With impact from May 1, private sector lender IDFC First Bank has modified interest rates on fixed deposits (FDs). Short-term FDs are available from seven days to one year, and long-term FDs are available from one to ten years at IDFC First Bank. For deposits with a term of 7 days to ten years, IDFC First Bank offers interest rates ranging from 2.75 percent per annum to 6 percent per annum after the latest revision. IDFC First Bank pays a 2.75 percent interest rate on FDs with terms of seven to fourteen days. The bank offers a 3.50 percent interest rate for 15-29 days and a 3% interest rate for 30-45 days. 4.00 percent on deposits maturing in 46-90 days, and 4.50 percent on deposits maturing in 91-180 days. IDFC First Bank offers 5.25 percent for FDs maturing in 181 days or less than a year. The bank pays 5.50 percent on term deposits for a maturity period of one or two years. IDFC First Bank also offers 5.75 percent for 2 years 1 day - 3 years. Long-term deposit interest rates at IDFC First Bank range from 6% to 5.75 percent for 3 to 5 year deposits and 6% to 5.75 percent for 5 to 10 year deposits.
IDFC First Bank FD Rates
|Tenure||Regular FD Rates||Senior Citizen FD Rates|
|7 - 14 days||2.75%||3.25%|
|15 - 29 days||3.00%||3.50%|
|30 - 45 days||3.50%||4.00%|
|46 - 90 days||4.00%||4.50%|
|91 - 180 days||4.50%||5.00%|
|181 days - less than 1 year||5.25%||5.75%|
|1 year - 2 years||5.50%||6.00%|
|2 years 1 day - 3 years||5.75%||6.25%|
|3 years 1 day - 5 years||6.00%||6.50%|
|5 years 1 day - 10 years||5.75%||6.25%|
|Source: Bank Website|
The bank has also cut its savings account interest rates as of May 1st. For those with deposits under Rs 1 lakh, IDFC First Bank will pay 4% interest after the most recent adjustment. The interest rate will be 4.5 percent for those who have a balance between Rs 1 lakh and Rs 10 lakh. Those with a balance of between Rs 10 lakh and Rs 2 crore will get the maximum interest rate of 5% respectively.