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IDFC First Bank RD Interest Calculator
RD Calculator IDFC First in India Jan 2021
Tenure | General Rates | Senior Citizen Rates |
---|---|---|
6 months | 6.75% | 7.25% |
9 months | 7.00% | 7.50% |
12 months | 7.25% | 7.75% |
15 months | 7.25% | 7.75% |
18 months | 7.25% | 7.75% |
21 months | 7.25% | 7.75% |
24 months | 7.25% | 7.75% |
27 months | 7.25% | 7.75% |
36 months | 7.25% | 7.75% |
39 months | 7.20% | 7.70% |
48 months | 7.20% | 7.70% |
60 months | 7.20% | 7.70% |
90 months | 7.20% | 7.70% |
120 months | 7.00% | 7.50% |
IDFC First Recurring Deposit Calculator
IDFC First Bank, a leading Private Bank in India offers attractive interest rates upto 7.25% on its Recurring deposits.
RD maturity amount that you will get depends upon
- Deposit amount
- Rate of interest
- RD tenure
- Compounding frequency
- TDS applicability and TDS rate
IDFC First Recurring Deposit Interest Calculator
- 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 same across the life of the deposit. On maturity of RD, 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 RD maturity amount using the RD calculator.
Tax on Recurring Deposit IDFC First Bank
- In case the interest earned by you across all your recurring deposits across all branches of IDFC First Bank in a year exceeds 10,000, the bank must deduct TDS at 10.3%. In case your IT PAN is not updated in the IDFC First Bank records, it must deduct twice the TDS at 20.6%. So, do remember to update your PAN on your RD.
- We aren’t done yet. This was only the TDS. Now, you would need to add the interest income on all your IDFC First Bank RD’s and other RD’s to your taxable income for the year. Based upon your tax bracket, income tax is payable on this income. You must estimate the interest income and all your other incomes and, based on this, pay advance tax on advance tax payment dates (15th Sep, 15th Dec, 15th March and 31st March).
- IDFC First Bank will also issue you a Form 16A giving details of tax deducted on RD interest and tax deposited by it with government treasury. The TDS amount deposited by the bank with Income Tax Department can be verified in your 26AS statement available online on IT department website or through your net banking account. You can claim credit for the TDS amount in your annual Income Tax Return.
IDFC First RD interest rate calculator – Check your city
- Keep your KYC documents - PAN card, address proof and photo ready.
- To know more or apply, contact any of the branches of IDFC First Bank in your city
FAQs
✅What is the highest interest earned on IDFC First Bank recurring deposit?
You can earn a maximum interest of 7.25% on IDFC First Bank recurring deposit.
✅Are there any extra benefits for senior citizens on fixed deposit of IDFC First Bank?
Yes, senior citizens get extra benefit of 0.5% interest rates on their RD in IDFC First Bank.
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- 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.
