IDFC FIRST Bank ‘Rocket’ Current Account

As and when the balance in the Current Account is beyond the threshold Balance* (in % terms) as mentioned in Facility Form, funds will automatically get transferred into a Fixed Deposit, earning you interest income on idle funds.

*The threshold balance would be a percentage of previous month monthly average balance in Current Account.

The intimation to the Bank on change of threshold percentage can be provided any time during the month, however the effective date of the same will be from beginning of next month onwards. 

When funds required for business transactions are more than the existing balance in your Current Account, the FD will break only for required amount in multiples of ₹ 1 on LIFO (Last In First Out) basis.

Rocket Current Account is specifically created for corporate entities to ensure the best possible use of funds and earn interest on idle funds transferred to a Fixed Deposit.

1. All balances above stated threshold (as selected by customer) convert to 370 Days Fixed Deposit (FD) so you can earn an interest of 7.25% p.a. on idle balances transferred to a FD.

2. You can withdraw any amount from your Current Account till the balance is ZERO, No minimum balance required to be maintained in the Current Account.

3. In case of breakage of your FD, you are not charged any penalty on withdrawal of funds from the FD.

4. FD breaks in units of ₹ 1 so you can get the maximum benefit.

In case of partial liquidation of FD, applicable interest for the revised tenure and amount (to the tune of FD breakage) is calculated and credited into the current account for the said partial amount and tenure respectively. Balance FD amount continues with rest of the tenure. 

FD will be created next day in multiples of ₹1000. Single FD will be created at beginning of day (BOD) of maximum amount of less than ₹25 Crores. In case FD requirement is more than ₹25 Crores please connect with our Relationship Manager for more details.

FD will not break as long as there is any balance in the Current Account. This will ensure you get maximum possible returns

Auto-transferred balances to a Fixed Deposit will be booked for 370 days at the prevailing rate of interest, as on date of booking of the FD.

FD will be booked for a tenure of 370 days. Post maturity, FD will be auto renewed for the same tenure. 

In case of pre-mature withdrawal of FD, applicable bucket rate as per tenure and as on date of FD booking will apply. No penalty on pre-mature withdrawals will be charged.

There is no minimum balance requirement for IDFC FIRST Bank ‘Rocket’ Current Account. 

Overdraft facility is not available on IDFC FIRST Bank ‘Rocket’ Current Account. However, if required, a separate OD account can be opened.

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