Fixed Deposit (FD)

A Digital Fixed Deposit is a term deposit that allows you to book a fixed deposit without the need of opening a savings account with the Bank. It has an end-to-end digital, paperless booking process, giving you an effortless experience, and high returns.

Customers who do not have a Savings Account/existing FD/Recurring Deposit relationship with IDFC FIRST Bank, can open a Digital FD.

You need to provide the following details to open a Digital FD/limited KYC FD*

1.  Your Aadhaar number.
2. Mobile number linked to your Aadhaar.
3. Your Permanent Account number (PAN), linked to your Aadhaar number.
4. A valid email ID.

*Limited KYC FD is an FD where the KYC of the customer is not complete.

Minimum and maximum amounts for which you can book the Digital FD are ₹ 5,000 and ₹ 90,000, respectively. Minimum and maximum periods for which you can book are 7 days to 10 years, respectively. The mentioned amounts and periods are subject to change at the Bank’s discretion.

KYC stands for "Know Your Customer" and is a regulatory process that verifies a customer's identity to prevent crime, fraud, and money laundering.

To enjoy full interest on the FDs, you need to complete your KYC at the earliest. Currently for completion of KYC, there are two options available:

1. Video KYC. You can complete it during your FD booking journey or you can request for it at a later stage.

2. Physical meeting between you and branch staff along with your valid KYC documents*.

*KYC documents include original Aadhaar card, original PAN card, recent photograph, and signature in the presence of the branch staff.

1. You will not be able to opt for any other product with the Bank.

2. You will not be able to open another FD with the Bank. Post successful KYC completion, you can book subsequent FDs only through the Branch.

3. You will be able to book an initial FD of a maximum of ₹ 90,000 only.

You need to complete the KYC process and fulfil all its requirements with the Bank at the earliest, within the stipulated time period of 11 months, as indicated by the Bank, failing which the Bank reserves the right to close the FD with a prior intimation of 30 days.

In case of Premature Closure of the FD, interest will be paid basis the interest rate applicable at the time of booking the FD, for the corresponding period during which the deposit has remained with the Bank. Additionally, if the FD is closed prematurely, it would be subject to ‘Premature Closure Penalty’, as determined by the Bank on the date of the deposit.

No, Digital FDs can only be booked under a single name.

No, you will not be able to open more than one Digital FD. However, once you complete your KYC and open a Savings Account, you will be able to open any number of FDs through mobile/net banking.

Yes, we offer flexible pay-out options. You can choose to receive your interest monthly, quarterly, or at maturity. Additionally, there is an option for quarterly compounding, if you prefer to reinvest your interest.

You have an option to add nominee while booking the FD. In case you choose to skip adding nominee during your FD booking process, there is an option to add nominee through IDFC FIRST Bank mobile banking app or by visiting your nearest branch.

Yes, you can foreclose your FD. A penalty of 1% for Premature Closure is charged on the applicable interest rate. For senior citizens, there is no penalty on Premature Closure, which gives the flexibility to access funds whenever needed, without any charge. You can foreclose the FD through the mobile app or by visiting your nearest branch.

No, before booking a new Fixed Deposit online with IDFC FIRST Bank, you need to complete your KYC and have a Savings Account/Current Account with the bank.

Yes, you can manage all features of your FD, from creation to management and closure, effortlessly through the IDFC FIRST Bank mobile app, with complete control and convenience at your fingertips.

We will email the FD advice to the e-mail ID you have provided during the Digital FD booking process. You can also download it from the mobile banking app.

Senior citizens enjoy a higher rate of interest, an additional 0.5% p.a. over and above the regular interest rate on their deposits. They also get the benefit of ‘zero penalty’ on early withdrawals, ensuring greater flexibility and returns for their investments.

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

The Bank shall recover TDS/Overhead Tax (OHT) from the interest amount but if the interest amount is not sufficient to recover TDS/OHT, the same will be recovered from the principal amount of the FD

Wherever the Estimated Total Income quoted (refer aggregate of columns 16 & 18 for Form 15G & columns 15 & 17 for Form 15H) is higher than ₹ 2,50,000 and ₹ 5,00,000 (In case of senior citizens), the customer has confirmed that he/she has chosen to be governed by the New Tax Regime.

As per Section 194A of the Income Tax Act, 1961, TDS shall be deducted at the rate of 10% when interest payable or reinvested on FD & RD per customer, across all Branches, is likely to exceed ₹ 50,000 (or ₹ 1,00,000 for Senior Citizens) in a Financial Year, unless otherwise exempt under law.

As per Section 139AA of the Income Tax Act, 1961, it is mandatory to link Permanent Account Number (‘PAN’) with Aadhaar by June 30, 2023. If PAN is not linked, then the PAN provided by the customer will become inoperative. Failure to link will also attract a higher TDS rate of 20%, as may be applicable on the income from the Bank. The Bank will be unable to refund the TDS once deducted.

The interest rate for a Digital Fixed Deposit with IDFC FIRST Bank varies based on the tenure of the deposit and the amount invested. Senior citizens enjoy a 0.5% higher rate on their IDFC FIRST Bank Fixed Deposits. To know the current interest rates, you can click here or contact IDFC FIRST Bank’s customer support team.

You can calculate the maturity amount of your Digital FD using the FD Calculator available above. Scroll up to find the online calculator tool. You need to enter the principal amount, interest rate, and tenure of the FD. The calculator will then compute the maturity amount and the interest earned, giving you a clear understanding of your returns.

The auto-renewal feature automatically renews your Digital FD upon maturity for the same tenure as the original deposit at the prevailing interest rate. To activate this feature, you need to select the auto-renewal option while creating or managing your FD. 

A digital FD automatically gets converted to a Regular Fixed Deposit once you complete the V-KYC (Video KYC) process.

IDFC FIRST Bank employs robust online security measures to protect your Digital FD. These include:

1. Secure login with multi-factor authentication.
2. Encrypted transactions to safeguard your data.
3. Regular security audits and updates.
4. Secure access through Personal Identification Numbers (PIN) and One-time Passwords (OTPs).

You can track the performance of your Digital FD through the following methods:

1. Internet banking: View your FD details, interest earned, and maturity date.

2. Mobile banking app: Access your FD information on the go.

3. Account statements: Receive periodic statements showing your FD’s performance.

Typically, there is no cooling-off period after opening a Digital FD. However, if you wish to prematurely withdraw or make any changes, you may incur penalties or reduced interest rates as per the Bank's policies.

Yes, as an IDFC FIRST Bank Fixed Deposit holder, you have control over your interest payouts. You can choose from quarterly, monthly, or at maturity interest payout options, whichever suits you the best. 

In the event of the depositor's death, the nominee or legal heir can claim the Digital FD. They need to submit the necessary documents, such as the death certificate, identification proof, and legal heir certificate (if applicable) to the Bank. The Bank will then process the claim and pay out the amount.

Yes, the premature withdrawal of a Digital FD with IDFC FIRST Bank attracts a penalty and a reduced interest rate of 1% except for senior citizens who can withdraw funds prematurely without any charges.

Since a Digital FD from IDFC FIRST Bank is available only for individuals residing in India, NRIs cannot open a Digital Fixed Deposit with the Bank.  

You can use your Digital FD as collateral to secure loans from IDFC FIRST Bank. You can contact the Bank online or offline or opt for a Loan against FD. Additionally, you can opt for the Overdraft facility to access funds against your Fixed Deposit.

IDFC FIRST Bank offers various customer support options for Digital FD holders, including:

• 24/7 helpline number – 1800 10 888 for immediate assistance.

• Email support for detailed queries.

• Branch visits for in-person support.