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** Disclaimer: IDFC First Bank has not partnered with Bajaj Markets. The information is intended for educational purposes only. You are advised to contact the Banks/NBFCs for additional details.

 

IDFC Bank fixed deposits are among the many financial products offered by the bank. With competitive IDFC First Bank FD rates and a number of other beneficial features, this investment plan helps you save money and earn guaranteed interest on your capital. 

 

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

Note: The above interest rates are as on October 27, 2022 and are applicable for retail domestic fixed deposits of less than ₹2 Crores. They are subject to change from time to time depending on the bank’s policies.

IDFC Bank Fixed Deposit Calculator

Being aware of the prevailing IDFC Bank FD rates is far from knowing what the maturity amount on your fixed deposit is likely to be. Here’s where the IDFC FD calculator comes into the picture. With this tool, you can quickly determine the amount that you’re likely to get on the maturity of your FD.

Deposit Amount
Tenure
Months
Interest Rate
%
Interest Payout
Your Total Maturity Amount is
Total Maturity Amount
Total Investment
Total Interest Earned

Features and Benefits of an IDFC Bank Fixed Deposit

One of the many positive points of IDFC Bank’s fixed deposit plans is that they come with a host of different benefits and features. Let’s take a quick glimpse of some of the most crucial ones. 

 

  • Premature Liquidation of FD

If you’re faced with an emergency fund requirement, you can quickly and effortlessly liquidate your FD. In the case of senior citizens, there’s no penalty for early liquidation too. 

 

  • Safety and Security 

Being a scheduled commercial bank, IDFC Bank fixed deposits come with insurance coverage from Deposit Insurance and Credit Guarantee Corporation (DICGC) to the tune of ₹5 Lakhs. 

 

  • Loan Against FD

At any time during the tenor of the FD, you can avail a loan against it to the tune of 90% of the total maturity amount. The interest rates on such loans are only marginally higher than the IDFC Bank FD rates applicable to you. 

 

  • Tax Benefits 

By opting for the IDFC Bank tax-saving fixed deposit with a tenor of 5 years, you can get tax benefits of up to ₹1.5 Lakhs in a financial year under section 80C of the Income Tax Act, 1961.

 

  • Interest Payout 

Instead of receiving it on maturity, you can choose to receive the interest on your fixed deposit periodically. You get to choose the frequency of interest payout as well. 

 

  • Additional IDFC Bank FD Rates for Senior Citizens 

If you’re above 60 years of age, you get an additional rate of 0.5% per annum over and above the base rate for all tenors, thanks to the extra IDFC senior citizen FD rates. 

IDFC Bank FD Interest Rates for Senior Citizens and Others for up to 5 Years

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

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.

Eligibility Criteria and Documents Required for Opening an FD in IDFC Bank

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. 

Eligibility Criteria

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. 

 

Documents Required 

The following documents will have to be submitted along with the FD account opening form. 

 

  • Aadhaar card 

  • Voter’s ID card

  • Passport

How to Open an FD in IDFC Bank

You can invest in a fixed deposit with IDFC Bank through either one of the following two ways - through internet banking or through the IDFC First Bank mobile application. The step-by-step process that you would have to follow has been explained below in detail for both of these methods. 

 

Through Internet Banking 

  • Step 1: Log into your IDFC First Bank internet banking portal using your user credentials. 

  • Step 2: Click on the ‘Accounts’ option on the top and then on the ‘Deposits’ sub-menu.

  • Step 3: Click ‘Open quick fixed deposit’.

  • Step 4: Enter details such as the investment amount and the tenor. The IDFC First Bank FD rate applicable for the tenor will be displayed.

  • Step 5: Specify the deposit type.

  • Step 6: Click on the ‘Auto-renewal of FD’ option if you wish to automatically renew the deposit upon maturity. 

  • Step 7: Click on ‘Create FD’. 

 

Through the IDFC First Bank Mobile Application 

  • Step 1: Log into the IDFC First Bank application using your credentials. 

  • Step 2: Click on the ‘Open FD’ option.

  • Step 3: Enter the amount that you would like to invest. 

  • Step 4: Click on ‘All Plans’ to browse through the different fixed deposit plans available. 

  • Step 5: Select the plan that you wish to invest in. 

  • Step 6: Click on ‘Create FD’. 

How to Use the IDFC Bank FD Calculator?

