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IDFC First FD Interest Rates 2021

IDFC First FD Interest Rates

Last Updated 06th Jul 2021

When it comes to the FD interest rate, the highest rate offered on IDFC First Bank FD is 6.00%. Latest IDFC First Bank FD interest rate for senior citizens, on the other hand ranges between 2.75% to 6.50%.

Tenure FD interest rates Senior Citizen FD interest rates
7 days to 14 days 2.75% 2.75%
15 days to 29 days 3.00% 3.50%
30 days to 45 days 3.50% 4.00%
46 days to 90 days 4.00% 4.50%
91 days to 180 days 4.50% 5.50%
Earn upto 6.95% on FD APPLY NOW

IDFC First Fixed Deposit Features

IDFC First Bank FDs are one the best investment options available for depositors who are looking to invest in a fixed income instrument and earn higher returns than the savings account. Key Features of IDFC First Bank Fixed Deposit are:

  • Deposit Amount : IDFC First Bank FD can be opened with an amount as a low ₹ 10,000 to up to No Limit.
  • FD Tenure : Ranges between 7 days to 500 days.
  • Interest Rate Range : 2.75% p.a. to 6.00% p.a.
  • Senior Citizens FD Rate : 2.75% p.a to 6.50% p.a.
  • Highest Interest Rate : As per today’s rate, IDFC First Bank’s highest interest rate on FD is 6.00% offered for a tenure of 500 days.
  • Safety of IDFC First Bank Deposits : IDFC First Bank deposits are covered under the Deposit Insurance Scheme of RBI in which up to ₹ 5 lakh of all deposits of a depositor are insured by DICGC.
  • Loan against FD : IDFC First Bank provides loan against FD to help its depositor meet their liquidity requirements without breaking the FD.
  • Auto- Renewal Facility : Available
  • Nomination Facility : Available
  • Popular FD Schemes : Regular Fixed Deposit

IDFC First Bank FD Interest Rates Today

Interest rates on IDFC First Bank deposits are updated regularly by the Government of India. The following are updated IDFC First Bank FD interest rates 2021:

Tenure Interest Rate
7 days to 14 days 2.75%
15 days to 29 days 3.00%
30 days to 45 days 3.50%
46 days to 90 days 4.00%
91 days to 180 days 4.50%
181 days to 364 days 5.25%
500 days 6.00%
501 days to 10 years 5.75%
1 year to 499 days 5.50%

IDFC First Bank FD Rates for Senior Citizens

With an aim to attract senior citizens above the age of 60 years to invest in the fixed deposits, IDFC First Bank offers a higher interest rate to senior citizens than the general public. Listed below are the IDFC First Bank fixed deposits interest rates for senior citizens 2021:

Tenure Interest Rate for senior citizens
7 days to 14 days 2.75%
15 days to 29 days 3.50%
30 days to 45 days 4.00%
46 days to 90 days 4.50%
91 days to 180 days 5.50%
181 days to 364 days 5.75%
500 days 6.50%
501 days to 10 years 6.25%
1 year to 499 days 6.25%

Best FD Plan as per IDFC First Bank FD Rates

To invest in IDFC First Bank fixed deposit, you must compare IDFC First Bank Fixed Deposit Rates for varying tenures. IDFC First Bank FD Interest Rates 2021 are best for the deposits with a tenure of 1 year 4 months 15 days to 1 year 4 months 15 days, wherein the current IDFC First Bank Fixed Deposit Interest Rates is 6.00 p.a.

If you are looking to invest in short term deposits with IDFC First Bank, the interest rate of IDFC First Bank for FD ranges from 2.75% p.a. to 5.25% p.a. These deposits are known as short term deposits and are offered with a tenure of 7 days to less than 365 days. Short term IDFC First Bank Fixed Deposit Rates for senior citizens range from 2.75% to 5.75% p.a.

If you want to invest in long term deposits, IDFC First Bank Fixed Deposit Rates with tenure ranging from 5 years to 10 years are a good choice with interest rates on deposits at 5.75%.IDFC First Bank Senior citizens FD Rates are offered at special rates with the highest deposit rates of6.25% p.a. on long term FDs.

