This 7th Largest Private Bank Offers A Solid 7.75% On FDs For Senior Citizens

In the past couple of months, to be particular Since May, the interest rates on FDs including Savings Accounts rising. It is expected that banks including NBFCs would increase the interest rates on fixed deposits as a result of the RBI's increase in the repo rate, making them more appealing. Since May 2022, RBI has hiked the repo rate by 1.90%, 4 times. Given that rates were low for a long time, the rise in interest rates has made FDs more appealing. However, it is still unclear if the recent hike in FD rates will be sufficient to offset the effects of high inflation.

IDFC First Bank

IDFC First bank, a leading and the 7th largest private bank in the country offers a solid Interest rate of up to 7.75%. The Bank was founded by the merger of Erstwhile IDFC Bank and Erstwhile Capital First in December 2018.

Since the 4th repo rate hike, which happened in September, many banks have raised their FD rates in response to the repo rate hike. Among the private banks, IDFC First Bank is among the banks that offers high-interest rates on FD below 2 crores.

FD Rates

According to the bank's official website, the bank hiked the interest rates on FDs below 2 crores on 10 October 2022. Following the adjustment, the bank now provides a maximum interest rate of 6.75% to regular customers and a maximum of 7.75% to senior citizens.

For FDs maturing in 7 to 29 days and 30 to 90 days, the Bank offers interest rates of 3.50% and 4%, respectively. For FDs with maturities between 91 and 180 days, the bank offers interest rates of 4.50%. For a maturity period between 181 and 364 days will do so at a rate of 5.75%. On deposits maturing in 365 days to 500 days, the Bank offers an interest rate of 6.25%, while on deposits maturing in 501 days to 749 days, the bank offers interest rates of 6.75%. The bank offers the highest interest rates on a maturity period of 750 days.

The interest rate on deposits that mature in 751 days to 5 years the interest rates bank offers is 6.50%. The Bank offers a 6% interest rate on deposits maturing in 5 years, 1 day, and 10 years. According to the bank's official website, Senior citizens will continue to receive an additional interest rate of 0.50% on the regular interest rates offered to regular customers, however, it won't apply to NRO Fixed Deposits.

Interest Rates for Domestic and NRO FDs less than Rs 2 Crores w.e.f. October 10, 2022

Source - IDFCFirstBank.com