Private sector lender IDFC First Bank has also revised interest rates on its fixed deposits (FD) with effect from 1 July 2019. IDFC First Bank offers short-term FDs ranging from seven days to one year and long-term FDs ranging from one to ten years. FD interest rates in IDFC First Bank range from 6.50% p.a. to 8.50% p.a. for deposits with a tenure of 7 days to ten years. Senior citizens get an additional rate of interest of 0.5% on their deposits. IDFC First Bank FD rates are the highest for the deposits with a tenure of 366 days to 2 years, wherein the FD rate of interest is 8.50% p.a.
Earlier top lenders like State Bank of India (SBI), ICICI Bank, Axis Bank, HDFC Bank, Kotak Mahindra Bank had revised interest rates after Reserve Bank of India (RBI) had reduced its lending rate by 25 basis points.
For FDs maturing in seven days to 90 days, IDFC First Bank offers 6.5% interest rate. For 91 days to one year, the bank offers 7% interest rate.
IDFC First Bank FD interest rates for long term deposits with tenure of 2 years to 5 years offer good returns. IDFC First Bank fixed deposit rates for tenure of 2 to 5 years is 7.50%. For a tenure of 5 to 10 years, IDFC Fist Bank offers 7.25% interest rate.
Although IDFC First Bank offers good returns on FD deposits, but the monthly minimum balance requirement per account is ₹25,000.
At 9:45 am, shares of the bank were trading at ₹41.55 lower by 0.60% on BSE. The stock had touched its 52-week high of ₹56.90 on 1 April 2019.
After merging with non-banking financial company Capital First, IDFC Bank's name changed to IDFC First Bank Ltd with effect from 12 January 2019. The bank serves 7.2 million customers through 203 bank branches, 129 ATMs and 454 rural business correspondent centres.
