IDFC FD Interest Rates 2024

IDFC First Bank is one of the emerging financial institutions in India, it is headquartered in Mumbai. The banking institution received its Universal Banking Licence from the Reserve Bank of India in the year 2015 and is popular for its corporate and commercial banking services. IDFC First Bank was formed by the merger of Infrastructure Development Finance Company and Capital First, which was an Indian non-bank financial institution. IDFC First bank is the first universal bank to offer monthly interest credit on savings accounts, along with lifetime free credit cards.

A fixed deposit is a type of term deposit which is made by the investor for a fixed period, at the ongoing FD interest rates and it helps to generate interest income. FD investment scheme is considered to be one of the safest modes of investment for investors who have low-risk appetite. IDFC first bank has a wide range of market offerings for customers, there customer-centric schemes have attracted investors with different backgrounds to invest with them.

Ownership	Private Ownership
Headquarters	Mumbai
Founded in	2015
CEO	V. Vaidyanathan
Customer Support Number	1800 10 888

IDFC First Bank FD Interest Rates on Domestic Deposits (less than ₹2 crore)

Tenure	Rate for Regular Customers (Below 60 Years of Age)	Rate for Senior Citizens ( Above 60 Years of Age)
7 days to 14 days	3.00%	3.50%
15 days to 29 days	3.00%	3.50%
30 days to 45 days	3.00%	3.50%
46 days to 90 days	4.50%	5.00%
91 days to 180 days	4.50%	5.00%
180 days to less than 1 year	5.75%	6.25%
1 year	6.50%	7.00%
1 year 1 day to 548 days	7.50%	8.00%
549 days to 2 years	7.75%	8.25%
2 year 1 day to 3 years	7.25%	7.75%
3 year 1 day to 10 years	7.00%	7.50%

IDFC First Bank FD Interest Rates on Domestic Deposits (₹2-₹5 crore)

Tenure	FD Rates
7 to 14 Days	5.25%
15 to 35 days	5.50%
36 to 45 days	5.90%
46 to 60 days	6.35%
61 to 91 days	7.00%
92 to 180 days	7.35%
181 to 270 days	7.50%
271 to 365 days	7.55%
366 to 399 days	7.80%
400 to 499 days	7.65%
500 to 540 days	7.65%
541 to 731 days	7.65%
732 days to 1095 days	7.50%
3 years 1 day to 5 years	7.25%
5 years 1 day to 8 years	7.25%
8 years 1 day to 10 years	7.25%

Features and Benefits

1. Simple Investment with Liquidity and Flexibility: IDFC Bank Fixed Deposit is a secure investment option available for investors, which provides guaranteed returns on investment. Fixed deposit returns are unaffected by any external circumstances and the investor will get the sure shot returns on FD.

2. Flexible Tenure: IDFC First Bank provides a wide range of tenure options, customer can choose from a variety of terms ranging from 7 days to 10 years with IDFC First Bank Fixed Deposit. This allows flexibility to customers as they can choose the tenure as per their investment horizon.

3. Premature/partial Withdrawal: IDFC First Bank Fixed Deposits are a very liquid investment option for customers. The bank gives option to the customer to customers to make withdrawals in times of emergency. Customers can close their deposits partially or fully before the date of maturity and have funds easily disbursed to the customer’s account for emergency use.

4. Additional Interest: IDFC First Bank offers an extra 0.50% interest rate to Senior citizens on top of the regular Fixed Deposit interest rate. This allows senior citizens to invest their savings at higher returns and manage their retirement funds more efficiently.

5. Overdraft Against FD: IDFC First Bank also offers Overdraft against Fixed Deposit. This gives customers an advantage to get instant funds without breaking the terms of Fixed Deposit.

6. Automatic Renewal Facility: IDFC First Bank allows customers to open an FD that will automatically renew. This ensures that your FD is automatically renewed for the same term on the maturity date, which results in no loss of interest and manages the customer’s fund better.

Types of IDFC First Bank FD Schemes

1. IDFC First Bank Regular Fixed Deposit

Tenure	7 days to 10 years
Compounding of Interest	Compounded Quarterly
Nomination Facility	Available
Loan against Security	Available up to 90%
Minimum Investment	₹10,000
Maximum Investment	No limit

2. IDFC First Bank Tax Saver Fixed Deposit Account

Tenure	Maximum 5 years
Tax Deduction	Tax deduction of up to Rs 1.5 lakh under Section 80C of the Income Tax Act
Nomination Facility	Available
Loan against Security	Up to 90%
Minimum Investment	₹10,000
Interest Payout	Offers monthly, quarterly or at the time of maturity
Premature Withdrawal	Not available

How to Invest in IDFC FD?

IDFC First Bank Fixed deposit can be opened through three different modes i.e. Via internet banking, mobile application, and offline.

