For fastened deposits beneath ₹2 crore, the personal sector lender IDFC First Bank has elevated rates of interest. The increased rates of interest are efficient as of August 16, 2022, in accordance with the financial institution’s official web site. With the newest change, IDFC First Bank will now give an rate of interest of 6.50% on fastened deposits maturing in 2 years 1 day to 749 days and 6.90% on fastened deposits maturing in 750 days. Previously, the financial institution provided an rate of interest of 6.50% on fastened deposits maturing in 2 years 1 day to three years.
IDFC First Bank FD Rates
On fastened deposits maturing in 7 days to 29 days the financial institution will proceed to supply an rate of interest of three.50% and on fastened deposits maturing in 30 – 90 days the financial institution will proceed to supply an rate of interest of 4.00%. IDFC First Bank will proceed to supply an rate of interest of 4.50% on fastened deposits maturing in 91 – 180 days and 5.75% might be continued on fastened deposits maturing in 181 days – 1 12 months. Fixed deposits maturing in 1 12 months 1 day – 499 days will proceed to supply an rate of interest of 6.25% and time period deposits maturing in 500 days – 2 years will proceed to supply an rate of interest of 6.50%.
The rate of interest for fastened deposits maturing in 2 years, 1 day and 749 days is now 6.50%, whereas the rate of interest for time period deposits maturing in 750 days is now a most of 6.90%. Fixed deposits maturing in 751 days to five years will proceed to earn curiosity at a fee of 6.50% from IDFC First Bank. The financial institution will proceed to offer an rate of interest of 6% on fastened deposits maturing in 5 years, 1 day, to 10 years, whereas IDFC First Bank will proceed to supply an rate of interest of 6.50% on tax-saving fastened deposits.
View Full Image
IDFC First Bank FD Rates (idfcfirstbank.com)
IDFC First Bank has talked about on its web site that “The incentive for Senior Citizens might be at an extra unfold of 0.50% over the above fee and won’t be out there for NRO Fixed Deposits. Rates as much as 180 days are on “easy curiosity” basis. Interest on tenor above 180 days is payable/compounded on quarterly basis.”
The financial institution has additionally mentioned on its web site that “Compound Interest/ re-investment curiosity is calculated each quarter and is added to the Principal such that Interest is paid on the Interest earned within the earlier quarter as effectively. For deposits with month-to-month curiosity pay-out possibility, the curiosity shall be calculated for the quarter and paid month-to-month at a reduced fee over the Standard FD Rate.”
The financial institution levies a 1% penalty for untimely withdrawals of fastened deposits. “In case of untimely closure of the Term/Fixed Deposit, curiosity might be paid foundation rate of interest relevant on the time of reserving the time period/fastened deposit, for the corresponding interval for which deposit has remained with the financial institution. Additionally, time period/fastened deposit if prematurely closed, could be topic to ‘Premature Closure Penalty’ as prescribed by the Bank on the date of deposit. The Interest thereon might be paid for the interval for which the deposit has remained with the financial institution, after software of penalty,” mentioned IDFC First Bank has mentioned on its web site.
Catch all of the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint.
Download The Mint News App to get Daily Market Updates.
More
Less
Subscribe to Mint Newsletters
* Enter a legitimate electronic mail
* Thank you for subscribing to our e-newsletter.
First article
