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IDFC First Bank Fixed Deposit

IDFC First Bank FD Scheme

Last Updated 18th Jan 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 5.85%
Minimum Tenure 7 days
Maximum Tenure 10 years
Deposit Amount Rs. 10,000
Maximum Deposit
    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 deposit ranging between 2.75% to 5.85%. For senior citizens, the interest rates on fixed deposits range between 3.25% to 6.35%. 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 listed as follows:

    • 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 fixed deposit 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 5.85%. 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 FD with a FD provider 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 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. The Bank allows a loan up to 90-95% of the FD amount. The best part about IDFC First Bank loan against fixed deposit is that one does not need to break his or her FD to borrow the loan.
    • 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 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 .

    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.

    FAQs

    What is the loan against FD repayment tenure?

    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 FD 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 5.85% on its fixed deposits.

    What is the penalty for early withdrawal?

    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.


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    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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