IDFC Bank 2024 Interest Rate For FD- IDFC First Bank provides fixed deposits with competitive interest rates, a variety of investment tenures, and a number of customer-friendly features, including the senior citizen’s no-penalty withdrawal policy. FD interest rates are within 3.50% per annum. to 7.50% p.a. for seven days to ten years, depending on the position. On all tenures, seniors receive an additional 0.50 percent interest rate.
Higher returns on a fixed deposit (FD) with IDFC FIRST Bank will help you increase your earnings. It helps you earn a fixed interest rate until the deposit is paid back. The amount due at maturity on a fixed-term fixed deposit can be determined using a FD calculator. The fixed deposit investment’s interest rate can be estimated using the online FD calculator. To get the maturity amount based on the monthly, quarterly, half-yearly, and annual compound interest pay-outs, this online calculator asks for details like the deposit amount, tenure, and type.
IDFC Bank 2024 Interest Rate For FD
For a long time, fixed stores have been the go-to monetary choice for some Indians. There’s a strong clarification behind this. Fixed stores have developed after some time into very flexible and versatile monetary instruments that give a plenty of benefits. Fixed stores give guaranteed returns. At the point when you open a FD, the loan fee you are given remaining parts predictable during your length. Regardless of whether financing costs in the more extensive market decline, your FD will stay unaffected. Thus, you don’t need to be worried about the market’s promising and less promising times.
Putting resources into an IDFC Fixed Store plan is completely secure and without risk. Contingent upon your monetary requirements, you can put resources into an IDFC FD program. In case of a liquidity lack, more seasoned people can pull out the store sum right on time without punishment.
IDFC Bank 2024 Interest Rate For FD Details
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About IDFC First Bank FD
One of India’s leading banks is IDFC Bank. Bank is a universal bank that provides financial services through mobile, online, and nationwide branches. The former Capital First and the former IDFC Bank merged to form IDFC First Bank Ltd. The size of the bank’s balance sheet is Rs. 1.49 Lakh Cr as of March 31, 2020. In FY20, the bank made a loss of Rs. 2850 Cr.
Key Features of IDFC First Bank Fixed Deposit Schemes
- Tenure: An IDFC First Bank FD can last anywhere from seven days to ten years. Additionally, once an IDFC First Bank FD has begun, it cannot be terminated.
- Maximum and minimum amounts to invest: The IDFC Bank FD requires a minimum investment of INR 10,000. However, with the exception of the IDFC First Bank tax saving FD, which is limited to INR 1,50,000, the maximum amount that can be invested is unlimited.
- FD rates at IDFC Bank: For regular citizens, IDFC Bank FD rates range from 2.75 percent to 6%, and for seniors, they range from 3.25 percent to 6.5 percent. Additionally, IDFC Bank provides senior citizens with an additional 0.5 percent interest rate on their FDs. Depending on the investor’s preference, IDFC Bank pays interest every month or every quarter.
- Inadvertent withdrawal: Except for the tax-saving FD, no IDFC Bank FDs can be withdrawn early. Early withdrawals are subject to a penalty from the bank. However, the penalty varies according to IDFC Bank’s terms and conditions.
- Facility for nomination: Beneficiaries can be named by IDFC First Bank FD investors.
- Auto-renewal: IDFC First Bank FDs can be renewed automatically for investors.
- Safety: All deposits made to IDFC First Bank are covered by the RBI’s Deposit Insurance Scheme. All IDFC First Bank deposits up to a maximum of INR 50,000 are covered by the plan.
- Additional sums due: Once an IDFC First Bank FD has started, investors can’t put any more money in. However, they can use the new amount to open a new IDFC First Bank FD.
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Different Types of FD Schemes by IDFC Bank
- Account for Regular FD:- Individuals between the ages of 18 and 60 are eligible to open a regular FD account. For such a FD account, the RBI has established a set of interest rates that will be periodically revised. This account can be opened by any Indian resident who meets the required requirements.
