IDFC Bank FD Rates 2024: Are They Worth Your Investment?
Apr 16, 2024
7 MinsIDFC First Bank, headquartered in Mumbai, India, was granted a Universal Banking License by the RBI in 2015, becoming recognized for its corporate and commercial banking services. A sought-after product from the bank is its fixed deposit scheme, noteworthy for its competitive IDFC Bank FD rates and customer-centric features. Let's delve into the current interest rates and main features of this saving option.
Key Features and Advantages of IDFC Bank Fixed Deposits
Characteristics and Benefits of IDFC First FD:
- Minimum deposit: Rs. 10,000; no upper limit.
- Tenure: 7 days to 10 years.
- Deposits insured under the RBI's Deposit Insurance Scheme, securing up to ₹ 5 lakh of all depositor funds through DICGC.
- Loan against FD option, allowing withdrawals for urgent needs without terminating the FD early.
- Auto-renewal facility available.
- Nomination facility offered.
IDFC Bank Fixed Deposit-2024 Rates
| Tenure | Interest Rates (PA) | Interest Rate for Seniors (PA) |
|---|---|---|
| 7 days - 1 month 15 days | 3% | 3.5% |
| 1 month 16 days - 5 months 27 days | 4.5% | 5% |
| 5 months 28 days - 11 months 30 days | 5.75% | 6.25% |
| 1 year - 1 year | 6.5% | 7% |
| 1 year 1 day - 1 year 4 months 12 days | 7.5% | 8% |
| 1 year 4 months 13 days | 8% | 8.5% |
| 1 year 4 months 14 days - 1 year 6 months | 7.5% | 8% |
| 1 year 6 months 1 day - 2 years | 7.75% | 8.25% |
| 2 years 1 day - 3 years | 7.25% | 7.75% |
| 3 years 1 day - 9 years 11 months 29 days | 7% | 7.5% |
Types of IDFC Bank FD Schemes
Regular Fixed Deposit (Reinvestment of Interest Component)
- Minimum deposit: Rs 10,000.
- Interest is calculated as 'simple interest' for up to 180 days.
- For durations exceeding 180 days, interest compounds quarterly.
- Offers higher returns through reinvested interest.
- Senior citizens receive a 50bps additional interest rate.
Flexi Fixed Deposits
- Provides a sweep-out facility available to senior citizens, minors, and non-individuals.
- FD account linked to savings or current account.
- Surplus funds automatically transferred to the FD account.
- NRE Fixed Deposit available.
- Tenure ranges from 1 year to 10 years; interest compounds every 90 days.
- Funds can be freely repatriated.
NRO Fixed Deposit
- Tenure: 7 days to 10 years.
- Interest compounds every 90 days.
- Can repatriate up to USD 1 million annually, post-tax.
FCNR Fixed Deposit
Tenure: 1 year to 5 years.
- Offered in multiple currencies including USD, GBP, EUR, AUD, SGD.
- Interest compounds every 180 days.
- Free transfer of both principal and interest.
How to Open a Fixed Deposit Account with IDFC Bank
Open an IDFC First Bank FD account through the Mobile App, Internet Banking, or offline methods.
Internet Banking:
Login to your account, select ‘Fixed Deposit’ from the menu, fill in the required details, and submit.
Mobile App - IDFC Bank App:
Download and sign into the app, choose ‘Fixed Deposit’, complete the process by submitting the form.
Offline Opening:
Visit an IDFC Bank branch, fill out the application, submit necessary documents, and provide the deposit amount for processing.
Qualifications for Opening a Fixed Deposit Account at IDFC Bank
Eligible applicants include:
- Individuals.
- Hindu Undivided Family (HUF).
- Sole proprietorships, joint ventures.
- Private/public limited companies.
- Trusts, societies, associations.
- Partnership firms, LLP, governmental bodies.
Necessary Documents to Open a Fixed Deposit Account at IDFC Bank
Needed documents include:
- Proof of identity (PAN, Voter ID, etc.).
- Address proof (Passport, Aadhar, etc.).
- Proof of date of birth (Birth Certificate, etc.).
Early Withdrawal of IDFC Bank Fixed Deposit
IDFC Bank allows premature withdrawals, except for tax-saving versions, with applicable penalties.
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