Home / Industry / Banking /  IDFC First Bank hikes bulk FD rates, now get up to 7.55% on this tenor
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IDFC First Bank has hiked interest rates on bulk fixed deposits of more than 2 Cr to 25 crore. As per the official website of the bank, the new rates are effective as of January 13, 2023. Following the change, the bank is now providing interest rates on deposits that mature in 7 days to 10 years ranging from 5.30 to 7.30 per cent. Deposits maturing in 366 - 399 days will now fetch a maximum interest rate of 7.55% on bulk deposits where premature withdrawal is not permitted.

IDFC First Bank Bulk FD Rates

On domestic, NRE, NRO deposits where premature withdrawal is not allowed for Rs. 2 crore to 25 crore, the bank is offering an interest rate of 5.30% on a deposit tenor of 7 to 35 days. The bank is now offering an interest rate of 5.55% on deposits that mature in 36 to 45 days, and IDFC First Bank is now providing an interest rate of 5.70% on deposits that mature in 46 to 60 days.

A deposit tenor of 61 to 91 days will now earn interest at a rate of 6.30% from IDFC First Bank, while a deposit tenor of 92 to 180 days will earn interest at a rate of 6.90% from the bank. Deposits that mature in 181 to 270 days and 271 to 365 days will now earn interest at a rate of 7.00% and 7.30%, respectively.

The bank is giving an interest rate of 7.55% on deposits that mature in 366 to 399 days, and IDFC First Bank is offering an interest rate of 7.45% on deposits that mature in 400 to 731 days. A deposit tenor of 732 days to 10 Years is eligible for a 7.30% interest rate from IDFC First Bank.

IDFC First Bank Bulk FD Rates
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IDFC First Bank Bulk FD Rates (idfcfirstbank.com)

IDFC First Bank has mentioned on its website that “Fixed Deposit shall not have any premature withdrawal facility i.e. fixed Deposit cannot be closed by the depositor before expiry of the term of such deposit. However, Bank may allow premature withdrawal of these deposits in exceptional circumstances such as (a) in the event of any direction from any statutory and/or regulatory authority/or government order or (b) deceased claim settlement cases."

IDFC First Bank bulk FD rates where premature withdrawal is permitted for Rs. 2 crore to 25 crore

The bank now offers an interest rate of 5.30% on deposits that mature in the next 7 to 35 days, while IDFC First Bank now offers an interest rate of 5.55% on deposits that mature in the next 36 to 45 days. On deposits with a tenor of 46 to 60 days, IDFC First Bank is now giving an interest rate of 5.60%, and on deposits with a tenor of 61 to 91 days, the bank will be offering an interest rate of 6.15%.

Deposits that mature in 92 to 180 days now earn 6.75% interest, while those that mature in 181 to 270 days now earn 6.85% interest. Deposits that mature in 271–365 days will now earn 7.15% interest, while those that mature in 366–399 days will now earn 7.30% interest. On deposits maturing in 400 to 731 days, IDFC First Bank is now giving an interest rate of 7.20%, while the bank is also guaranteeing an interest rate of 7.05% on deposits maturing in 3 years, 1 day to 10 years.

“On premature withdrawal, Interest will be calculated at the applicable rate (on the date of placement of deposit) minus a penalty of 1%, for the period the deposit has actually run. However, this penalty will not be applicable for Government entities, Quasi-government entities, Statutory bodies and Regulatory Authorities. Incentive for Senior Citizens will be at an additional spread of 0.50% over the rate of deposit for the respective tenor and will not be available for NRE or NRO Fixed Deposits," mentioned IDFC First Bank on its website.

ABOUT THE AUTHOR

Vipul Das

Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
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