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IDFC First FD - Scheme, Eligibility, Documents

IDFC First Bank Fixed Deposit Highlights

Last Updated 06th Jul 2021

IDFC First Bank fixed deposit is a reliable, secure and beneficial investment option that offers various benefits such as guaranteed returns, Government insurance, loan borrowing facility and flexible fixed deposit tenure.

Interest Rate 2.75% to 6.00%
Minimum Tenure 7 days
Maximum Tenure 10 years
Deposit Amount Rs. 10,000
Maximum Deposit No Limit
    Earn upto 6.95% on FD APPLY NOW

    IDFC First Bank FD

    IDFC First Bank is one of the leading fixed deposit providers in the country. The Bank offers FD with flexible tenures ranging between 7 days to 10 years. Apart from that, IDFC First Bank FD offers regular returns on fixed deposits ranging between 2.75% to 6.00%. For senior citizens, the interest rates on fixed deposits range between 2.75% to 6.50%. In addition to that, IDFC First Bank fixed deposit plans offer tailor-made fixed deposit products for different kinds of fixed deposit investors.

    Types of IDFC First Bank Fixed Deposit Schemes

    Different type of IDFC First Bank term deposit products offered to the investors are listed as follows:

    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

    Eligibility:

    • Resident Indians of 18 years of age and above.

    Benefits of IDFC First Bank FD

    IDFC First Bank fixed deposit is a popular investment option due to a number of benefits it provides to the FD investors. Some of these are mentioned below:

    • Guaranteed returns: The best thing about IDFC First Bank FD is that it offers guaranteed and assured returns to the investors. The return offered on a fixed deposits is regulated by the Bank on a monthly, or quarterly basis, as per the Bank’s choice. Currently, IDFC First Bank offers FD rates up to 6.00%. The interest rates offered on IDFC First Bank FD is not only assured but also way higher than a savings account.
    • Insured by the Government: The Deposit Insurance and Credit Guarantee Corporation offers deposit insurance of ₹ 5 Lakh to fixed deposits across all banks. Investing in a fixed deposits with the highest rating of AAA, rated by ICRA and CRISIL, is a reliable investment option.Thus, IDFC First Bank term deposit is safe and secure, as the funds are backed by the government no matter what the current situation of the Bank is.
    • Loan against FD: The investment made in an FD scheme is not only a reliable investment option but can also act as an asset. This is because IDFC First Bank fixed deposit allows one to borrow a secured loan against IDFC First Bank FD. Benefits of Loan Against FD of IDFC First Bank are as follow:
      • Loan against FD of IDFC First Bank offers the loan amount upto 90%-95% of the FD amount.
      • The interest charged on the loan against FDs are generally low and are 2% to 3% higher than the FD interest rate.
      • Loan against FD of the IDFC First Banks flexible repayment options.
      • The processing fee of Loan Against FD in the IDFC First Bank is nil.
      • It is a hassle-free loan and does not require the depositor to break the FD.
    • Flexible tenures: IDFC First Bank FD offers the investors the flexibility to choose the investment tenure as per their convenience. IDFC First Bank offers fixed deposit for a minimum tenure of 7 days up to a maximum tenure of 10 years. IDFC First Bank offers different interest rates across FD tenures.
    • Flexible investment: Apart from the flexibility of tenure, IDFC First Bank fixed deposit offers the flexibility of funds to FD investors as funds can be invested with a minimum amount of Rs. 10,000 . Apart from that, one can invest in the IDFC First Bank FD up to a maximum of No Limit.

    Premature Withdrawal Terms and Conditions

    Though a fixed deposit with IDFC First Bank means depositing funds for a fixed period of time in expectation of a regular return. However, keeping in view the instability in the markets, the Bank allows premature withdrawals of funds from a fixed deposit. This means that investors can withdraw their funds before the date of maturity to fulfil their urgent financial conditions.

    Withdrawing funds prematurely from IDFC First Bank will attract an interest rate lowered by Allowed below the effective rate on the date of booking the FD. The penalty charged on fixed deposits is valid only on fixed deposits with a tenure greater than seven days. In case of premature withdrawal of IDFC First Bank fixed deposits with tenure less than seven days, the bank does not pay any interest.

