IDFC First Bank hikes fixed deposit interest rates by up to 35 bps on these tenors

IDFC First Bank FD Rates

The bank will continue to offer an interest rate of 3.50% on fixed deposits maturing in 7 to 29 days, while IDFC First Bank will continue to offer an interest rate of 4.00% on deposits maturing in 30 to 90 days. Fixed deposits maturing between 91 and 180 days will continue to offer 4.50% interest, while fixed deposits maturing between 181 and 364 days will continue to earn 5.75% interest. IDFC First Bank will continue to pay interest @ 6.25% on deposits maturing in 365 days to 500 days.

The bank has increased the interest rate on fixed deposits maturing in 501 days from 6.50% to 6.75% by 25 basis points and on deposits maturing in 750 days from 6.90% to 7.25% by 35 basis points. Fixed deposits maturing between 751 days and 6 years will continue to pay 6.50% interest, while fixed deposits with maturities of 5 years to 10 years will continue to pay 6% interest. According to IDFC Bank, the interest rate on 5-year tax saver deposits (only for domestic deposits) will be 6.50%.

The premium on Senior Citizen Benefit will be 0.50% higher than the standard rate and will not be applicable for NRO Fixed Deposits. According to IDFC First Bank, rates on tenures up to 180 days are calculated on a “simple interest” basis, while for periods exceeding 180 days, interest is paid/compounded on a quarterly basis.

The penalty for premature closure will be applicable on retail fixed/ fixed deposits and will be levied at 1% for fixed deposits. IDFC First Bank on its website has mentioned that “In case of premature closure of Fixed/Fixed Deposits, interest will be paid at the rate of interest applicable at the time of booking of Fixed/Fixed Deposits, for the period for which The deposit amount remains with the Bank. Further, if the Fixed/Fixed Deposit is closed prematurely, will be subject to ‘Premature Closure Penalty’ as prescribed by the Bank on the date of deposit.”