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IDFC First Bank FD Calculator

IDFC First Bank Fixed Deposit Calculator 2021

Last Updated 22nd Jan 2021

IDFC First Bank FDs have tenures ranging from 3 years 1 day to 10 years with maximum rate of interest of 5.85%. Interest rates for senior citizens are higher than the normal rates and ranges upto 6.35%.

Tenure Rates Maturity Amount for ₹ 1 Lakh
7 days to 14 days 2.75% to 3.25% ₹ 1,00,053 - ₹ 1,00,125
15 days to 45 days 2.85% to 3.35% ₹ 1,00,117 - ₹ 1,00,413
46 days to 60 days 3.00% to 3.50% ₹ 1,00,378 - ₹ 1,00,575
61 days to 91 days 3.25% to 3.75% ₹ 1,00,543 - ₹ 1,00,935
IDFC First Bank FD Maturity Calculator
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IDFC First Bank Fixed Deposit Calculator

IDFC First Bank fixed deposit calculator helps you to calculate maturity value of your deposited amount at the interest rate offered compounded at quarterly. The amount of fixed deposits, interest rates on FD, deposit tenure and compounding frequency of interest together determine the maturity amount of the FD at the end of the tenure.

  • Deposit amount – This is the initial amount deposited by a customer in IDFC First Bank. Bank may allow higher interest rate on larger deposits. IDFC First Bank offers deposit amount in the range of 1,000 to No Limit.
  • Rate of Interest - Interest rate is the rate charged by the bank on your fixed deposit. IDFC First Bank offers a higher rate of interest on fixed deposits of longer tenure and lower interest rate on deposits of less than a year. Highest interest rate offered by IDFC First Bank is 5.85% for deposit amount corresponding to a deposit tenure of 3 years 1 day to 10 years.
  • Period of deposit - Bank offers low interest rate for short tenure FDs and higher interest rate for long tenure FDs. Bank offers a rate of 2.75% for a 3 years 1 day FD and a rate of 5.85% for a 10 years FD.
  • Interest Compounding Frequency - This determines the frequency at which interest is compounded. Compounding frequency can be monthly, quarterly, half yearly or annual frequency.
  • TDS applicability and TDS rate
    • Illustration: Mr. A opens a FD account of ₹ 1,00,000 with a tenure of 7 days at an interest rate of 2.75%. In this case, the maturity amount at the end of 7 days will be ₹ 1,00,671 which includes the principal of ₹ 1,00,000 and interest of ₹ 671 is earned on the principal amount during the period. Similarly, you can calculate the interest and maturity amount for higher tenures by using FD calculators.

      IDFC First Bank calculates quarterly interest on its fixed deposits. You can also opt for tax saving scheme to save tax on fixed deposit.

IDFC First Bank Fixed Deposit Interest Calculator – Interest Payment Options

  • In a periodic interest payout option, IDFC First Bank would transfer the interest earned at each interval (say, quarterly) to your bank account. The interest would remain the same across the life of the deposit. On maturity, unless the deposit is renewed, would transfer the principal amount to your bank account.
  • In case you opt for a IDFC First Bank cumulative deposit, on maturity you would get a credit for the principal and interest earned net of TDS.
  • Calculate the FD maturity amount using the FD calculator.

FD Maturity Calculator

The interest earned on a fixed deposit in IDFC First Bank depends on the deposit amount, interest applicable, deposit tenure and the type of interest calculation frequency. Interest on IDFC First Bank FD can be calculated monthly, quarterly, half-yearly and annually. The interest rates for senior citizens are higher than normal rates of IDFC First Bank FD.

Suppose if you make an investment of ₹ 1,00,000 in IDFC First Bank FD for a 5-year tenure at an interest rate of 5.85% for depositors below 60 years and 6.35% for senior citizens. The maturity amount for this deposit amount is ₹ 1,33,694 and the total interest earned is ₹ 33,694 for below 60 years age citizens. However, the interest earned for senior citizens is ₹ 37,027 which is higher. The maturity schedule of IDFC First Bank FD for 5 years is explained below in the table –

Maturity Schedule for ₹ 1,00,000 FD at 5.85% for Citizens below 60 years and at 6.35% for Senior Citizens for 5 years

Year Citizens below 60 Years of Age Senior Citizens above 60 Years
Interest Earned Closing Balance Interest Earned Closing Balance
2021 ₹ 5,980 ₹ 1,05,980 ₹ 6,503 ₹ 1,06,503
2022 ₹ 6,337 ₹ 1,12,317 ₹ 6,926 ₹ 1,13,429
2023 ₹ 6,716 ₹ 1,19,033 ₹ 7,376 ₹ 1,20,805
2024 ₹ 7,118 ₹ 1,26,151 ₹ 7,856 ₹ 1,28,661
2025 ₹ 7,543 ₹ 1,33,694 ₹ 8,367 ₹ 1,37,028

IDFC First Bank FD Calculator Formula

Along with online FD Calculator, you can use the formula to do the mathematical calculation of the maturity amount and interest earned on IDFC First Bank FD.