Below-mentioned is some of the benefits of opening an FD account in IDFC First Bank:

  • Interest on deposit is paid only at the time of the maturity
  • IDFC First Bank also offers a nomination facility on its fixed deposits.
  • Extra interest of 0.25% to 0.50% is payable to the senior citizens.
  • Availability of auto-renewal facility on the deposit.
  • Earn higher returns on the money deposited.

IDFC First Bank Fixed Deposit Rate Trends

IDFC First Bank has hiked interest rates on fixed deposits with effect from 20 May, 2021. The new IDFC First Bank highest FD rate is currently at 6.00%, which is an increase of 0.25% from the previous highest rate of 5.75%. Currently, IDFC First Bank FD rate for upto 1 year is 2.75% and 6.00% for 5 year FD.

Documents required to open Fixed Deposit Account in IDFC First Bank

  • Identity proof, Proof of residence, Passport size photograph.
  • Age proof (Birth certificate, matriculation certificate, etc,)
  • Passport size photographs
  • Bank A/c details

IDFC First Bank Fixed Deposit Rates – Premature Withdrawal

You can close your IDFC First Bank FD account prematurely, however IDFC First Bank charges a penalty of for premature withdrawal. Also, The penal provisions for premature closure on IDFC First Bank FD are subject to change from time to time and may also vary with deposit schemes.

Loan against Fixed Deposit IDFC First Bank

IDFC First Bank offers loans up to 90% against its own deposit. Note that IDFC First Bank will not give you loan against FD of any other bank. IDFC First Bank offers Loan against FD at the rate of 3.75% to 7%

Illustration - Mr. Rahul has opened a fixed deposit of ₹ 1,00,000 for 2 years in IDFC First Bank. The borrower later decided to take a loan against his FD. The bank has approved a credit limit of 90% against his FD at 10% interest rate. Now, if the borrower draws ₹ 90,000 on the first of the month and then repays the money on the 1st of next month, then he is supposed to pay the interest on ₹ 90,000 available for 1 month only. The amount he repays after 1 month is ₹ 90,744. So, the interest charged on the loan taken is ₹ 744.

FD Account Opening Process at IDFC First Bank

To open an IDFC First Bank Fixed Deposit, follow the steps as mentioned below:

  • Visit the official website of IDFC First Bank and log in to your FD account.
  • From the menu, choose the Fixed Deposit option, the Type of FD you want to open and click on proceed.
  • Enter the deposit amount and select the ‘Senior Citizen’ option if you are above 60.
  • Now, choose the deposit tenure and interest payout frequency.
  • Finally, click on Submit to open the IDFC First Bank FD after reading the terms and conditions.

To open a Fixed Deposit account in IDFC First Bank, you can visit the official website and login to your account. Choose the Fixed Deposit option from the menu and select the Type of FD you want to open and proceed. After this, you have to fill the deposit amount and select ‘Senior Citizen’ option if you are above 60. You have to choose the tenure of deposit and interest payout frequency. Click on Submit to open the IDFC First Bank FD after reading the terms and conditions.

Nomination Facility on IDFC First Bank FD

IDFC First Bank also offers a nomination facility on Fixed Deposit to claim the amount in case of the depositor's death. You can file the details of only 1 nominee when opening an IDFC First Bank FD account. The nominee has to submit his/her identification proof at the time of claim.

IDFC First Bank Fixed Deposit Scheme

Regular Fixed Deposit

Description:

  • IDFC First Bank Regular Fixed Deposit ease of investment, moderate returns, high liquidity and the safety of funds make it a competent FD. It is a viable option to park surplus for growing money.
  • High rate for returns
  • Nomination facility is available
  • A high rate of interest for senior citizen

Who is eligible?

  • Resident Indians of 18 years of age and above.

FAQs

What is the highest fixed deposit interest rate for IDFC First Bank?

