Home / Money / Personal Finance /  IDFC First Bank hikes fixed deposit interest rates: Check new rates here

Interest rates on fixed deposits of less than 2 Cr have increased thanks to a private sector lender, IDFC First Bank. As of today, July 18, 2022, the new rates are in effect, according to the bank's official website. The bank raised interest rates on deposits with maturities ranging from two years to three years as a result of the modification. General public depositors will now get interest rates ranging from 3.50 to 6.00 per cent on deposits with maturities between 7 days and 10 years, while elderly people will now receive interest rates between 4 and 6.50 per cent.

IDFC First Bank FD Rates

The bank will continue to give a 3.50 per cent interest rate on fixed deposits maturing in 7 to 29 days, while IDFC First Bank will continue to offer a 4.00 per cent interest rate on deposits maturing in 30 to 90 days. Fixed deposits with maturities between 91 to 180 days will continue to pay 4.50 per cent interest, while term deposits with maturities between 181 days to one year will continue to earn 5.75 per cent interest. On deposits maturing in 1 year, 1 day to 499 days, IDFC First Bank will continue to pay a 6.25 per cent interest rate; however, the bank has now introduced a new tenure of 500 days to 2 years, for which it will now pay a 6.50 per cent interest rate. On fixed deposits maturing in 2 years 1 day – 3 years the bank will now pay an interest rate of 6.50% which was earlier 6.25% a hike of 25 bps, whereas term deposits maturing in 3 years 1 day – 5 years will continue to pay an interest rate of 6.50%. On deposits for 5 years, 1 day, or 10 years, IDFC First Bank will continue to pay a 6% interest rate. The bank will now provide a 6.50 per cent interest rate to the general public and a 7 per cent interest rate to senior citizens on tax saver deposits of 5 years.

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

For the benefit of elderly individuals, IDFC First Bank has mentioned on its website that “The incentive for Senior Citizens will be at an additional spread of 0.50% over the above rate and will not be available for NRE or NRO Fixed Deposits."

Additionally, IDFC First Bank allows recurring deposits with terms of 6 months to 120 months. The bank currently guarantees interest rates on these deposits ranging from 4.50 per cent to 6 per cent for the general public and 5 per cent to 6.50 per cent for senior citizens. Federal Bank has also changed the interest rates on its fixed deposit products today. With effect from July 18, 2022, the bank is currently providing deposit interest rates ranging from 4.25 per cent to 5.75 per cent for non-senior citizens and 4.75 per cent to 6.40 per cent for senior citizens on deposits maturing in six months to ten years.

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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