IDFC Bank FD rates start at 3.50% per annum, and progressively increase with the tenor of the deposit. In the case of senior citizens at or above the age of 60, an additional rate of 0.5% per annum is offered. The tenor of the deposit can range from 7 days to 10 years.
If you’re planning on investing in an IDFC First Bank FD in the near future, it is crucial for you to be aware of the current IDFC Bank FD rates. Check out the table below to get a comprehensive overview of the prevailing interest rates including the IDFC Bank FD rates for senior citizens.
Tenor |
IDFC Bank Non-Senior Citizen FD Interest Rates |
IDFC Bank Senior Citizen FD Interest Rates |
7 days to 14 days |
3.50% per annum |
4.00% per annum |
15 days to 29 days |
3.50% per annum |
4.00% per annum |
30 days to 45 days |
4.00% per annum |
4.50% per annum |
46 days to 90 days |
4.00% per annum |
4.50% per annum |
91 days to 180 days |
4.50% per annum |
5.00% per annum |
180 days to 364 days |
5.75% per annum |
6.25% per annum |
365 days to 500 days |
6.25% per annum |
6.75% per annum |
501 days to 749 days |
6.75% per annum |
7.25% per annum |
750 days |
7.25% per annum |
7.75% per annum |
751 days to 3 years |
6.50% per annum |
7.00% per annum |
3 years and 1 day to 5 years |
6.50% per annum |
7.00% per annum |
5 years and 1 day to 10 years |
6.00% per annum |
6.50% per annum |
The IDFC Bank FD rates are dependent on factors such as the tenor of the deposit and your status as an investor. Check out the table below to get to know the interest earned and the maturity amount on an investment of ₹1 Lakh over multiple tenors. You can also use an IDFC FD calculator to estimate the maturity amounts.
Tenor |
Non-Senior Citizen |
Senior Citizen |
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Interest Rate (p.a) |
Interest Earned |
Maturity Amount |
Interest Rate (p.a) |
Interest Earned |
Maturity Amount |
|
1 year |
6.25% |
₹6,432 |
₹1,06,432 |
6.75% |
₹6,963 |
₹ 1,06,963 |
2 years |
6.75% |
₹14,410 |
₹1,14,410 |
7.25% |
₹15,554 |
₹1,15,554 |
3 years |
6.50% |
₹21,467 |
₹1,21,467 |
7.00% |
₹23,293 |
₹1,23,293 |
4 years |
6.50% |
₹29,602 |
₹1,29,602 |
7.00% |
₹32,205 |
₹1,32,205 |
5 years |
6.50% |
₹38,282 |
₹1,38,282 |
7.00% |
₹41,763 |
₹1,41,763 |
Note: The above interest rates are as on October 27, 2022 and are applicable for retail domestic fixed deposits of less than ₹2 Crores. The rates are subject to change from time to time depending on the bank’s policies.
To be able to invest in a fixed deposit with IDFC Bank, you will have to satisfy certain criteria and submit a few documents as part of the application process. Check out the eligibility criteria and the list of documents required by the bank to open an FD account.
Resident Indian individuals and Non-Resident Indian customers can open an FD account with the bank and gain access to the attractive IDFC fixed deposit rates.
The following documents will have to be submitted along with the FD account opening form.
Aadhaar card
Voter’s ID card
Passport
Fixed Deposit Rates for Other Banks |
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Yes, your IDFC First FD can be withdrawn prematurely. However, the bank will deduct a penalty for the same.
No. You cannot extend the tenor of your FD. That said, you can select the auto renewal option to ensure that your IDFC First FD is renewed at the end of the tenor.
Yes. You can get up to 90% of the maturity amount as a loan at an interest rate that’s around 2% more than the IDFC Bank FD rates applicable to you.
As far as the different IDFC First Bank FD account forms are concerned, you have the FD account opening form, which is used to create a fixed deposit. You also have forms 15G and 15H, which can be used to claim exemption from TDS deduction on the interest income.
Yes. You can choose the 5-year tax saver deposit to enjoy tax benefits on the deposit amount under section 80C of the Income Tax Act, 1961.
You can apply for a tax saving IDFC First FD online by logging into the bank’s internet banking platform.
Yes, TDS will be deducted if your interest income exceeds ₹40,000 during the year (or ₹50,000 if you are above 60 years of age). You can use an IDFC FD calculator to determine just how much interest you stand to earn on your fixed deposit.
Yes, you can appoint a nominee for your IDFC First FD account at any point in time during the tenor of the deposit. As a matter of fact, it is advisable to appoint one at the time of opening the FD itself.
Yes. IDFC First Bank offers the FIRST WOW! credit card, which is a secured card issued against a fixed deposit. You can apply for the card through your internet banking portal.
The minimum tenor that you can opt for an IDFC FD is 7 days, whereas the maximum tenor is 10 years.
No. Once you’ve opened an FD account, you cannot deposit any additional amount whatsoever.
The maximum IDFC Bank FD rates on offer is 7.25% per annum for non-senior citizens and 7.75% per annum for senior citizens. This interest rate is applicable on 750-day FDs only.