IDFC Bank Fixed Deposit rates-2024
Apr 16, 2024
7 MinsIDFC First Bank is an emerging financial institution based in Mumbai, India. It obtained its Universal Banking License from the RBI in 2015 and is renowned for its corporate and commercial banking services.
One of the bank's most popular financial products is its fixed deposit scheme. Typically, it is the competitive IDFC Bank FD rates and customer-centric features that make this deposit scheme favorable to investors. Below, we delve into the current interest rates and other significant aspects of this savings option.
Key Features and Advantages of IDFC Bank Fixed Deposits
Characteristics and Advantages of IDFC First FD:
The minimum amount required to open an FD with IDFC First Bank is Rs. 10,000, with no upper limit.
The tenure spans from 7 days to 10 years.
IDFC First Bank deposits are protected under the Deposit Insurance Scheme of RBI, ensuring that up to ₹ 5 lakh of all depositors' funds are insured by DICGC.
IDFC First Bank offers the option to obtain a loan against FD, enabling depositors to fulfill sudden financial needs without prematurely closing the FD.
An auto-Renewal Facility is provided.
Nomination Facility is available.
IDFC Bank Bank Fixed Deposit-2024
| 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 - 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 of India FD Schemes
Regular Fixed Deposit (Reinvestment of Interest Component)
This plan enables the reinvestment of the interest component into the deposit amount.
Minimum deposit amount: Rs 10,000.
Interest is computed on a "simple interest" basis for up to 180 days.
For tenures exceeding 180 days, interest is payable and compounded quarterly.
This plan allows depositors to reinvest the interest earned on their deposit to achieve higher yields.
For the monthly interest payout option, the interest is calculated quarterly and disbursed monthly at a discounted rate compared to the standard fixed deposit rate.
Senior citizen FD depositors receive an additional interest rate of 50bps.
Flexi Fixed Deposits
Flexi Fixed Deposit offers a sweep-out facility to senior citizens, minors, and non-individuals.
Customers can link their FD account to their savings or current account.
Depositors can set a limit for their savings or current account. Any balance exceeding this limit is automatically transferred to their FD account.
NRE Fixed Deposit
Tenure: 1 year – 10 years.
Interest on deposits is compounded every 90 days and paid at maturity.
Depositors can choose a monthly or quarterly payout option.
Funds from NRE deposits are freely repatriable.
NRO Fixed Deposit
Tenure: 7 days – 10 years.
Interest is compounded every 90 days and paid at maturity.
Monthly or quarterly payout options are available.
Deposits can be repatriated up to USD 1 million in one financial year, after applicable tax payments.
FCNR Fixed Deposit
Tenure: 1 year – 5 years.
This FD scheme supports various currencies: US Dollar (USD), Pound Sterling (GBP), Euro (EUR), Australian Dollar (AUD), and Singapore Dollar (SGD).
Interest on deposits is compounded every 180 days, and then for the remaining actual number of days.
Both principal and interest amounts are freely and entirely transferable.
How to Open a Fixed Deposit Account with IDFC Bank
Opening an IDFC First Bank FD account is possible through various channels, including Mobile App, Internet Banking, and offline methods.
Internet Banking:
To open an IDFC First FD account via internet banking, follow these steps:
Log in to your IDFC Bank NetBanking account.
Select the ‘Fixed Deposit’ option from the Main Menu and choose the type of deposit account.
Enter all the required information, nominee details, and maturity instructions.
Complete the account opening process by clicking 'Submit'.
Mobile App - IDFC Bank App:
To open an FD account via the IDFC First Bank App, follow these steps:
Download the IDFC Bank App and sign in.
Choose the ‘Fixed Deposit’ option from the Main Menu and select the type of deposit account.
Fill out the required information, nominee details, and maturity instructions.
Complete the account opening process by clicking 'Submit'.
Offline Opening of IDFC Bank FD:
For offline opening of an IDFC Bank FD account, visit the nearest IDFC Bank branch. Fill out the IDFC Bank FD application form and submit all the necessary documents along with the deposit amount. Upon successful processing of the application, you will receive an FD receipt from IDFC Bank.
Qualifications for Opening a Fixed Deposit Account at IDFC Bank
Individuals or entities meeting the criteria below are eligible to open a fixed deposit with IDFC First bank:
Individuals
Hindu Undivided Family (HUF)
Sole proprietorship and joint ventures
Private/public limited companies (including the one-person company)
Trusts, societies, and associations
Partnership firms, including Limited Liability Partnership (LLP)
Government and quasi-government institutions, municipal corporations, defense establishments
Necessary Documents to Open a Fixed Deposit Account at IDFC Bank
To open an FD with IDFC Bank, the following documents are required:
Proof of identity (PAN Card, Voter ID, Driver's License, Passport, Aadhar Card)
Address proof (Passport, Aadhar Card, Bank statement with a cheque)
Proof of date of birth (Birth Certificate, PAN Card, Discharge Certificate, Aadhar Card)
Early Withdrawal of IDFC Bank Fixed Deposit
IDFC Bank allows premature withdrawal of Fixed Deposits, except for the tax-saving variant. There is a penalty for early withdrawal, and its rate is determined by the bank's terms and conditions.
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