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  • As per amendment in the Income Tax Rules, PAN or Aadhaar are to be mandatorily quoted for cash deposit or withdrawal aggregating to Rupees twenty lakhs or more in a FY. Please update your PAN or Aadhaar. Kindly reach out to the Bank’s contact center on 1800 10 888 or visit the nearest IDFC FIRST Bank branch for further queries.

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Fixed Deposit

Fixed deposits (FDs) have always been a popular investment option in India due to their security and steady returns. Unlike market-linked investments, fixed deposits aren’t volatile. That means investors with low-risk appetites can safely invest their money into FDs, earn steady interest, and grow their principal amount over time.Read More

IDFC FIRST Bank Fixed Deposits (FDs) are packed with features and benefits to help you grow your money. Open a fixed deposit account with IDFC FIRST Bank to see your savings grow exponentially. With us, you earn attractive interest rates and you can choose from multiple tenures. Senior citizens enjoy additional benefits, including higher interest rates, enabling a comfortable and stress-free retirement lifestyle.Read Less

Earn Higher Interest Rate

Get up to 7.75%* p.a. interest p.a. and enjoy an even higher rate up to 7.75%* p.a. for senior citizens

Earn up to 7.75%

Features

Benefits of a Fixed Deposit Investment

FD Calculator

Earn more on your FD with up to 7.75% 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."

Types of Fixed Deposits

Standard Fixed Deposits

  • Customers deposit their savings for a fixed tenure.
  • FD tenure generally ranges between 7 days and 10 years.
  • The interest rates are higher than those offered by savings accounts.
Small loans

Senior Citizen Fixed Deposits

Citizens aged above 60 years can open this type of Fixed Deposit.

  • IDFC FIRST Bank offers an additional interest rate of 0.5% p.a. over the regular interest rate.
  • There is no penalty on pre-mature withdrawals of FDs for senior citizens
Senior Citizen Fixed Deposits

Flexi Fixed Deposits

Fixed Deposits linked to the customer’s savings or current account are called Flexi FDs.

  • Customers can open an FD with an initial deposit amount of their choice and link it to their savings or current account.
  • Customers can add a limit to their savings / current account to ensure any balance that exceeds that limit is transferred to the FD automatically.
  • This sweep-out facility on fixed deposits is available only for Senior Citizens and Minors and non-individuals and can be set up at any of the Bank’s branches.
Flexi Fixed Deposits
Standard Fixed Deposits

Standard Fixed Deposits

  • Customers deposit their savings for a fixed tenure.
  • FD tenure generally ranges between 7 days and 10 years.
  • The interest rates are higher than those offered by savings accounts.
Senior Citizen Fixed Deposits

Senior Citizen Fixed Deposits

Citizens aged above 60 years can open this type of Fixed Deposit.

  • IDFC FIRST Bank offers an additional interest rate of 0.5% p.a. over the regular interest rate.
  • There is no penalty on pre-mature withdrawals of FDs for senior citizens
Flexi Fixed Deposits

Flexi Fixed Deposits

Fixed Deposits linked to the customer’s savings or current account are called Flexi FDs.

  • Customers can open an FD with an initial deposit amount of their choice and link it to their savings or current account.
  • Customers can add a limit to their savings / current account to ensure any balance that exceeds that limit is transferred to the FD automatically.
  • This sweep-out facility on fixed deposits is available only for Senior Citizens and Minors and non-individuals and can be set up at any of the Bank’s branches.

Factors that affect FD Interest Rates

Age of the depositor

  • Senior Citizens earn higher interest rates compared to regular customer. At IDFC FIRST Bank, Senior Citizens earn 0.5% higher FD rates.

Tenure

  • In case there is no urgency of funds, we recommend depositing for a longer tenure. Sometimes, but not always, higher the tenure of FD, higher might be the returns too.

Deposit Amount

  • There are some FD types that offer higher interest on higher amount in order to provide secure and higher returns. For e.g. at IDFC FIRST Bank, we have different rates defined for deposits above 2 crores.

Why opt for IDFC FIRST Bank’s Fixed Deposits?

Impact of Tax on Fixed Deposit

Tax On Fixed Deposit

    • The interest that you earn on all types of FD will be added to your total income and will be taxable as per the slab
    • There won’t be any TDS deducted in case the interest income from all your FDs is under Rs. 40,000 (regular depositor) and Rs. 50,000 (Senior Citizens)
    • If PAN is provided to the bank, 10% TDS is applicable. In case it is not provided, TDS of 20% is applied for domestic deposits.
    • In case your total income is below the taxable limit, you can avoid TDS by submitting Form 15G to the bank
    • Likewise, in case of Senior Citizens with income below taxable limit, TDS can be avoided by submission of Form 15H to the bank

How to make an FD investment?

