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Fixed Deposit Interest Rates

A Fixed Deposit (FD) is a safe investment instrument, where investors earn interest on their deposit from banks. FDs are among the most popular fixed income investments, largely due to their less volatile nature. They do not depend on equities, so their value does not fluctuate regularly.

Fixed Deposit accounts are the most worthy option for risk-averse investors. Interest on Fixed Deposits is accrued on the deposited amount over a set timeframe. Read More

FD interest rates are also dependent on the type of financial entity you are choosing. The duration might range from seven days to ten years. Another attractive feature of FD interest rates is that they are not subject to market fluctuations, offering a guaranteed interest rate at maturity. IDFC FIRST Bank’s Fixed Deposit rates ensure you make handsome returns at the end of your maturation period.Read Less

Benefits of FD Interest rates 

A few benefits of Fixed Deposits and FD interest rates are:

• The returns on your fixed deposits are unaffected by market risks.

• DICGC insures your deposits up to ₹5 lakhs

• You can borrow up to 90% of your deposit amount at low fixed deposit rates. It is roughly 2% higher than the FD interest rate.

• You can effortlessly liquidate your FD and use the cash in the event of an emergency.

• Depending on your needs, you can have the FD interest credited to your account on a monthly, quarterly, or annual basis.

• Investing in tax-saving fixed deposits might result in tax savings of up to ₹1.5 lakh each year.

• When compared to other customers, senior citizens are provided with better bank fixed deposit rates.

• Earn interest on your savings and see your money grow.

• Tenures can be tweaked as per your needs.

Fixed Deposit rates provide both a set level of protection and a consistent stream of income. You can simply deposit a large sum of money that you would not be needing for a while, and enjoy the monthly interest pay-outs on your deposit. This is a good financial investment for a steady stream of monthly income, without touching your principal savings. 

Features of FD interest rate with IDFC FIRST Bank

Opening a Fixed Deposit is one of the many ways to set aside finances 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 IDFC FIRST Bank, you instantly gain access to benefits, such as high returns and easy payout.

• Enjoy earning more on your finances with an IDFC FIRST Bank Fixed Deposit Account.

• Safe and risk-free investment, as the FD interest rate is not dependent upon market volatility. Investors can rest assured that they will get the money they invest.

• No penalty for senior citizens on an early withdrawal.

• Competitive FD interest rate. The rates offered by IDFC FIRST Bank are among the best in the market. It helps grow your wealth and ensure you reach financial freedom.

• Monthly/quarterly interest pay-out option or quarterly compounding. You choose what is beneficial to you. You can opt to get a comparatively lower sum every month, or you could choose to get paid every three months with a sizable amount.

• Get 0.5% higher interest for senior citizens with IDFC FIRST Bank’s Fixed Deposit account

• Get up to 7.90% per annum on your idle funds.

Table bifurcation of FD interest rates on Senior Citizens and Non-Senior Citizens accounts


IDFC FIRST Bank offers the best Fixed Deposit rates for general and senior citizens. Senior citizens are given an added advantage and can earn 0.50% more as interest. The below table will give you a better idea of the interest offered to senior and non-senior citizens for deposits under ₹3 crores. You can use it to decide the tenure of your FDs at IDFC FIRST Bank.

Tenure FD rates for Non-Senior Citizens FD rates for Senior Citizens
7 – 14 days 3.00% 3.50%
15 – 29 days 3.00% 3.50%
30 – 45 days 3.00% 3.50%
46 – 90 days 4.50% 5.00%
91 – 180 days 4.50% 5.00%
181 days – & less than 1 year 5.75% 6.25%
1 year 6.50% 7.00%
1 year 1 day – 499 days 7.50% 8.00%
500 days 7.90% 8.40%
501 days – 548 days 7.50% 8.00%
549 days – 2 years 7.75% 8.25%
2 years 1 day – 3 years 7.25% 7.75%
3 years 1 day – 5 years 7.00% 7.50%
5 years- 1 day – 10 years 7.00% 7.50%

 

 

Tax Saver Deposit (Only for Domestic Deposits) Rate of Interest (%p.a.) w.e.f June 14, 2024 Less than INR 3 Crores 
5 years 7.00%


Latest Fixed Deposit rate table


The latest interest rates of Fixed Deposits offered by IDFC FIRST Bank are given below.

Tenure FD Rates (₹3 crore to ₹5 crore)
7 – 14 days 5.50%
15 – 35 days 5.75%
36 – 45 days 6.25%
46 – 60 days 6.50%
61 – 91 days 7.10%
 92 – 180 days 7.25%
181 – 270 days 7.40%
271 – 365 days 7.50%
366 - 399 days 7.55%
400 – 499 days  7.55%
500 - 540 days 7.55%
541 - 731 days  7.45%
732 - 1095 days 7.40% 
3 years 1days - 5 years 7.25% 
5 Year 1 Day - 8 Years 7.25%
8 Year 1 Day - 10 Years 7.25% 


Please note above rates are applicable for non-callable deposits for Rs.3 Crore to Rs.5 Crore. For all other rates, Click here.

CALCULATOR

Earn more on your FD with up to 7.90% p.a. interest

Customer
Interest Rate

Deposit Amount

1L 2cr

Tenure (year)

1 Year 10 Year

Tenure (days)

1 Day 365 Days

Maturity Date :
Maturity Value : /-
Aggregate Interest Amount : /-

Invalid Inputs : Please choose proper inputs

Tax Deducted at Source (TDS) will be applicable on the interest earned as per the prevailing rate for your FD.

  • Bigyan Choudhury
    Bigyan Choudhury

    "It's comforting to know IDFC FIRST bank is with us. We've been impressed with their personalized service and attention to our business."

  • Ramesh Chandra Das
    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."

  • Mahesh Chandra Dash
    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."

FREQUENTLY ASKED QUESTIONS

How much interest will I get in 5 years?

To calculate your fixed deposit interest, you will need to use a Fixed Deposit interest calculator. Enter the amount, tenure, and the rate of interest. Once you feed these variables into the calculator, you will get the interest you will earn on your Fixed Deposit in 5 years.

Can I get monthly interest on my Fixed Deposit?

Yes. You have the choice to receive your Fixed Deposit interest payment monthly, quarterly, or annually.

Is interest on FD taxable?

Yes, the interest you earn on your Fixed Deposit is taxable. But there are various tax deductions you can claim on your fixed deposit interest.

How to choose the best FD rate scheme?

Choose a bank that’s stable, and has a good track record. Analyse the banks offering the highest rates of interest on your Fixed Deposit and choose your FD accordingly. It is important to keep checking the rates periodically, as the rate of interest can fluctuate. 

What is the minimum and maximum tenor for FD?

The tenure of a Fixed Deposit ranges from seven days to ten years. Every bank will offer you a different span, so it important to check with your bank before making the investment. 

More FAQs

Fixed Deposit Blogs

types of fixed deposits

FEATURED

Smart ways to pick the right Fixed Deposit

When it comes to traditional saving and investment instruments, fixed deposits (FDs) are among the most popular investment vehicles. You park a corpus in an FD account, where it generates interest at a pre-defined interest rate. The interest rate of FDs is fixed, so your returns are reliable. To make the most of your investment in an FD, it is crucial to opt for the one offering you the best benefits. It should suit your requirements as well. Here is a guide on how to choose the right FD.

Team FinFIRST22 Apr 2022 • 3 mins read

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