Home / Industry / Banking /  IDFC First Bank revises FD rates, now get up to 7.25% on a tenor of 750 days
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One of the top lenders in the private sector, IDFC First Bank, has adjusted the interest rates on fixed deposits under 2 crore. The new rates are in effect as of December 1, 2022, according to the bank's official website. After the modification, the bank is currently offering an interest rate on FDs with maturities ranging from 7 days to 10 years that range from 3.50% to 6.00%. Fixed deposits maturing in 750 days will now pay a maximum interest rate of 7.25% from IDFC First Bank.

IDFC First Bank FD Rates

The bank is offering a 3.50% interest rate on FDs maturing in 7 to 29 days, while IDFC First Bank is offering a 4.00% interest rate on FDs maturing in 30 to 90 days. For deposits that mature in 91 to 180 days and in 181 to 364 days, respectively, IDFC First Bank is offering interest rates of 4.50% and 6.00%. Deposits that mature in 365 days to 500 days will now earn 6.50% interest, while those that mature in 501 days to 749 days will now earn 6.75% interest. On FDs maturing in 750 days, the bank is offering a maximum interest rate of 7.25% and on those maturing in 751 days to 5 years, IDFC First Bank is offering an interest rate of 6.50%. IDFC First Bank is offering an interest rate of 6.00% on deposits maturing in 5 years – 1 day - 10 years and an interest rate of 6.50% on tax-saving deposits of 5 years.

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

The benefit for senior citizens will not be accessible for NRE or NRO fixed deposits and will be at an additional premium of 0.50% over the aforementioned rate. Senior citizens receive a special benefit and are eligible to earn 0.50 per cent higher interest. At IDFC First Bank, you have the choice of a quarterly compounding option or a monthly/quarterly interest pay-out option. A term or fixed deposit that is prematurely closed will be subject to the "Premature Closure Penalty" set forth by the bank on the deposit date. The penalty for a prematurely closed fixed deposit is 1%.

Customer deposits at IDFC First Bank grew by 36% YoY to Rs. 1,14,004 crore and CASA deposits grew by 37% YoY to Rs. 63,305 crore in Q2FY23. On September 30, 2022, the bank recorded a CASA ratio of 51.28%. From Rs. 152 crore in Q2-FY22, the net profit for Q2-FY23 increased to Rs. 556 crore (up 266% YoY) and from a net profit of Rs. 474 crore made during Q1-FY23 (up 17% QoQ). From Rs. 2,272 crore in Q2-FY22 to Rs. 3,002 crore in Q2-FY23, Net Interest Income (NII) climbed by 32% YoY. The bank had 670 branches and 812 ATMs (including recyclers) nationwide as of September 30, 2022. Since March 31, 2022, the Bank has gotten bigger with 29 branches and 93 ATMs.

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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