%
61 - 91 days	6.45%	6.45%	6.45%	6.45%
92 - 180 days	7.15%	7.15%	7.15%	7.15%
181 - 270 days	7.30%	7.30%	7.30%	7.30%
271 - 365 days	7.50%	7.50%	7.50%	7.50%
366 - 399 days	7.65%	7.65%	7.65%	7.65%
400 - 499 days	7.65%	7.65%	7.65%	7.65%
500 - 540 days	7.65%	7.65%	7.65%	7.65%
541 - 731 days	7.65%	7.65%	7.65%	7.65%
732 - 1095 days	7.40%	7.40%	7.40%	7.40%
3 years 1days - 5 years	7.35%	7.35%	7.35%	7.35%
5 Year 1 Day - 8 Years	7.35%	7.35%	7.35%	7.35%
8 Year 1 Day - 10 Years	7.35%	7.35%	7.35%	7.35%

According to IDFC FIRST Bank, "Terms and conditions applicable to fixed deposits without premature withdrawal facility shall be as per the guidelines prescribed by Reserve Bank of India (RBI) in this regard from time to time. Fixed Deposit shall not have any premature withdrawal facility i.e. fixed Deposit cannot be closed by the depositor before expiry of the term of such deposit. However, Bank may allow premature withdrawal of these deposits in exceptional circumstances such as (a) in the event of any direction from any statutory and/or regulatory authority/or government order or (b) deceased claim settlement cases. 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."

Domestic, NRE, NRO Interest rates - where Premature withdrawal is permitted for Rs. 2 crore to 25 crore:

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	5.25%	5.25%	5.25%	5.25%
15 - 35 days	5.25%	5.25%	5.25%	5.25%
36 - 45 days	5.45%	5.45%	5.45%	5.45%
46 - 60 days	5.65%	5.65%	5.65%	5.65%
61 - 91 days	6.30%	6.30%	6.45%	6.30%
92 - 180 days	7.00%	7.00%	7.00%	7.00%
181 - 270 days	7.15%	7.15%	7.15%	7.15%
271 - 365 days	7.35%	7.35%	7.35%	7.35%
366 - 399 days	7.40%	7.40%	7.40%	7.40%
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	7.15%	7.15%	7.15%	7.15%
3 years 1days - 5 years	7.10%	7.10%	7.10%	7.10%
5 Year 1 Day - 8 Years	7.10%	7.10%	7.10%	7.10%
8 Year 1 Day - 10 Years	7.10%	7.10%	7.10%	7.10%

According to the IDFC FIRST Bank, "On premature withdrawal, Interest will be calculated at the applicable rate (on the date of placement of deposit) minus a penalty of 1%, for the period the deposit has actually run. However, this penalty will not be applicable for Government entities, Quasi-government entities, Statutory bodies and Regulatory Authorities. 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."

Source - IDFCFIRSTBank.com