Exploring IDFC Bank FD Rates and Features for 2024
Apr 16, 2024
7 MinsIDFC First Bank, a burgeoning financial entity headquartered in Mumbai, India, received its Universal Banking License from the RBI in 2015. It is distinguished for its corporate and commercial banking solutions. A highly favored financial product of the bank is its fixed deposit scheme, known for competitive IDFC Bank FD rates and features tailored to customer needs. Let's explore the current interest rates and key aspects of this savings option.
Key Features and Advantages of IDFC Bank Fixed Deposits
Characteristics and Advantages of IDFC First FD:
- Minimum deposit: Rs. 10,000; no upper limit.
- Tenure: 7 days to 10 years.
- Deposits insured under the Deposit Insurance Scheme of RBI, with up to ₹ 5 lakh of all depositor funds secured by DICGC.
- Loan against FD option available to handle urgent financial needs without closing the FD prematurely.
- An auto-renewal facility is available.
- Nomination facility is provided.
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)
This plan allows reinvestment of interest into the deposit amount.
- Minimum deposit: Rs 10,000.
- Interest calculated as 'simple interest' up to 180 days.
- For tenures over 180 days, interest is compounded quarterly.
- Higher yields through reinvestment of interest.
- Senior citizens get an additional 50bps interest rate.
Flexi Fixed Deposits
- Provides a sweep-out facility to senior citizens, minors, and non-individuals.
- FD account linked to savings or current account.
- Funds exceeding set limits auto-transferred to FD account.
- NRE Fixed Deposit available.
- Tenure: 1 year - 10 years; interest compounded every 90 days.
- Funds freely repatriable.
NRO Fixed Deposit
- Tenure: 7 days - 10 years.
- Interest compounded every 90 days.
- Repatriable up to USD 1 million annually, post-tax.
FCNR Fixed Deposit
Tenure: 1 year - 5 years.
- Available in multiple currencies like USD, GBP, EUR, AUD, SGD.
- Interest compounded every 180 days.
- Free transfer of principal and interest.
How to Open a Fixed Deposit Account with IDFC Bank
Open an IDFC First Bank FD account via Mobile App, Internet Banking, or offline methods.
Internet Banking:
Login to your account, select ‘Fixed Deposit’ from the menu, fill in details and submit.
Mobile App - IDFC Bank App:
Download the app, sign in, choose ‘Fixed Deposit’, complete the process by submitting the form.
Offline Opening:
Visit an IDFC Bank branch, fill out the application, submit documents, and deposit amount for processing.
Qualifications for Opening a Fixed Deposit Account at IDFC Bank
Eligible individuals or entities:
- Individuals.
- Hindu Undivided Family (HUF).
- Sole proprietorship, 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
Required documents:
- Proof of identity (PAN, Voter ID, etc.)
- Address proof (Passport, Aadhar, etc.)
- Date of birth proof (Birth Certificate, etc.)
Early Withdrawal of IDFC Bank Fixed Deposit
IDFC Bank allows premature withdrawals, except for tax-saving variants, with applicable penalties.
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