IDFC First Bank affords mounted deposit rates of interest of as much as 6.90%

On mounted deposits beneath ₹2 crore, the non-public sector lender IDFC First Bank final revised its rates of interest on August 16, 2022. These card charges can be found for home and NRO deposits beneath INR 2 Cr. The financial institution is now providing rates of interest on mounted deposits with maturities starting from 7 days to 10 years that vary from 3.50% to six.90% for most of the people and 4% to 7.40% for senior residents.

IDFC First Bank FD Rates

Fixed deposits that mature in 7 – 29 days will provide an rate of interest of three.50% and time period deposits maturing in 30 – 90 days will fetch an rate of interest of 4.00%. IDFC First Bank is now providing an rate of interest of 4.50% on deposits maturing in 91 – 180 days and the financial institution is now promising an rate of interest of 5.75% on deposits maturing in 181 days – 1 yr. On mounted deposits maturing in 1 yr 1 day – 499 days, the financial institution is now providing an rate of interest of 6.25% and on deposits maturing in 500 days to 749 days, the financial institution is now providing an rate of interest of 6.50%.

Fixed deposits that mature in 750 days will earn curiosity at a charge of 6.90%, whereas people who mature in 751 days or over the course of 5 years will earn curiosity at a charge of 6.50%. On deposits maturing in 5 years, 1 day, or 10 years, IDFC First Bank will give an rate of interest of 6%, and on Tax Saver Deposits of 5 years, the financial institution will present an rate of interest of 6.50%.

The senior citizen profit may have a 0.50% premium over and above the usual charge and will not apply to NRO Fixed Deposits. Rates on tenors as much as 180 days are calculated on a “simple interest” foundation, whereas curiosity on tenors greater than 180 days is paid/compounded quarterly.

A untimely closure penalty will probably be relevant to Retail Term/Fixed Deposits and will probably be imposed at 1% for mounted deposits.

Catch all of 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

Subscribe to Mint Newsletters

* Enter a legitimate electronic mail

* Thank you for subscribing to our e-newsletter.