IDFC FIRST Bank Fixed Deposit

IDFC FIRST Bank’s fixed deposit lets your ideal funds work for you with some of the highest interest rates in the market.

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Competitive interest rate
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Flexibility on maturity

Key Features

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Eligibility

You are eligible to open a Fixed Deposit if you fall into any of the below categories:

  • Individuals
  • Sole Proprietorship
  • One Person Company
  • Hindu Undivided Family (HUF)

You are eligible to open a Fixed Deposit if you fall into any of the below categories:

  • Individuals
  • Sole Proprietorship
  • One Person Company
  • Hindu Undivided Family (HUF)
  • Partnership Firm
  • Limited Liability Partnership (LLP)
  • Private/ Public Limited Company
  • Trust, Association, Society Government/ Quasi Government Institutions (including Municipal Corporation, Defence Establishment etc)
  • Joint Ventures
  • Liaison/ Representative/ Branch Office of foreign companies
  • Embassy offices in India

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Documents
Required

No additional documentation required if you are an existing customer.

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Frequently Asked Questions

What is a Fixed Deposit?

A Fixed Deposit is an account where money is deposited for a specified period and the interest rate does not fluctuate during the period of the deposit.

What is the minimum deposit amount required for opening a Fixed Deposit?

The minimum amount required for opening a Fixed Deposit is Rs. 10,000/-

Can a Fixed Deposit be withdrawn partially and what are the applicable premature withdrawal charges?

Yes, the Fixed Deposit can be withdrawn partially, penalty on premature withdrawal would be subject to 'Premature Closure Penalty' as prescribed by the Bank on the date of deposit.

What is the eligibility criterion for availing Senior Citizen's Fixed Deposit?

Customer aged 60 years or above will be eligible for Senior Citizen’s Fixed Deposit.

What are the benefits of opening a Senior Citizen's Fixed Deposit?

Senior Citizen’s Fixed Deposit earn additional interest of 0.5% per annum on deposits below Rs 10 Crore.

What is a Tax Saver Fixed Deposit?

Tax Saver Fixed Deposit is a Fixed Deposit with a lock-in period of 5 years without the option of pre-mature withdrawal facility. By availing for a Tax Saving Fixed Deposit customer can avail tax benefits under section 80C of the Income Tax Act, 1961.

What is the maximum amount / limit applicable for availing tax benefits available under Section 80C for Tax Saver Deposits?

Fixed Deposit upto Rs. 150,000/- booked during the financial year is eligible for exemption under Section 80C.

In case of a joint deposit holding, who can claim tax exemptions under Section 80C of the income tax act?

In the case of joint deposits, the Tax benefit under 80C will be available only to the first holder of the deposit.

Is it mandatory to submit PAN Card for booking Fixed Deposit?

If PAN Card is submitted at the time of Savings Account opening, it is not required again. However if you don’t have a PAN, you will have to submit Form 60.

What are the implications of booking a Fixed Deposit without PAN?

In the absence of PAN Card, following are the implications for customers:

  • TDS will be recovered at 20% (as against 10%).
  • NO TDS credit from the Income Tax department.
  • NO TDS certificate will be issued (As per CBDT circular no: 03/11).
  • Form 15G/H and other exemption certificates will be invalid and penal TDS will apply.

When will the bank deduct Tax on your interest earned?

If interest earned is more than Rs. 40,000 in a financial year, the bank will deduct tax (TDS) at 10% and pay to the government.

What is sweep-in facility?

The Sweep-In facility enables customers to link existing Term Deposit to Savings or Current Account held with the bank. In case of an emergency the shortfall in the account is swept in from the linked Term Deposit in the units of Rs. 1/-, thereby giving customer the convenience of getting payments processed with ease. Let's take an example to illustrate how the Sweep-In facility works: Mr. Ramesh has availed Sweep-In facility on his existing Term Deposit of Rs. 50,000/- held with the bank. Let’s assume that on a particular day, the balance in his Savings Account is Rs. 30,000/-, and he issues a cheque for Rs. 50,000/- in his account and it has now come for clearing. In this instance the shortfall of Rs. 20,000 (Account Balance – Obligation Amount issued as cheque), will be utilized from the linked Fixed Deposit to clear the cheque.

Can the sweep-in facility be availed for multiple fixed deposits held with the bank?

Yes, the sweep-in facility can be availed for all or multiple deposits held with the bank, except on Tax Saver Deposit.

In case of enablement of sweep-in facility due to shortfall of funds in the savings account,what is the order of deposit breakage for honouring the obligation?

The system will first sweep-in amount from the deposit which was booked last or recently.

Will both principal and interest be considered for sweep-in facility?

Only the deposit principal amount will be considered for sweep-in facility.

What is a sweep-out facility?

The sweep-out facility enables customers to earn higher interest on the additional balances maintained in the Savings Account /Current Account by automatically booking the pre-defined amount as a Fixed Deposit.

For Fixed Deposits that are booked under sweep-out option (for savings accounts where this option is available), what is the procedure to enable sweep-in?

Fixed Deposits that are booked through sweep-out option, the sweep-in is enabled automatically.

Can the Bank deduct TDS on the FDs booked?

YES, the entity would need to submit either Form 15G OR Certificate of Tax exemption issued under Section 197 of Income Tax Act, 1961.However, PAN would be mandatory. In absence of PAN, Form 15G and other exemption certificates would be invalid & penal TDS would be applicable

How can I book FDs above Rs 2 Cr?

For Fixed Deposit with value of more than or equal to INR 2 Cr, please visit our nearest IDFC FIRST Bank Branch.

How is the interest calculated on FDs?

Interest on deposits would be calculated either as Simple Interest or compounded interest in case of re-investment.

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Contact us

REGISTERED office:

IDFC FIRST Bank Ltd

KRM Tower, 7th Floor, No. 1,
Harrington Road, Chetpet,
Chennai - 600031, Tamil Nadu,
India

Corporate office:

IDFC FIRST Bank Ltd

Naman Chambers,
C-32, G-Block,
Bandra-Kurla Complex,
Bandra East, Mumbai - 400051,
India

IDFC FIRST Bank Customers

Toll Free No - 1800 419 4332
Email - Banker@idfcfirstbank.com

Capital First Customers

Toll Free No - 1860 500 9900
Email - Customer.Care@Capitalfirst.Com

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