|Listed on exchange as||IDFC Bank Ltd.|
|Tenure||Regular customers||Senior citizens|
For an IDFC First Bank FD with tenure ranging from 7 days to 12 months, the interest rate offered is from 2.75% p.a. to 4.15% p.a. These deposits are known as short term deposits as their tenure is less than 1 year.
Medium-term fixed deposits have their tenures ranging from more than 1 year to less than 5 years. The interest offered by the bank on these deposits is around 4.15% – 4.20% p.a.
These deposits have their tenure ranging from 5 years to 10 years and offer an interest rate of 4.20%.
An IDFC First Bank FD account can be opened through different modes like Mobile App, Internet Banking, and offline.
1) Internet Banking
Follow the below-mentioned steps for opening an IDFC First FD account via internet banking-
2) Mobile App - IDFC Bank App
Follow the steps mentioned ahead to open an FD account via IDFC First Bank App-
3) Opening IDFC Bank FD Offline
For opening an IDFC Bank FD account via offline mode, one has to visit the nearest IDFC Bank branch. Fill out the IDFC Bank FD application form and present all the necessary documents with the deposit amount. On successful processing of the application, an FD receipt will be provided by the IDFC Bank.
Individuals or entities satisfying the following criteria can opt for a fixed deposit in IDFC First bank –
The following documents have to be furnished for opening an IDFC Bank FD –
An investment in IDFC First Bank Tax Saving FD entitles to tax saving up to Rs. 1,50,000 p.a. No other IDFC First Bank FDs entitle to tax saving under Section 80C of the Income Tax Act.
Also, note that the interest income from the IDFC First Bank Fixed Deposit is taxable according to the slab rates of income tax. Also, the interest income is subject to a TDS of 10% if the income from IDFC First Bank FD exceeds Rs. 40,000 p.a.
For senior citizens, the limit is Rs. 50,000 p.a. Also, if the investor fails to provide PAN Card details to the bank, the TDS rate will be 20%.
IDFC First Bank provides loans against their Fixed Deposits. Investors can receive up to 90% of the deposit as a loan against their IDFC First Bank Fixed Deposit investment. The rate of interest of the loan is usually between 3.75-7%. The loan tenure is limited to the IDFC First Bank Fixed Deposit tenure.
IDFC Bank Fixed Deposits can be withdrawn prematurely, excluding the tax-saving Fixed Deposit. The IDFC bank levies a penalty for early withdrawal, the rate of which depends on the bank's terms and conditions.
What is the maximum fixed deposit interest rate I can earn for IDFC First Bank FD?
IDFC FD provides a maximum of 4.20% interest fixed deposit.
Are senior citizens FD eligible to earn a higher interest rate?
Yes, senior citizens get a higher rate of interest on their deposits compared to regular customer FD rates. The interest rate for regular FD ranges from 2.75% to 4.20% and for senior citizens the range is 2.75% to 4.70%.
What is the minimum amount requires to open a Fixed Deposit with IDFC First Bank?
The minimum deposit to book an FD with IDFC First Bank is Rs. 10,000.
When did IDFC First Bank last updated their FD rates in 2022?
The Bank updated its FD interest rates on 21st January 2022. The rates now range from 2.75% to 4.20%
Can I change the tenure of my existing fixed deposit account?
No, it is against FD rules and you cannot change the tenure selected for the fixed deposit account once the account is opened.