A = P (1 + r/n) ^ n*t
In the above formula –

  • A - Amount received on maturity
  • P – Deposit amount
  • r - Annual interest rate
  • n - Number of times the interest is compounded
  • t is Investment tenure

Other Investment Calculators

FAQs

What is the highest interest earned on IDFC First Bank fixed deposit?

You can earn a maximum interest of 5.85% on IDFC First Bank fixed deposit.

How is IDFC First Bank FD interest calculated?

The formula to calculate interest on IDFC First Bank FD is
A = P(1+r/n)^nt
Here: A = Maturity amount
P = Invested amount
r = Interest rate as decimal
n = number of times interest is compunded
t = tenure of deposit
However, you can use online FD calculator to estimate the value of interest earned on the deposited amount.

How many years FD will double in IDFC First Bank?

The growth of IDFC First Bank FD depends on the rate of interest and tenure. There is a method called Rule 72, which computes the number of years it will take to double one’s amount invested in IDFC First Bank FD. Now to apply the rule, one needs the rate of interest we get on FD. Let’s say the interest offered on FD is 6.95%. Now applying the rule, just divide the number 72 by the rate of interest. So 72/6.95 = 10.36. So it will take a little more than 14 years for one’s investment to get doubled in IDFC First Bank.

What are the minimum and maximum amounts that I can invest in an IDFC First Bank FD?

The minimum investment limit in IDFC First Bank Fixed deposit account is ₹ 1,000 and there is no maximum investment limit on FD.

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IDFC First News - Jan 2021
  • 2021-01-22 : Revised FD interest rates for IDFC First Bank
    With effect from 16 January 2021, IDFC First Bank revised its FD interest rates. Revised rate for a period of 7-14 days is 2.75%, FD rate for 15-45 days is 2.85% , the rate for 46-60 is 3% , the revised rates for 61 -91 days is 3.25% for 92-180 days it is 3.70% and for 181- 270 days the rate is 3.95%. Further, for long term tenors of 271-365 days the rate is 4.15%. The rate for long tenors of 399 days is 3.90%, it stands at 4.80% for 400 days to 540 days and it is 5.20% for 541 days to 1095 days. Fixed deposits rate for 3 years 1 day to 10 years is 5.85%.
  • 2021-01-07 : IDFC First Bank records increase in deposits
    IDFC First Bank reported that its deposits which include fixed and recurring deposits grew by 41% at the end of the December quarter. In addition to this, retail loans which include home, personal, car, two-wheeler, gold and education loans grew by 24% year-on-year. The deposits increased to Rs 77,289 core at the end of the December quarter against Rs 54,631 crore in the same period last year.
  • 2020-04-14 : IDFC First Bank retail deposits surged by 157%
    IDFC First Bank reported a jump of 157% in retail deposits, which includes fixed and recurring deposits in the year 31 March 2020. The bank’s retail deposits surged to Rs 33,898 crore from Rs 13,214 crore a year ago. However, Certificates of Deposits outstanding slumped from Rs 28,754 crore as of 31 March 2019 to Rs 7,111 crore as of 31 March 2020.
  • 2020-01-06 : IDFC First Bank revised its Fixed deposits interest rates
    IDFC First Bank revised its interest rates across all tenors. Revised rate for a period of 7-14 days is 4%, rate for 15-29 days is 5.00%, for 30-45 days it is 6.25% , the rate for 46-90 is 6.50% , the revised rates for 91-180 days is 6.75% and for 181 days to less than a year the rate is 7.00%. Further, for long term tenors of 1 years to 10 years FD rates stands at 7.25%, however for 500 days new FD rate is 7.50%. The revised rates are in effect from 1 January, 2020.
  • 2019-10-31 : IDFC First Bank revises interest rates on Fixed Deposits
    IDFC First Bank revised interest charged on Fixed Deposits this month, which are in effect from October 23, 2019. The new rate for 7-14 days is 4.00%, for 15-29 days the rate is revised to 5.00%, for 30-45 days it is 6.25%, rate for 46-90 days is 6.50%, for 91-180 days it is 6.75%, and for 181 days to less than a year the revised rate is 7.00%. For longer periods of 1-2 years, the rate is 7.50%, and for 2-10 years, the rate is revised to 7.25%. For senior citizens, the rates vary by 50 basis points.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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