    Eligibility Criteria for IDFC First Bank FD

    IDFC First Bank FD facility can be availed by the following type of investors:

    • Indian Citizens
    • Members of HUFs or the Hindu Undivided Family
    • Business firms
    • Local governing bodies
    • Government departments
    • Employees of private limited companies
    • Trust accounts

    Documents for IDFC First Bank FD

    IDFC First Bank fixed deposit requires one to submit the following documents:

    • Passport size photographs
    • Identity proofs such as Aadhar card, passport, PAN card, and driving license.
    • Address proofs such as passport, ration card, utility bills such as water, gas or electricity bill.
    • Age proof such as birth certificate, matriculation passing certificate, and Voter ID card.
    • Bank account details such as passbook and account number.

    Credit Card Against IDFC First Bank FD

    Credit Cards againstIDFC First Bank FD are secured credit cards. They are availed against the amount deposited in the term deposits. They are an ideal option for individuals with low CIBIL score and salary. Below mentioned are the important features of Credit Cards against IDFC First Bank FD:

    • The limit offered on the credit card depends upon the amount deposited in the fixed deposits. Generally, banks offer around 80% of the deposit amount as the total credit limit on the card.
    • Credit Cards against the fixed deposits require minimum documentation.
    • The minimum tenure of the term deposits should be 6 months to avail credit card against it.
    • Secured Credit cards also offer discounts, cashback and rewards.
    • The cardholder continues to earn the same applicable interest rate on FD.

    FAQs

    What is the loan against FD repayment tenure in IDFC First Bank?

    Loan against FD is the  facility which allows the investor to avail the loan against the amount deposited in the term deposit. IDFC First Bank offers the loan against FD facility to the FD investors with a repayment tenure of up to 10 years.

    What is the minimum investment for FDs under IDFC First Bank?

    IDFC First Bank Fixed Deposit is one of the safest investment avenues and it can be availed with a minimum deposit of Rs. 10,000 .

    What is the minimum amount for a fixed deposit in IDFC First Bank?

    The minimum amount required for a fixed deposit investment in IDFC First Bank fixed deposit is Rs. 10,000 .

    What is the current interest rate on FD in IDFC First Bank?

    Currently, IDFC First Bank offers an interest rate ranging between 2.75% to 6.00% on its fixed deposits.

    What is the penalty for early withdrawal in IDFC First Bank?

    Bank charges penalty on premature withdrawal of fixed deposits. The penalty for early withdrawal ranges between 0.5% to 1% in most cases, based on the loan amount and tenure.

    What is the minimum FD tenure for which a fixed Deposit account can be opened in IDFC First Bank?

    IDFC First Bank fixed deposit can be opened with a minimum tenure of 7 days. The tenure of the IDFC First Bank fixed deposits ranges from 7 days to 10 years.

    Can I deposit additional amount in my IDFC First Bank 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 KYC documents and Passport size photos.

    In how many years FD doubled in the IDFC First Bank?

    The time IDFC First Bank fixed deposits will take to double the initial amount will depend upon the rate of interest offered on the FD. You can calculate the maturity amount of the IDFC First Bank FD at MyLoanCare by entering the amount you want to deposit and the interest offered on FD.

    Can an NRI open a IDFC First Bank fixed deposit account?

    No, Non-Resident Individuals are not allowed to invest in IDFC First Bank schemes. It means that they are not eligible to invest in fixed deposits.

    Is the IDFC First Bank safe for FD?

    Yes, the IDFC First Bank is one of the safest avenues for any investments. IDFC First Bank is backed by the Government of India and the returns on any investment including fixed deposits are guaranteed.

    Is it wise to take a loan against FD from the IDFC First Bank?

    Yes, opting for a Loan Against FD is an excellent decision. The reasons to take loan from IDFC First Bank are:

    • It offers the loan upto 90%-95% of the FD amount.
    • The interest levied on the loan against FDs are generally low and are 2% to 3% higher than the FD interest rate.
    • Loan against FD offers flexible repayment options.
    • The processing fee of Loan Against FD is Nil.
    • It is a hassle-free loan and requires minimum documentation.
    • Loan against FD helps the depositors to avoid the option of premature withdrawal.

    However, there might be a chance that the alternative credit option is offering lower rates with better facilities. In that case, individuals must compare and decide on the credit option.


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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.
    *Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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