IDFC First Bank FD Interest Rates

IDFC bank is an emerging name in the banking industry, holding its headquarters in Mumbai, Maharashtra. IDFC Bank Limited offers a plethora of services and products for its customers. One of their major selling products is the IDFC Bank Fixed Deposit scheme, also known as a term deposit. It provides competitive interest rates compared to other banks in the financial market, with tenure ranging from 7 days to 10 years. The bank offers myriad Fixed Deposit (FD) options for Individuals, Senior Citizens, and NRIs.  

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Comparison Between
Fixed Deposits, Guaranteed Return Plans & Debt Mutual Fund
Guaranteed Return Plans, Fixed Deposits &
Debt Mutual Fund
Guaranteed Return Plans
Returns Before Tax
7.5% (TAX-FREE)
Returns After Tax
7.5%
Guaranteed Returns
Yes
Life Cover
Yes
Tax on Profit
Tax Free*
Risk
No Risk
awards
Still Better than FD’s and Debt Mutual Fund
Fixed Deposits
Returns Before Tax
7% (TAXABLE)
Returns After Tax
4.8%
Guaranteed Returns
Yes
Life Cover
No
Tax on Profit
Taxable
Risk
Low Risk
Debt Mutual Fund
Returns Before Tax
8% (TAXABLE)
Returns After Tax
5.5%
Guaranteed Returns
No
Life Cover
No
Tax on Profit
Taxable
Risk
High Risk
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*For annual premium upto ₹5 Lacs

IDFC Bank FD Rates Apr 2024

Tenure REGULAR RATES
Current Rates
SENIOR CITIZEN
7 to 14 days 3.00% 3.50%
15 to 29 days 3.00% 3.50%
30 to 45 days 3.00% 3.50%
46 to 90 days 4.50% 5.00%
91 to 180 days 4.50% 5.00%
181 days to less than 1 year 5.75% 6.25%
1 year 6.50% 7.00%
1 year 1 day to 499 days 7.50% 8.00%
500 days 8.00% 8.50%
501 days to 548 days 7.50% 8.00%
549 days to 2 years 7.75% 8.25%
2 years 1 day to 3 years 7.25% 7.75%
3 years 1 day to 5 years 7.00% 7.50%
5 years 1 day to 10 years 7.00% 7.50%

FD interest rates have been declining over last few years and is expected to further fall, as Indian economy grows in coming years.

1 Yrs FD rate - Historical trend
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FD Calculator

Total Investment

₹500 ₹30L
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Rate of Interest (Yearly)

1% 15%
Rate of Interest (Yearly)

Time Period

1 Year 15 Years
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Total Investment
Interest Earned
Maturity Amount

Compare FD Interest Rates of Top Financial Institutions

BANKS GENERAL CITIZENS SENIOR CITIZEN
IDFC Bank FD Rates 3.50% - 6.50% 4.00% - 6.50%
SBI bank FD Rates 5.30% - 5.40% 5.80% - 6.20%
HDFC Bank FD Rates 2.50% - 5.60% 3.00% - 6.35%
ICICI Bank FD Rates 2.75% - 5.70% 3.25% - 6.20%
Axis Bank FD Rates 2.50% - 5.75% 2.50% - 6.50%
Canara Bank FD Rates 2.93% - 6.40% 2.93% - 6.40%
Yes Bank FD Rates 3.25% - 6.25% 3.75% - 7.25%
Kotak Mahindra FD Rates 2.50% - 5.75% 3.00% - 6.25%
Bandhan Bank FD Rates 3.00% - 5.00% 3.75% - 5.75%
Union Bank of India FD Rates 3.00% - 5.50% 3.75% - 5.75%
Indusind Bank FD Rates 2.75% - 6.00% 3.25% - 6.50%
PNB FD Rates 3.00% - 5.75% 3.50% - 6.25%
Bank of Baroda FD Rates 3.00% - 5.10% 3.50% - 5.60%
Indian Bank FD Rates 2.90% - 5.15% 3.40% - 5.65%
DBS Bank FD Rates 2.50% - 5.50% 2.50% - 5.50%
UCO Bank FD Rates 2.55% - 5.05% 3.80% - 6.30%
Bank of India FD Rates 2.85% - 5.35% 3.00% - 6.50%
IDBI Bank FD Rates 2.90% - 5.30% 3.40% - 5.90%
Central Bank of India FD Rates 2.75% - 5.15% 3.25% - 5.65%
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Expand

About IDFC Bank FD Interest Rates

There are options under the fixed deposit scheme offered by IDFC bank for customers to save a generous amount from their earnings to fulfill their future financial requirements.

IDFC Bank offers 2 basic FD options, i.e., Regular Fixed Deposits and IDFC Bank Tax Saver Fixed Deposit Account that come with online banking facilities. You can also make huge profits with a five-year tax-saving fixed deposit scheme.

Under the FD tax deduction benefit option, one can save up to Rs. 1,50,000 annually as per Section 80C of the Income Tax Act, 1961. It is extremely convenient and easy to open an FD account online by logging in to the IDFC Bank internet banking account.

  • Types of IDFC Bank FD Schemes

    The types of Fixed Deposit Schemes offered by IDFC Bank are:

    • Regular Fixed Deposits
    • IDFC Bank Tax Saver Fixed Deposit Account

    1. Regular Fixed Deposits

    • The regular fixed deposit scheme of IDFC First Bank offers ease of investment, high liquidity, moderate returns, and funds safety. It is one of the viable options to invest your surplus money.
    • The facility of nomination is provided.
    • Offers a high return rate.
    • IDFC Bank FD rates for senior citizens are higher.
    • Resident Indians who are 18 years of age are eligible to invest in IDFC First Bank FD.

