Interest rates on fixed deposits of less than 2 crore for the private sector lender, IDFC First Bank. According to the official website of the bank, the new rates are effective from today, July 18, 2022. As a result of the amendment, the bank increased the interest rates on deposits with maturities ranging from two years to three years. General public depositors will now get interest rates ranging from 3.50 to 6.00 per cent on deposits with maturities of 7 days to 10 years, while the elderly will now get interest rates between 4 and 6.50 per cent.
IDFC First Bank FD Rates
The bank will continue to offer an interest rate of 3.50 per cent on fixed deposits maturing in 7 to 29 days, while IDFC First Bank will continue to offer an interest rate of 4.00 per cent on deposits maturing in 30 to 90 days. Fixed deposits maturing between 91 days to 180 days will continue to pay 4.50 percent interest, while fixed deposits maturing between 181 days to one year will continue to earn 5.75 percent interest. On deposits maturing in 1 year, 1 day to 499 days, IDFC First Bank will continue to pay 6.25 per cent interest rate; However, the bank has now introduced a new tenure of 500 days to 2 years, for which it will now pay an interest rate of 6.50 per cent. On fixed deposits maturing in 2 years 1 day – 3 years, the bank will now pay an interest rate of 6.50% which was earlier a 6.25% increase of 25 bps, while paying fixed deposits maturing in 3 years 1 day – 5 years will continue to carry an interest rate of 6.50%. IDFC First Bank will continue to offer 6% interest rate on deposits for 5 years, 1 day or 10 years. The bank will now provide 6.50 per cent interest rate to general public and 7 per cent interest rate to senior citizens on 5-year tax saver deposits.
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For the benefit of older persons, IDFC First Bank has mentioned on its website that “The incentive for senior citizens will be at an additional spread of 0.50% over the above rate and will not be available for NRE or NRO fixed deposits.”
Additionally, IDFC First Bank allows recurring deposits with tenors ranging from 6 months to 120 months. The bank currently guarantees interest rates on these deposits ranging from 4.50 per cent to 6 per cent for general public and 5 per cent to 6.50 per cent for senior citizens. federal bank Ltd. has also changed the interest rates on its fixed deposit products today. With effect from July 18, 2022, the bank is currently offering deposits from 4.25 per cent to 5.75 per cent for non-senior citizens and 4.75 per cent to 6.40 per cent for senior citizens on deposits maturing in six months to ten years. ,
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