You can earn a maximum interest of 6.00% on IDFC First Bank fixed deposit.

Are there any special rates for senior citizens FD of IDFC First Bank?

Yes, senior citizens get a higher rate on their deposits compared to FD rates. The rate of regular FD are in the range of 2.75% to 6.00%. Compared to this, IDFC First Bank senior citizens FD are in the range of 2.75% to 6.50%.

What are the current IDFC First Bank FD interest rates 2021?

Current interest for FD in IDFC First Bank ranges between 2.75% - 6.00%.

Is there any minimum amount that I have to give for opening a Fixed Deposit with IDFC First Bank?

The minimum deposit amount required to book an FD with IDFC First Bank is ₹ 10,000.

Did IDFC First Bank increase FD rates in 2021?

Yes, the highest rate on IDFC First Bank FD has been increased from 5.75% to 6.00%. The fixed deposit rates of IDFC First Bank are now in the range of 2.75% to 6.00% with effect from 20 May, 2021.

Is it possible to change the tenure of my existing fixed deposit account with IDFC First Bank?

No, it is not possible to alter the tenure selected for the fixed deposit account once the account is opened. However, you may close your existing fixed deposit account and can open a new account with a desired tenure of your choice.

What are the implications of opening an FD bank account without having PAN?

Following are the implications for the customers opening an FD account with IDFC First Bank without their PAN card

  • Your TDS will be deducted at the rate of 20% as against 10% under section 206AA
  • NO TDS credit from the Income Tax department
  • NO TDS certificate will be issued
  • Form 15G/H and other exemption certificates will be invalid and penal TDS will apply

Can a customer open an FD account online in IDFC First Bank?

Yes, you can submit your application for opening an FD account on the website of IDFC First Bank. After submitting the application, you will be contacted by the bank’s representative for the further process, which includes filling an application process and submitting KYC documents.

In how many years FD will double in IDFC First Bank?

The interest rate on FD depends upon the tenure you choose. To know the time period in which your FD amount will get doubled, you need to divide 72 the 6.00%. For IDFC First Bank FD the number of years in which your FD will get doubled is; 72/6.00 = 12

What is the interest of 1 lakh in the IDFC First Bank?

The interest on IDFC First Bank fixed deposit depends on the tenure of the FD for which it is deposited. Below mentioned is the IDFC First Bank FD interest rate 2021 across different tenures.

TenureInterest Rate
7 days to 14 days 2.75%
15 days to 29 days 3.00%
30 days to 45 days 3.50%
46 days to 90 days 4.00%
91 days to 180 days 4.50%
181 days to 364 days 5.25%
500 days 6.00%
501 days to 10 years 5.75%
1 year to 499 days 5.50%


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IDFC First News - Jul 2021
  • 2021-06-14 : IDFC First Bank’s helping hand for the covid-affected families of employees
    To help the families of employees who lost their lives due to covid, IDFC First Bank is offering compensation of upto 4 times of the CTC along with a salary of two years. Along with that, the bank is also wavering the loans of such employees to reduce the burden on the employees’ family.
  • 2021-05-21 : IDFC First Bank profit surged 78% to Rs 128 crore
    IDFC First Bank reported a 78% jump in net profit at Rs 128 crore for the fourth quarter ended March 2021. The bank had posted a profit of Rs 72 crore during the corresponding January-March quarter a year ago. Total income during the fourth quarter rose to Rs 4,834 crore backed by Retail advances which include home, LAP, personal, two-wheeler, car, gold, education and doctor loan.
  • 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%.
  • 2021-01-22 : IDFC First Bank retail loan surges 100%
    IDFC First Bank reported that its retail deposits which includes home, personal, car, two wheeler, gold and LAP increased 100% Y-o-Y. In addition to this, Customer Deposits of the Bank which includes FD and RDs increased to Rs. 77,289 Cr as on 31 December 2020 from Rs. 54,631 Cr as on 31 December 2019 . CASA ratio on outstanding deposits as on 31 December 2020 was 48.4%.
  • 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.
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