IDFC First Bank Revises Interest Rates On FD, Check New Rates Here
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Investment
oi-Vipul Das
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.
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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 |
Note
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.
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