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Home Loans, now at 6.90% p.a.
Unlimited benefits with a start-to-finish digital process with IDFC First Bank Home Loans
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Get 5.25% p.a.* on your idle funds
Get 0.5% higher interest for Senior Citizens
with IDFC FIRST Bank Fixed Deposit
Get 6% p.a.* on your idle funds
Get 0.5% higher interest for Senior Citizens with IDFC FIRST Bank Fixed Deposit
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Safe and risk-free investment
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No penalty for
senior citizens on
early withdrawal -
Competitive
interest rate -
Monthly/quarterly interest payout option or quarterly compounding
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Safe and risk-free investment
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No penalty for
senior citizens on
early withdrawal -
Competitive
interest rate -
Monthly/quarterly interest payout option or quarterly compounding
Fixed Deposit
Opening a fixed deposit is one of the many ways to set aside finances for a rainy day or for achieving your goals. IDFC FIRST Bank’s FD has many features and benefits to help you grow your earnings. Once you open an account with us, you instantly gain access to benefits such as high returns, up to 5.25% interest rate, and much more.Read More
Enjoy earning more on your finances with an IDFC FIRST Bank Fixed Deposit Account.Read Less
Watch your earnings multiply with competitive interest rates on your FD from IDFC FIRST Bank
Earn up to 5.25%
CALCULATOR
Earn more on your FD with up to 5.25% interest
Customer
Interest Rate
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Bigyan Choudhury -
Ramesh Chandra Das "My close relatives & friends have been banking with IDFC FIRST Bank since its inception in Odisha. I can easily conclude that we all are extremely pleased with the excellent customer service provided to Senior citizens which are in line with the RBI s current instructions. I recommend people to switch to IDFC FIRST Bank."
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Mahesh Chandra Dash "I became a part of IDFC First Bank as a privileged customer during the pandemic in July 2020. In this short span of time, I’m truly overwhelmed with the kind of service rendered by the whole team. Overall, the performance of IDFC FIRST Bank with respect to the rate of interest, pro-active team response, personalized offering service to the less privileged is really impressive."
ELIGIBILITY
Who can apply?
Documentation
- Passport-size photograph
- Aadhaar Card
- Passport
- Voter’s Identity Card (Election Card)
- Permanent and valid driving license with photograph
- Job Card issued by NREGA duly signed by an officer of the State Government
- Letter issued by the National Population Register containing details of name and address
- PAN Card/Form 60 for Deposits>=Rs 50,000
FREQUENTLY ASKED QUESTIONS
What is a Fixed Deposit?
A Fixed Deposit account 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 scheme?
The minimum amount required to open and avail the many benefits of Fixed Deposit account is ₹10,000/-
Can a Fixed Deposit scheme be withdrawn partially and what are the applicable premature withdrawal charges?
Yes, the FD can be withdrawn partially. The 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 this deposit for a Senior Citizen?
Customers aged 60 years or above will be eligible for a Senior Citizen’s Fixed Deposit.
What are the benefits of opening a Fixed Deposit account as a Senior Citizen?
Senior Citizens earn additional interest of 0.5% per annum on deposits below ₹10 Crore.
What are the Tax Saver Fixed Deposit features?
This deposit is an FD with a lock-in period of 5 years, without the option of pre-mature withdrawal facility. Customers 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?
An FD up to ₹1,50,000/- 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 my PAN Card for booking an FD?
If your PAN Card is submitted at the time of opening a Savings Account, 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 this deposit without a PAN card?
If you open Fixed Deposit without a PAN Card, these are the following 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 the interest earned is more than ₹40,000 in a financial year, the bank will deduct tax (TDS) at 10% and pay to the government.
What is a Sweep-In facility?
The Sweep-In facility enables customers to link existing Term Deposit to Savings or Current Accounts 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 customers 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 ₹50,000/- held with the bank. Let’s assume that on a particular day, the balance in his Savings Account is ₹30,000/-, and he issues a cheque for ₹50,000/- in his account and it has now come for clearing. In this instance the shortfall of ₹20,000 (Account Balance – Obligation Amount issued as a cheque), will be utilized from the linked FD account to clear the cheque.
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 scheme.
What is the procedure to enable Sweep-In, for deposits that are booked under the Sweep-Out option?
FD accounts that are booked through Sweep-Out option, the Sweep-In is enabled automatically.
Can the Sweep-In facility be availed for multiple FDs 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 a 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 that was booked last or recently.
Will both, principal and interest be considered for a Sweep-In facility?
Only the deposit principal amount will be considered for a Sweep-In facility.
Can the Bank deduct TDS on the FD accounts booked?
One of the many Fixed Deposit tax benefits is that the Bank can deduct TDS on the FDs booked. 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 ₹2 Crore?
If you would like to open Fixed Deposits with a value of more than or equal to ₹2 Cr, please visit our nearest IDFC FIRST Bank Branch.
How is the interest calculated on an FD scheme?
Interest on deposits are calculated either as simple interest, or compound interest in case of re-investment.
