IDFC First Bank FD Interest Rates

4.50% - 7.00%
Interest rates
3 months - 10 years
Time Period
₹10,000 - no limit
Min. - Max amount
QUARTERLY
Compounding

About IDFC First Bank FD

IDFC First Bank is one of the most promising financial institutions emerging in India, with its headquarters in Mumbai. The banking institution received its Universal Banking Licence from the RBI in 2015 and is popular for its corporate and commercial banking services.

Notably, a fixed deposit scheme is among the most popular financial products extended by the bank. Typically, it’s the IDFC Bank FD rates and other user-centric features that work in favour of the deposit scheme and its holders. On that note, the following is an elaboration of the prevailing interest and other noteworthy components of this savings instrument.

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Started On2015
Head QuartersMumbai
CRISIL RatingNA
CEOV. Vaidyanathan
Listed on exchange asIDFC Bank Ltd.
ICRA RatingNA

IDFC First Bank FD Rates 2024

TenureRegular customersSenior citizens

Features and Benefits of IDFC First FD

  • The minimum amount to book an FD with IDFC First Bank FD is Rs. 10,000 to up to No Limit.
  • The tenure ranges between 7 days to 10 years.
  • IDFC First Bank deposits are secured under the Deposit Insurance Scheme of RBI under which up to ₹ 5 lakh of all deposits of deposit holders are insured by DICGC.
  • IDFC First Bank provides the facility to avail loan against FD to help its depositors meet their sudden requirements without breaking the FD.
  • Auto- Renewal Facility is available
  • Nomination Facility is available

Types of IDFC First FD Schemes

Regular Fixed Deposits

  • The interest in this FD account is compounded quarterly.
  • Senior citizens get 0.50% extra interest rates over regular customers
  • Provides Nomination facility
  • Loan can be availed against FD

IDFC Bank Tax Saver Fixed Deposit Account

  • The deposits opened under this scheme qualifies for tax savings under Section 80C of the Income Tax Act. 
  • A maximum amount of the Deposit up to INR 1,50,000 p.a. qualify for the deduction.
  • A Lock-in period of 5 years
  • Premature withdrawal - not allowed

Term wise IDFC First Bank FD Rates

Short-term Deposits

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 Deposits

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.

Long-term Deposits

These deposits have their tenure ranging from 5 years to 10 years and offer an interest rate of 4.20%.

IDFC First vs Other Banks' FD Rates

NameTenureInterest rate

How to invest in IDFC First Bank FD?

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-

  • Sign in to the IDFC Bank NetBanking account.
  • From the Main Menu, choose the ‘Fixed Deposit’ option and select the type of deposit account.
  • Provide all the required information, nominee details, and maturity instructions.
  • For completing the account opening process, click on 'Submit'.

2) Mobile App - IDFC Bank App

Follow the steps mentioned ahead to open an FD account via IDFC First Bank App-

  • Download the IDFC Bank App and sign in.
  • From the Main Menu, choose the ‘Fixed Deposit’ option and select the type of deposit account.
  • Fill out the required information, nominee details, and maturity instructions.
  • Completing the account opening process by clicking on 'Submit'.

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.

Eligibility to Open an IDFC First FD Account

Individuals or entities satisfying the following criteria can opt for a fixed deposit in IDFC First bank –

  • Individuals
  • Hindu Undivided Family (HUF)
  • Sole proprietorship and joint ventures
  • Private/public limited companies (including the one-person company)
  • Trust, society, and association
  • Partnership firms, including Limited Liability Partnership (LLP)
  • Government and quasi-government institutions, municipal corporation, defence establishment

Documents Required to Open IDFC First Bank FD

The following documents have to be furnished for opening an IDFC Bank FD –

  • Proof of identity (PAN Card, Voter ID, driving license, Passport, Aadhar Card)
  • Address proof (Passport, Aadhar card, Bank statement with cheque)
  • Proof of date of birth (birth certificate, PAN card, discharge certificate, Aadhar card)

Tax on IDFC First Bank Fixed Deposit

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%.

Loan Against IDFC First Bank FD

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.

Premature Closure of IDFC First Bank FD

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.

FAQs

What is the maximum fixed deposit interest rate I can earn for IDFC First Bank FD?

IDFC FD provides a maximum of 7.75% 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 3.00% to 7.75% and for senior citizens the range is 3.50% to 8.25%.

Is IDFC Fixed deposit interest rate taxable?

Yes, the interest rate earned on IDFC Fixed deposit is taxable.

What is the minimum and maximum tenure for IDFC Fixed deposit?

The minimum tenure for fixed deposit starts from 7 days and can be ranged upto 10 years.

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. 

Calculate IDFC First Bank FD Interest
Investment Amount
₹25,000.00
Time Period
9 Months
1 Year
2 Years
3 Years
Maturity Amount
IDFC First Bank
@4.15% p.a
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