Mumbai-based IDFC First Bank revises its bulk fixed deposits max 2 crore 25 crores. A depositor can now earn as high as 7.55%. The interest rates range from 5.30% to 7.55%. These rates have come into effect from November 23, 2022. It is worth noting that these FD rates do not have the facility of premature withdrawal. FDs are offered with the facility of premature withdrawal, however, the rate of interest is lower as compared to the premature withdrawal option.
interest rates on FDs from from 2 crores 25 crores without premature withdrawal facility:
interest rates are same for Deposit among from 2 crores 25 crores.
With effect from 23 November, IDFC First Bank Offering as high as 7.55% on tenure of 366 – 399 days. The rate is 7.40% for tenures between 400 days to 731 days. Additionally, the rate for tenure from 732 days to 1095 days is 7.35%, while the bank is offering 7.30% for tenure from 271 days to 365 days.
The interest rate on FDs maturing from 3 years 1 day to 10 years is fixed at 7.25%.
Apart from this, the bank is offering an interest rate of 6.95% on 181 – 270 days, 6.85% on 92 – 180 days and 6.20% on 61 – 91 days tenure.
On short term, an interest rate of 5.65% is offered on 46 – 60 days and 5.55% on 36 – 45 days. While the interest rate is 5.30% for a period of 7 days to 35 days.
As per the notification of IDFC First Bank, the option of monthly interest payment is not available under these FDs. The interest rate is calculated on the basis of 365 days for Fixed Deposit tenure falling in non-leap (financial) years and 366 days for Fixed Deposit tenure falling in Leap (financial) years. Also, the auto-renewal facility is not available for these FDs at the time of opening the FD account.
IDFC First Bank offers an additional spread incentive of 0.50% on FD rates to senior citizens on the respective tenure and will not be available for NRE or NRO fixed deposits.
In case of premature withdrawal of these deposits, IDFC First said the bank will not pay any interest on the principal amount of the deposit. Any interest accrued or paid up to the date of such premature closure shall be recovered from the deposit amount.
Coming to FD from from 2 crores 25 crores with premature withdrawal facility, interest rates vary from 5.30% to 7.30%.
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