- FD for Senior Citizens:- Senior citizen FD accounts are financial savings accounts that are opened by people over the age of 60. These accounts typically have an interest rate that is 0.5 percent higher than the standard rate. They can select a monthly interest payout option, which can be viewed as a means of covering senior citizens’ monthly costs.
- FD NRE Account:- An FD account known as a Non-Resident External (NRE) FD account can be opened by two or more NRIs. By depositing your earned foreign currency outside of India into this account, you can convert it into Indian currency denominations. This account’s interest and principal can all be returned. According to Section 10(4) of the 1961 Income Tax Act, this account’s interest income is tax-free.
- FD NRO Account:- A Non-Resident Ordinary (NRO) FD account can be opened with the bank by eligible individuals who are Overseas Citizens of India (OCI), Persons of Indian Origin (PIO), and Non-Resident Indians (NRI). These businesses can only deposit INR-based income into NRO FD accounts. Under Section 6 of the Companies Act of 1956, such an account can be jointly held with an Indian resident so long as this person is a relative.
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IDFC First Bank Term Deposit Rates (Less than Rs.2 Crore)
| Tenure | For General Citizens (p.a.) | For Senior Citizens (p.a.) |
| 7 – 14 days | 3.50% | 4.00% |
| 15 – 29 days | 3.50% | 4.00% |
| 30 – 45 days | 4.00% | 4.50% |
| 46 – 90 days | 4.50% | 5.00% |
| 91 – 180 days | 5.00% | 5.50% |
| 181 days – 364 days | 6.75% | 7.25% |
| 367 days – 18 months | 7.25% | 7.75% |
| 18 months – 1 day – 3years | 7.50% | 8.00% |
| 3 years – 1 day- 5 years | 7.00% | 7.50% |
| 5 years- 1 day – 10 years | 7.00% | 7.50% |
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IDFC First Bank Term Deposit Rates (Above Rs.2 Crore)
| Tenure | Interest Rates for Rs.2 crore to Rs.5 crore (p.a.) |
| 7 – 14 days | 5.30% |
| 15 – 35 days | 5.30% |
| 36 – 45 days | 5.55% |
| 46 – 60 days | 5.70% |
| 61 – 91 days | 6.30% |
| 92 – 180 days | 6.90% |
| 181 – 270 days | 7.00% |
| 271 – 365 days | 7.30% |
| 366 – 399 days | 7.55% |
| 400 – 499 days | 7.45% |
| 500 – 540 days | 7.45% |
| 541 – 731 days | 7.45% |
| 732 – 1095 days | 7.30% |
| 3 years 1 day – 5 years | 7.30% |
| 5 Year 1 day – 8 Years | 7.30% |
| 8 Year 1 day – 10 Years | 7.30% |
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How to Use IDFC Bank FD Calculator?
The IDFC Bank FD Calculator uses customer information, primarily the amount and duration of the customer’s deposit. It is an easy-to-use online tool. The customer can easily add all of the interest to the amount of his return with this tool. The steps are clearly defined and the procedure is straightforward. The IDFC Bank Calculator can be used by any layperson to plan his investment according to his requirements. The procedure consists of the following steps:
- Search for the FD Calculator on the bank portal.
- Choose the IDFC Bank FD Calculator.
- Enter the amount of the deposit.
- Choose the investment tenure.
- Choose the deposit type from the options,
- such as short-term, reinvestment, quarterly or monthly payout.
- Click the “Calculate” button.
Advantages IDFC Bank FD Calculator
The IDFC Bank FD Calculator is incredibly user-friendly, which is also the primary reason why it will be of great assistance to you in planning your FD. It can also be accessed from a variety of devices and is readily available in real time. Additionally, it eliminates the possibility of manual error in return calculation. The IDFC Bank FD Calculator has a number of additional advantages, including:
- It’s lightweight and simple to use from multiple devices simultaneously.
- It is error-free and an effective planning instrument.
- After simply asking for the deposit amount and duration, it calculates the maturity amount.
- For a specific deposit amount, it uses the applicable interest rate automatically.
- In addition, it incorporates the TDS into its final output.
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