    2. IDFC Bank Tax Saver Fixed Deposit Account

    • Tax saver fixed deposits of IDFC Bank have a lock-in period of five years.
    • The depositors can avail of the benefit of tax exemption Under Section 80C of the Income Tax Act.
    • A loan against FD is not offered.
    • The facility for premature withdrawal is not provided.
  • Term-Wise IDFC FD Interest Rates

    Fixed Deposits are considered one of the best ways to invest your surplus money. As per the tenure, the IDFC Bank Fixed Deposit interest rates are further categorized into long-term, medium-term, and short-term deposits.

    1. Long-Term Deposits

    The tenure of these fixed deposits ranges from 5 years to 10 years, and the IDFC Bank FD rates offered are 6.00%.

    2. Medium-Term Deposits

    The tenure of medium-term fixed deposits ranges from 1 year to less than 5 years. The IDFC Bank FD rate for such deposits is 6.50%.

    3. Short-Term Deposits

    IDFC Bank's short-term fixed deposits range from 7 days to 12 months. The bank's FD rates range from 3.50% per annum to 5.75% per annum. The reason for calling them short-term fixed deposits is their tenure of less than one year.

  • Features & Benefits of IDFC Bank Fixed Deposit

    • Competitive Rate of Interest: The IDFC Bank FD rates are attractive across all the tenures. All depositors under the age of 60 can get a maximum of 6.00% interest rate, while the IDFC Bank FD rate for senior citizens is 6.50%.
    • No Charges for Premature Withdrawal: Senior citizens are not required to pay any penalty if they need to withdraw their money before the maturity of their fixed deposit. It is one of the unique features offered by this bank. It is very beneficial for senior citizens who want to withdraw their money in any financial crisis as they do not have to worry about penalty payments in such situations.
    • Auto-Renewal facility: IDFC First Bank has the facility of auto-renewal of the fixed deposits upon the end of the tenure. If you do not want to withdraw your FD when it matures, then you can get it renewed automatically. The FD is renewed for the same tenure as before in automatic renewal. This enables you to get higher returns during that period. However, you must remember that IDFC Bank does not offer an auto-renewal facility if you do not have a PAN.

    Other Benefits

    • There is no requirement for penalty payments in case of early withdrawals.
    • An investor with a fixed deposit account can avail of a loan against his deposit with low-interest rates.
    • Customers can approach any bank branch for detailed information on the IDFC Bank FD rates.
  • IDFC Fixed Deposit Interest Rate Calculator

    IDFC Fixed Deposit calculator is an easy-to-use, hassle-free tool that helps quickly calculate the maturity amount and the interest earned receivable at the end of the policy tenure. By entering some basic details, you can calculate the correct FD amount. Here are the steps that an investor needs to follow to calculate Fixed Deposit rates on the FD Calculator:

    • The amount that is invested
    • The Rate of Interest offered
    • The tenure of the Fixed Deposit Account
    • The compounding period, that is, yearly, half-yearly, quarterly, or monthly
    • The FD Amount

    Once entered the following details, an investor will come to know:

    • The maturity value of the FD
    • The total interest earned during the complete tenure
  • Eligibility Criteria

    Below are the groups and individuals who are eligible to open a Regular IDFC Fixed Deposit Account-

    • Hindu undivided families
    • Residents
    • Partnership firms
    • Sole proprietorship firms
    • Trust accounts
    • Limited companies
  • Document Required

    • Current Photographs
    • KYC Documents
    • Aadhar Card
    • PAN Card
    • Passport
    • Voter ID card
    • Driving License
    • Proofs of Partnership: Partnership deed, ID Proofs, and Signatures of authorized signatories incorporating certificate.
    • Hindu Undivided Family: PAN Card – Self-attested, HUF declaration, and Statement of Bank
  • How to invest in the IDFC FD scheme

    An investor can opt for either of the following methods to invest in the IDFC FD Scheme:

    1. Internet Banking

    The following steps need to be followed to invest via internet banking:

    • Login to the IDFC account
    • Click on the "Open Fixed Deposit" option under the "transaction" tab.
    • Fill in the needful details like the policy's tenure and the amount willing to be invested.
    • Provide nominee details.
    • Confirm all the details before proceeding further.
    • A receipt will be generated that can be downloaded instantly.

    2. IDFC Mobile Application

    The following steps need to be followed to open an FD account via the mobile application of IDFC:

    • Download the bank's application on your mobile (it can be either ios or android).
    • After creating credentials, one can sign in to the application.
    • Head to the main menu and select the deposit option after signing in.
    • Under the "Deposits" option, choose the "Open Fixed Deposit" tab.
    • Fill in all the required details and upload the required documents.
    • A receipt will be generated after successfully providing all the details, which can be downloaded immediately.

    3. An IDFC FD Account Offline

    In the offline method of opening a Fixed Deposit Account, the investor must visit the nearest IDFC First bank branch and fill out forms to open their respective FD account. All the relevant documents must be submitted to the branch manager along with the deposit amount. After successfully verifying all the provided documents, the branch manager provides a receipt that is the account opening proof for the investor.

  • Loan Against Fixed Deposit of IDFC Bank

    IDFC Bank also offers loans against fixed deposits. You can easily get a loan of up to 90% of the amount of FD. It is important to know that the bank does not offer you a loan against the FD of any other bank. The maximum tenure of the loan is restricted to the FD tenure.

* Tax adjustment considering income tax slab of 30%
** Life cover for a plan with an annualized premium of Rs 1L
+ Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
#Discount offered by insurance company
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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Get Guaranteed returns upto 7.5%*

Fully Tax-Free unlike FD, and Life Cover Included

*T&C Applied.

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