1. Internet Banking

1. Sign in to the IDFC Bank Net Banking account using the credentials of the account.

2. Now from the Main Menu, click on the ‘Fixed Deposit’ option and select the type of deposit account the user desires to open.

3. The user will have to give all the required information, nominee details, maturity instructions, etc.

4. To complete the account opening process, click on ‘Submit’.

5. Once all the details are verified by the bank, the bank shall inform the user and share all details of the Fixed deposit.

2. Mobile Application

1. Users will have to download the official IDFC Bank App through PlayStore or AppStore.

2. The user will have to sign in to the application using his/her credentials.

3. Now From the Main Menu, choose the ‘Fixed Deposit’ option and select the type of deposit account the user desires to open.

4. Fill out the required information, nominee details, and maturity instructions. The user will have to give all the required information, nominee details, maturity instructions, etc.

5. To complete the account opening process, click on ‘Submit’.

6. Once all the details are verified by the bank, the bank shall inform the user and share all details of the Fixed deposit.

3. Through the Nearest Bank Branch

Apart from the above two the user can also visit the nearest IDFC First Bank branch, and ask for the FD application form. The user will have to fill out the FD form select the tenure of the FD along with the all necessary information and fulfill all the document requirements. On successfully validating the information the bank will issue the FD certificate.

Eligibility to Open an IDFC First Bank FD Account

Consumers should first determine whether they are eligible for investing in IDFC First Bank. The following are the prerequisites for investing in IDFC First Bank Fixed Deposit:

1. Individuals

2. Hindu Undivided Family (HUF)

3. Sole proprietorship and joint ventures

4. Private/public limited companies

5. One-person company

6. Trust, society, and association

7. Partnership firms, including Limited Liability Partnership (LLP)

8. Any Government establishment

Documents Required to Open IDFC First Bank FD

The following documents are required to open a fixed deposit in IDFC First Bank:

1. Proof of Identity

• Pan card
• Voter ID
• Aadhaar card
• Ration card including a photograph
• Driving license
• Senior citizen ID
• Passport

2. Proof of Address

• Electricity bill
• Telephone bill
• Bank statement with cheque
• Passport
• Identity card issued by Post Office

Customers also need to give their two passport-sized photographs at the time of opening the deposit account.

Tax on IDFC First Bank Fixed Deposit

Any investment made under IDFC First Bank Tax Saving FD entitles the investor, to a tax saving up to ₹1,50,000 Per Annum. No other IDFC First Bank FDs are eligible for tax saving under Section 80C of the Income Tax Act.

All interest income from the IDFC First Bank Fixed Deposit is taxable according to the slab rates of the investor. A TDS of 10% shall be chargeable if the income from IDFC First Bank FD exceeds ₹40,000. The same limit shall increase to ₹ 50,000 Per Annum in the case of senior citizens. Furthermore, if in any case, the investor fails to furnish PAN Card details to the bank, the TDS rate will be deducted at 20%.

Loan Against IDFC First Bank FD

IDFC First Bank allows loans against their Fixed Deposits. Investors can receive up to 90% of the deposit as a loan against Fixed Deposit. The rate of interest chargeable on a loan is between 3.75-7%. However, it is worth noting that the loan tenure shall be limited to the Fixed Deposit tenure.

Premature Closure of IDFC First Fixed Deposit (Fees and Penalty)

Premature closure is permitted in IDFC First Bank Fixed Deposit, excluding IDFC tax-saving FDs, subject to the terms and conditions of the bank. Premature withdrawal for senior citizens is allowed without any penal charges. A 1% penalty will be levied for pre-closure.

Frequently Asked Questions (FAQs)

1. What is the maximum and minimum limit of deposit under IDFC First Bank FD scheme?

Answer:

The minimum investment under IDFC First Bank FD scheme is ₹10,000 and there is no maximum cap.

2. Can a investor make a premature withdrawal from IDFC First Bank FD scheme?

Answer:

Yes, the scheme allows premature withdrawal. However premature withdrawals are subject to penal charges.

3. Are IDFC Bank’s FD rates higher than its savings account rates?

Answer:

When compared to a savings account, investors always get higher returns while investing in an FD. Thus, IDFC FD rates are higher than savings account rates.

4. Who is eligible to open FD?

Answer:

Following is the criteria for opening a fixed deposit in IDFC First Bank:

• Individuals
• Hindu Undivided Family (HUF)
• Sole proprietorship and joint ventures
• Private/public limited companies
• One-person company
• Trust, society, and association
• Partnership firms, including Limited Liability Partnership (LLP)
• Any Government establishment

5. What benefit does a senior citizen get by investing in IDFC FD?

Answer:

The Senior citizens are given following benefits:

• The senior citizens are eligible for 0.50% higher interest rates on FD as compared to regular FD rates.
• No penal charges will be levied on premature withdrawal by a senior citizen.