IDFC Bank FD Rates

A fixed deposit is a complimentary savings account where an investor can deposit funds for a particular period. The investor can choose the tenure of the account. IDFC Bank FD rates will remain the same throughout the entire course of the deposit period. The FD interest rates in IDFC bank will depend on the tenure of the deposit term.

Features of Idfc Bank Fixed Deposit

Investment Amount  Minimum - Rs.10,000 Maximum- No Maximum Limit
Tenure  Minimum - 7 daysMaximum- 10 Years
Interest Rate  Minimum - 4.00 %Maximum- 8.00%

Idfc Bank Fixed Deposit Rates 2020

Idfc Bank FD Rates in India
Tenure General Public FD Rates Senior Citizen FD Rates
7 days to 14 days 4.00% 4.50%
15 days to 29 days 5.00% 5.50%
30 days to 45 days 6.25% 6.75%
46 days to 90 days 6.50% 7.00%
91 days to 180 days 6.75% 7.25%
181 days to 1 year 7.00% 7.50%
366 days to 2 years 7.50% 8.00%
3 years 1 day to 10 years 8.25% 8.75%
731 years to 3 years 8.00% 8.50%

Comparison of FD Rates by Top 10 Financial Institutes

Name Interest Rates Tenure  
Axis Bank 5.75% 5 years to 10 years View Details
Bank of Baroda 5.30% 5 years 1 day to 10 years View Details
Bank of India 5.40% 5 years to 10 years View Details
Canara Bank 5.45% 3 years to 10 years View Details
Central Bank of India 5.35% 5 years to 10 years View Details
HDFC Bank 5.50% 5 years 1 day to 10 years View Details
ICICI Bank 5.50% 5 years 1 day to 10 years View Details
IDBI Bank 5.70% 7 years 1 day to 10 years View Details
State Bank Of India 5.40% 5 years to 10 years View Details
Yes Bank 7.00% 1 year to 10 years View Details

About IDFC Bank

IDFC Bank started its banking operations in India in the year 2015. With two years of operational experience, this bank is listed on the NSE (National Stock Exchange) and BSE (Bombay Stock Exchange).

IDFC First Bank Fixed Deposit Schemes

The fixed deposit scheme offered by IDFC First Bank

Regular Fixed Deposit:

  • 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.

More about IDFC Fixed Deposit

IDFC Fixed deposit scheme offers high returns with no risk involved. IDFC Bank FD rates are competitive on all deposits. The minimal amount required for a deposit is very low.

  • The IDFC Bank FD rates are compounded every quarter
  • Fixed deposit rates in IDFC for senior citizens is higher by a small percentage when compared to the average interest rate

Features & Benefits of IDFC Bank Fixed Deposit

  • Competitive Rate of Interest: The IDFC Bank FD rates are attractive across all the tenures. All the depositors who are under the age of 60 can get a maximum of 7.00% rate of interest while the IDFC Bank FD rates for senior citizens is 7.50%.
  • No Charges for Premature Withdrawal: The senior citizens are not required to pay any penalty in case they need to withdraw their money before the maturity of their fixed deposit. This is one of the unique features offered by this bank. It is very beneficial for senior citizens who want to withdraw their money in case of any financial crisis as they do not have to worry about penalty payment in such situations.
  • The facility of Auto-Renewal: 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. In automatic renewal, the FD is renewed for the same tenure as before. This enables you to get higher returns during that period. However, you have to remember that the IDFC Bank does not offer the facility of auto-renewal 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 a loan against his deposit with low-interest rates
  • For detailed information on the IDFC Bank FD rates on fixed deposits, a customer can approach any of the bank branches

IDFC Bank has several branches, and it also has its presence in small towns and villages.

Tax Benefit on IDFC Bank FD

The IDFC Bank provides the option of tax saver fixed deposits with a lock-in period of 5 years. Hindu Undivided Families, minors, and individuals are eligible for this FD. You can opt for this fixed deposit scheme for availing tax benefits u/s 80C of the IT Act, 1961.

However, it is necessary to keep in mind here that in the case of FD, the tax levied is dependent on the tax bracket in which you fall into and is not dependent on the tenure of FD. If the interest that you have earned is more than Rs.10, 000 then TDS deduction at the rate of 10% would be deducted.

*Tax benefit is subject to changes in tax laws

Documents Required to Open an FD Account in IDFC Bank

Identity Proof:

The ID proofs that you need to present are:

  • PAN card
  • Passport
  • Voter ID card
  • Driving License
  • Government ID card
  • Senior citizen ID
  • Photo ration card

Address Proof:

The address proofs that you need to present are:

  • Telephone bill
  • Passport
  • Electricity bill
  • ID card or certificate provided by the Post office

Loan Against ODFC First Bank Fixed Deposits

The IDFC First Bank offers loans up to 90% of its deposits. However, the IDFC Bank does not give loans against the FD of any other banks. The rate of interest at which the bank offers loan ranges between 3.75% to 7%. The maximum tenure of the loan is up to the tenure of FD.

IDFC Bank FD - FAQs

Written By: PolicyBazaar - Updated: 22 October 2020
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