It is important for you to get to know how to use an IDFC FD calculator seeing as it can help you instantly determine the maturity amount of an FD. Fortunately, it is very easy to use and takes only a few seconds. Let’s take a look at the steps that you would have to follow.    

  • Step 1: Specify the customer type 

Firstly, you will be required to specify whether you’re a non-senior citizen or a senior citizen on the IDFC FD calculator. 

  • Step 2: Select the type of deposit 

Next, you would have to choose the kind of deposit that you wish to open. You can opt for a short-term FD, cumulative long-term FD or a non-cumulative long-term FD with interest payout. Based on your decision, make the appropriate choice on the IDFC FD calculator.

  • Step 3: Specify details of the fixed deposit 

The section of the IDFC FD calculator deals with the details of the deposit such as the deposit amount and the tenor, in days or years. Enter the details accordingly. 

  • Step 4: The maturity amount of your FD will be displayed

Once you’ve entered all the relevant information, the IDFC First Bank FD calculator should instantly display the maturity date, the maturity value of your FD and the total interest earned on the deposit. 

How is the IDFC Bank FD Maturity Amount Calculated?

Although you can quickly calculate the maturity amount of a fixed deposit using the IDFC FD calculator, it is always good to know the formula used behind it. Here’s a quick look at the mathematical formula used to calculate the FD maturity amount. 

Amount at Maturity = P (1 + r/n)nt

In this formula, P stands for the investment amount, r stands for the IDFC Bank FD rates, n stands for the frequency of compounding in a year and t stands for the tenor (in years) of the investment.

 

To understand how this calculation actually works, let’s take up a small example. Assume that you’re a senior citizen wanting to invest ₹15 Lakhs in an IDFC Bank FD for a tenor of 8 years. The IDFC First Bank FD rates for senior citizens for this tenor is 6.50% per annum. The interest is compounded quarterly in a year. 

 

Using the above-mentioned values in the formula, we get - 

 

Maturity Amount: 

 

= ₹15,00,000 x (1 + 0.065/4)4x8

= ₹15,00,000 x (1 + 0.01625)32

= ₹15,00,000 x (1.01625)32

= ₹15,00,000 x (1.67501181696)

= ₹25,12,518

 

Now, while calculating the maturity amount of an FD manually is possible, it is recommended that you use a dedicated IDFC FD calculator. The tool not only gives you accurate and instant results every single time, but is also more convenient and can be used at any point in time. 

 

It is clear that by opening a fixed deposit account with IDFC Bank, you stand to gain a lot of advantages. You get tax benefits of up to ₹1.5 Lakhs, maximum safety and the ability to receive interest periodically. On top of this, you also gain the advantage of competitive IDFC FD interest rates. 

 

That said, always make sure to use the IDFC FD calculator to get an idea of the interest and maturity amount for your fixed deposit before opening an account. Doing so can help you make an investment decision that’s perfectly suited for your financial goals. 

 

FAQs

  • ✔️Is it possible to withdraw my IDFC First Bank FD prematurely?

    Yes, your IDFC First FD can be withdrawn prematurely. However, the bank will deduct a penalty for the same.

  • ✔️Can I extend my IDFC First Bank FD?

    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.

  • ✔️Does IDFC First Bank offer a loan against the FD facility?

    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.

  • ✔️What are the different IDFC First Bank FD account forms?

    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. 

  • ✔️Does IDFC First Bank offer any fixed deposits for tax saving?

    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.

  • ✔️How to apply for a tax saving fixed deposit in IDFC First Bank?

    You can apply for a tax saving IDFC First FD online by logging into the bank’s internet banking platform.

  • ✔️Will IDFC First Bank deduct TDS on my FD interest?

    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.

  • ✔️Can I appoint a nominee for my IDFC First Bank FD account?

    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.

  • ✔️Can I apply for a credit card against my IDFC First Bank FD?

    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.

  • ✔️What is the minimum and maximum tenor for the IDFC Fixed Deposit account?

    The minimum tenor that you can opt for an IDFC FD is 7 days, whereas the maximum tenor is 10 years.

  • ✔️Can I deposit an additional amount in my IDFC FD account?

    No. Once you’ve opened an FD account, you cannot deposit any additional amount whatsoever.

  • ✔️What is the highest fixed deposit interest rate for IDFC Bank?

    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.