IDFC First Bank offers various types of fixed deposit schemes to both regular individuals and senior citizens at attractive interest rates. The bank provides fixed deposit schemes for a period of 7 days (short-term) to 10 years (long-term). Let’s look at the different types of IDFC First Bank FD interest rates 2020.
IDFC First Bank FD Rates 2020
FD Interest Rates for Domestic/NRE/NRO Deposits of less than Rs 2 crore
|IDFC Bank FD Rates (p.a)|
Below Rs. 2 crore
|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||6.25%||6.75%|
|181 – less than 1 year||4.50%||5.00%|
|1 year – 499 days||5.25%||5.75%|
|501 days – 2 years||6.00%||6.50%|
|2 year 1 day – 5 years||5.75%||6.25%|
|5 years 1 day – 10 years||5.75%||6.25%|
|5 years Tax Saver Domestic Deposit||5.75%||6.25%|
Note Interest rates w.e.f. 15th September 2020. Interest rates for NRE and NRO deposits are the same as mentioned above.
IDFC Foreign Currency Non-Resident (FCNR) Deposits
|1 yr to less than 2 yrs||2.21%||1.85%||0.50%||2.05%||2.05%|
|2 yrs to less than 3 yrs||2.19%||2.00%||0.55%||NA||NA|
|3 yrs to less than 4 yrs||2.84%||NA||NA||NA||NA|
|4 yrs to less than 5 yrs||3.22%||NA||NA||NA||NA|
|5 yrs only||2.56%||NA||NA||NA||NA|
Note: The above-mentioned interest rates (all are in %) are applicable with effect from 1st November 2020.
Types of IDFC First Bank Fixed Deposit Schemes
1. IDFC First Bank Fixed Deposits
Following are the features of the IDFC First Bank Fixed Deposit:
|Features & Benefits of IDFC First Bank Fixed Deposit|
|The minimum tenure is 7 days and the maximum tenure is of 10 years|
|The minimum amount required for opening an FD is Rs. 10,000|
|Premature withdrawal is permitted. Bank charges 1% as premature withdrawal penalty if the account holder withdraws his/her fixed deposit before maturity|
2. IDFC First Bank Senior Citizens Fixed Deposits
Following are the features of the IDFC First Bank Senior Citizen Fixed Deposit:
|Features & Benefits of IDFC First Bank Senior Citizen Fixed Deposit|
|The minimum tenure is of 7 days and the maximum tenure is of 10 years|
|The minimum amount required for opening an FD is Rs. 10,000|
|Individuals who are 60 years and above are eligible for this scheme|
|Under this scheme, individuals get 0.50% over IDFC Bank FD Rate (not available for NRE/NRO FDs)|
|Premature withdrawal is permitted. Bank charges 1% as premature withdrawal penalty except in the case of premature withdrawal due to account holder’s death|
3. IDFC First Bank Tax Saver Fixed Deposits
Following are the features of the IDFC First Bank Tax Saver Fixed Deposit:
|Features & Benefits of IDFC First Bank Tax Saver Fixed Deposit|
|The tax benefit is applicable under Section 80C of the Income Tax Act, 1961|
|The maximum limit in IDFC First Tax Saver FD is Rs. 1.5 lakh|
|Tax saver deposits from IDFC First Bank comes with a lock-in period of 5 years|
|No premature or partial withdrawal is allowed|
IDFC First Bank Premature Withdrawal Facility
IDFC First Bank’s premature withdrawal facility means that the depositor can withdraw the fixed deposit amount before maturity. Fixed Deposit is classified into two types:
- With the premature withdrawal facility
- Without premature withdrawal facility (For instance – Tax Saving FD that comes with a lock-in period of 5 years)
However, individuals who want to make premature withdrawals will be required to pay a 1% penalty for the same, which will be charged on the IDFC First Bank FD Rate.
IDFC First Bank Fixed Deposit Calculator
Investors can check the maturity amount of the scheme by using the IDFC First Bank FD Interest Rate Calculator at Paisabazaar.com. Also, IDFC Bank FD rates differ for different tenures. So, investors can use FD calculator available online at Paisabazaar.com to calculate and compare potential returns. Investors can calculate their potential returns by providing details like deposit amount, IDFC Bank FD Rate and deposit tenure.
IDFC Fixed Deposit Eligibility Criteria
The eligibility criteria to open IDFC First Bank FD are as follows:
- Sole Proprietorship
- One Person Company
- Hindu Undivided Family (HUF)
- Partnership Firm
- Limited Liability Partnership (LLP)
- Private/ Public Limited Company
- Trust, Association, Society
- Government/ Quasi-Government Institutions (including Municipal Corporation, Defence Establishment etc)
- Joint Ventures
- Liaison/ Representative/ Branch Office of foreign companies
- Embassy offices in India
Documents required for IDFC Bank Fixed Deposit
Depositors having a savings account do not have to provide any other documents for booking a fixed deposit plan. However, senior citizens who want to avail the benefits of senior citizen rates, have to submit valid proof stating their age.
|ID Proof||Proof of Address|
How to apply for IDFC First Bank Fixed Deposit?
Customers can apply for IDFC First Bank fixed deposit by visiting the bank’s nearest branch or online via the bank’s official website. For further assistance, give a call to IDFC First Bank Customer Care Number.
Frequently Asked Questions (FAQs)
Q. What is the minimum amount that can be invested in IDFC First Bank fixed deposit?
A. The minimum amount that can be deposited in an FD scheme is Rs 10,000.
Q. What is the maximum amount that can be invested in IDFC First Bank fixed deposit?
A. The maximum amount that can be deposited is up to Rs. 10 crores in an FD scheme.
Q. What is the maximum amount that can be invested in IDFC First Bank Tax Saver fixed deposit scheme?
A. The maximum amount that the depositors can submit is Rs 1.5 lakh in the Tax Saver fixed deposit scheme.
Q. What is the minimum and maximum tenure for which the deposit can be made?
A. The minimum tenure for FD schemes is 7 days whereas the maximum tenure for which fixed deposits can be booked is 10 years. Tax Saver fixed deposits have a lock-in period of 5 years with no premature withdrawal.
Q. Do senior citizens get additional interest rates on deposits?
A. Senior citizens get an additional of 0.50% on deposits made below Rs.10 crore. To avail preferential interest rates, the depositor has to provide the age proof and he should be an Indian resident. Non-resident senior citizens cannot avail preferential interest rates.
IDFC First Bank Fixed Deposit News
|IDFC First Bank Revises Fixed Deposit Interest Rates|
|23rd August 2019|
IDFC First Bank revises its fixed deposit (below Rs.2 crore) interest rates with effect from 21st August 2019 for select maturities. IDFC First bank offers FDs ranging in 7 days to 10 years. The bank provides additional 0.50% basis points to senior citizens. The highest FD interest rate provided 8.00% for FDs maturing between 1 year to 2 years.