You can create a fixed deposit account online through the IDFC FIRST Bank app if you already have a savings/current account with the bank.

Follow the below steps to open an FD through the IDFC FIRST Bank app.

1. Login to IDFC FIRST Bank App and Click on Open FD

2. Select the account from where the investment amount has to be debited from

3. Enter the Fixed Deposit investment amount

4. Select on Best Plan to get the most suitable plan

5. Or, select All Plans to select a plan of your choice

6. That’s it! Click on Create FD to finish the process

Alternatively, you can also open an FD by visiting the nearest IDFC FIRST Bank.

Fd Investment

ELIGIBILITY

Who can apply?

  • Resident Indian and NRI customers are eligible
  • Overdraft will be provided to existing individual customers of IDFC FIRST bank – i.e. Savings Account & Fixed Deposit customers

Documentation

  • Aadhaar Card
  • Passport
  • Voter’s Identity Card (Election Card)

Eligibility

FREQUENTLY ASKED QUESTIONS

What is a Fixed Deposit?

A fixed deposit account is a form of investment that allows customers to grow their savings at a fixed rate for a fixed period of time. Also called FDs, fixed deposit account interest rates remain unaffected by market volatility. Investors generally invest in FDs for regular returns or as rainy-day fund for unforeseen financial emergencies since FDs offer higher liquidity than most investment options. 

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

The minimum amount required to open Fixed Deposit account at the branches is Rs. 10,000 whereas through Bank’s Net and Mobile Banking Services it is Rs. 1,000.

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

Yes, the FD investment 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 investment of 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:

1. TDS will be recovered at 20% (as against 10%).

2. NO TDS credit from the Income Tax department.

3. NO TDS certificate will be issued (As per CBDT circular no: 03/11).

4. 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?

As per Section 194A of 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 Rs. 40,000/- (or Rs. 50,000/- 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 higher TDS rate of 20%, as may be applicable on the income from the Bank.  Bank will be unable to refund the TDS once deducted.

Will Tax be deducted from the interest earned or Principal Amount of the FD/s?

TDS / Overhead tax (OHT) will be deducted from the interest paid on the FD/s but if the interest is not sufficient to recover TDS/OHT, the same will be recovered from the principal amount of the FD/s and be paid 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? (For savings accounts where this option is available)

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.

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 higher TDS rate of 20%, as may be applicable on the income from the Bank.  Bank will be unable to refund the TDS once deducted.

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 INR 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. You can use our Fixed Deposit interest calculator to understand the returns you might receive.

What are the interest rates in case of pre-mature withdrawal?

The interest rates applicable on Fixed Deposits withdrawn before the maturity date, as stated by the RBI, shall be as under:

1. Interest shall be paid at the rate applicable to the amount and period for which the deposit remained with the bank and not at the contracted rate.

2. No interest shall be paid, where premature withdrawal of deposits take place before completion of the minimum period specified i.e. 7 days.

What are the FD rates on overdue domestic deposits?

If a Fixed Deposit matures and proceeds are unpaid, the amount left unclaimed with the bank shall attract rate of interest as applicable to savings account or the contracted rate of interest on the matured FD, whichever is lower.

How to Choose the Right Fixed Deposit?

Look for the following features in an FD account:

1. Online fixed deposit accounts offer more convenience and flexibility. You can open IDFC FIRST Bank’s FD accounts directly through the IDFC FIRST Bank mobile banking app.

2. Interest rate is a vital criterion for FDs. Choose a high FD interest rate to grow your savings faster.

3. Ensure the FD you choose has flexible tenure options. Select an appropriate FD tenure after analysing your financial requirements well.

4. Read the terms for premature withdrawal and the penalty to be paid in such a case, if applicable.

5. An overdraft facility is essential in FDs. Unsecured loans are generally more expensive in terms of repayment than loans against FDs.

How do I open a Fixed Deposit Account online?

If you have a current or savings account with us, here is the two-step process to open an FD account online with IDFC FIRST Bank:      

1. On the IDFC FIRST Bank mobile banking app, go to ‘Deposits’ and click on “Create FD”

2. Select deposit amount of your FD, the tenure and click on “Create FD” to complete the process

Alternatively, you can also open an FD by visiting your nearest IDFC FIRST Bank branch.

Why opt for IDFC FIRST Bank’s Fixed Deposits?

1. Easily accessible online through IDFC’s mobile app

2. High interest rate

3. Interest payout options

4. Special benefits for senior citizens

5. Flexible tenures

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