IDFC First Bank hikes wholesale FD rates, now get up to 7.55% on this tenor

IDFC First Bank Bulk FD Rates

Premature withdrawal is not permitted on Domestic, NRE, NRO deposits where Rs. 2 Crore to 25 Crore, the bank is offering an interest rate of 5.30% on deposit tenure of 7 to 35 days. The bank is now offering an interest rate of 5.55% on deposits maturing in 36 to 45 days, and IDFC First Bank is now offering an interest rate of 5.70% on deposits maturing in 46 to 60 days.

Deposits of 61 to 91 days will now fetch interest rate of 6.30% from IDFC First Bank, while deposits of 92 to 180 days will fetch interest of 6.90% from the bank. Deposits maturing in 181 to 270 days and 271 to 365 days will now fetch interest at the rate of 7.00% and 7.30% respectively.

The bank is offering an interest rate of 7.55% on deposits maturing in 366 to 399 days, and IDFC First Bank is offering an interest rate of 7.45% on deposits maturing in 400 to 731 days. Deposit tenures ranging from 732 days to 10 years are eligible for 7.30% interest rate from IDFC First Bank.

IDFC First Bank mentions on its website that “The term deposit shall not have any premature withdrawal facility i.e. the term deposit cannot be closed by the depositor before the expiry of the tenure of such deposit. However, the bank may, under exceptional circumstances, may permit premature withdrawal of these deposits in the event of (a) any direction from any statutory and/or regulatory authority/or government orders or (b) any direction from dead claim settlement cases.

IDFC First Bank Bulk FD Rates where premature withdrawal is allowed for Rs. 2 crore to 25 crore

The bank now offers an interest rate of 5.30% on deposits maturing in the next 7 to 35 days, while IDFC First Bank now offers an interest rate of 5.55% on deposits maturing in the next 36 to 45 days. On deposits with tenure of 46 to 60 days, IDFC First Bank is now offering an interest rate of 5.60%, and on deposits with tenure of 61 to 91 days, the bank will offer an interest rate of 6.15%.

Deposits maturing in 92 to 180 days now fetch 6.75% interest, while deposits maturing in 181 to 270 days now fetch 6.85%. Deposits maturing in 271-365 days will now fetch 7.15% interest, while deposits maturing in 366-399 days will now fetch 7.30%. On deposits maturing in 400 to 731 days, IDFC First Bank is now offering an interest rate of 7.20%, while the bank is also offering a guaranteed interest rate of 7.05% on deposits maturing in 3 years, 1 day to 10 years.

“On premature withdrawal, interest will be calculated from the applicable rate (on the date of placement of the deposit) minus 1% penalty for the period for which the deposit has actually run. However, this penalty will not be applicable for government entities, semi-government entities, statutory bodies and regulatory authorities. For senior citizens the incentive will be at an additional spread of 0.50% over the deposit rate for the respective period and will not be available for NRE or NRO fixed deposits,” IDFC First Bank noted on its website.