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IDFC First Bank FD Interest Rates

IDFC First Bank FD Rates 2021

Last Updated 18th Jan 2021

IDFC First Bank is one of most reliable FD providers amongst a number of FD providers in the market. IDFC First Bank FD offers a number of benefits to investors such as higher returns, flexible tenure, lower minimum deposit limit, and loan against FD facility, among others. When it comes to the FD interest rate, the highest rate offered on IDFC First Bank FD is 5.85%. Latest IDFC First Bank FD interest rate for senior citizens, on the other hand ranges between 3.25% to 6.35%.

Tenure FD interest rates Senior Citizen FD interest rates
7 days to 14 days 2.75% 3.25%
15 days to 45 days 2.85% 3.35%
46 days to 60 days 3.00% 3.50%
61 days to 91 days 3.25% 3.75%
92 days to 180 days 3.70% 4.20%
Earn upto 6.95% on FD APPLY NOW

IDFC First Fixed Deposit Features

IDFC First Bank FDs are one the best investment option available for depositors who are looking to invest in a fixed income instrument and earn higher returns than 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 .
  • FD Tenure: Ranges between 7 days to 10 years.
  • Interest Rate Range: 2.75% p.a. to 5.85% p.a.
  • Senior Citizens FD Rate: 3.25% to 6.35% p.a.
  • Highest Interest Rate: As per today’s rate, IDFC First Bank’s highest interest rate on FD is 5.85% offered for a tenure of 10 years.
  • 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 Best FD Plan

We need to compare tenure wise latest FD rate of IDFC First Bank to choose the tenure at which it provides the highest interest rate. IDFC First Bank FD rates are best for the deposits with a tenure of 3 years 1 day to 10 years, wherein the current FD rate of interest is 5.85% p.a

If one is looking to invest in short term deposits with IDFC First Bank, FD interest rates range from 2.75% p.a. to 4.15% p.a for deposits with a tenure of 7 days to less than 365 days. These deposits are known as short term deposits as they have a tenure of less than 1 year. Short term IDFC First Bank FD rates for senior citizens range from 3.25% to 4.65% p.a.

If one is looking to invest in long term deposits, IDFC First Bank FD interest rates with tenure of 5 years to 10 years are a good choice with interest rates on deposits with a tenure of 10 years at 5.85%. Senior citizens are offered special rates from bank with highest deposit rates of 6.35% p.a. on long term FDs.

Fixed Deposits of IDFC First Bank have a higher interest rate compared to their saving deposits. Benefits of opening a FD account in IDFC First Bank are:

  • Interest on deposit is paid only at the time of the maturity
  • Nomination facility available
  • Extra interest of 0.25% to 0.50% payable to the senior citizens
  • Availability of auto renewal facility on the deposit
  • Earn higher returns on the money deposited

Documents required to open Fixed Deposit Account in IDFC First Bank

  • Identity proof, Proof of residence, Passport size photograph.

IDFC First Bank Fixed Deposit Rates – Premature Withdrawal

Premature closure of Term Deposit with IDFC First Bank is along with the lower interest rate of than the contracted rate. 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 loan 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 6.85%

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 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 availed 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 a Fixed Deposit account in IDFC First Bank, you can visit the official website and login to your account. Choose 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 offers nomination facility on Fixed Deposit to claim the amount in case of the death of the depositor. An individual, single or joint account holders can appoint a nominee. Only one person can be appointed as nominee. You can fill nominee details while opening a IDFC First Bank fixed deposit. 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 FD rate for IDFC First Bank?

You can earn a maximum interest of 5.85% 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 5.85%. Compared to this, the rate of senior citizens FD are in the range of 3.25% to 6.35%.

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

Current interest for FD in IDFC First Bank ranges between 2.75% - 5.85%.

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.

Can I deposit additional amount in my FD account?

No, you cannot deposit any additional amount in your existing FD account as you are allowed to deposit only once at the time of opening the account. If you want to invest any additional amount in FD, you are required to open a new FD account.

Who is eligible for opening an FD account in IDFC First Bank?

All resident individuals, HUFs, NRIs, Firms including minors are eligible to open a fixed deposit account.

What documents are required to open an FD account in IDFC First Bank?

The documents required to open an FD account in IDFC First Bank includes Identity proof, Proof of residence, Passport size photograph..

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

  • 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 a FD account online in IDFC First Bank?

Yes, you can submit your application for opening a FD account on the website of IDFC First Bank. After submitting the application, you will be contacted by the bank’s representative for 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 with the 5.85%. For IDFC First Bank FD the number of years in which your FD will get doubled is; 72/5.85 = 12


IDFC First News - Jan 2021
  • 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.
  • 2019-08-23 : IDFC First Bank revises its FD rates
    After RBI reduced lending rates by 35 bps, IDFC First Bank revised its FD rates. For the general public, the rates have been changed as 4% - 6.75%, for maturity of 7 days to 180 days. Further, for maturity dates between 181 days to 2 years, the revised rate lie between 7% to 8%. For a larger maturity period of 2-10 years, revised rates range from 7.25% to 7.50%. The rates have been revised with immediate effect from August 21.
*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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