Home / Money / Personal Finance /  IDFC First Bank revises bulk FD rates, earn as high as 7.55%

Mumbai-based IDFC First Bank has revised its bulk fixed deposits from 2 crore to maximum of 25 crore. A depositor can earn as high as 7.55% now. The interest rates range from 5.30% to 7.55%. These rates have come into effect from November 23, 2022. Notably, these FD rates do not have any premature withdrawal facility. There are FDs offered with premature withdrawal facilities, however, the interest rate is lower compared to those without a premature withdrawal option.

Interest rates on FDs from 2 crore to 25 crore without premature withdrawal facility:

The interest rates are the same for deposits between 2 crore to 25 crore.

With effect from November 23, IDFC First Bank is offering as high as 7.55% on 366 - 399 days tenures. The rate is 7.40% on tenures from 400 days to 731 days. Additionally, the rate is 7.35% on 732 days to 1095 days tenures, while the bank is offering 7.30% on 271 days to 365 days tenures.

An interest rate of 7.25% is fixed on FDs maturing from 3 years 1 day to 10 years.

Further, the bank is providing an interest rate of 6.95% on 181 - 270 days, 6.85% on 92 - 180 days, and 6.20% on 61 - 91 days tenures.

On the shorter tenures, an interest rate of 5.65% is given on 46 - 60 days, and 5.55% on 36 - 45 days tenures. While the interest rate is 5.30% on tenures from 7 days to 35 days.

As per IDFC First Bank's notification, under these FDs, the monthly interest payout option is not available. The interest rate is calculated on the basis of 365 days for the period of fixed deposit falling in a non-leap (financial) year and 366 days for the period of fixed deposit falling in a leap (financial) year. Also, an auto-renewal facility is not available for these FDs at the time of opening an FD account.

IDFC First Bank does give an incentive of an additional spread of 0.50% over the rate of FDs to senior citizens on respective tenures and will not be available for NRE or NRO Fixed Deposits.

In case of premature withdrawal of these deposits, IDFC First stated that the bank will not pay any interest on the principal amount of the deposit. Any interest credited or paid up to the date of such premature closure will be recovered from the deposit amount.

Coming to FDs from 2 crore to 25 crore with premature withdrawal facility, the interest rates vary from 5.30% to 7.30%.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less

Recommended For You

Trending Stocks

×
Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout