IDFC FIRST Bank revises FD interest rates; senior citizens can earn up to 8% The new rates are applicable from July 1, 2023, according to the IDFC FIRST website
The private sector lender IDFC FIRST Bank has revised its interest rates on fixed deposits of less than Rs 2 crore. The new rates are applicable from July 1, 2023, according to the IDFC FIRST website.Latest IDFC FIRST FD interest rates
The bank now offers a 3.50% interest rate on fixed deposits maturing in 7 to 29 days, while IDFC FIRST Bank also offers a 4.00% interest rate on deposits maturing in 30 to 45 days. A deposit tenor of 46 to 90 days will now earn interest at a rate of 4.50% from IDFC FIRST Bank, and a fixed deposit with tenor of 91 to 180 days will now earn interest at a rate of 5.00%.Deposits maturing between 181 and 366 days will now earn 6.50% interest, while those maturing between 1 year 1 day to 550 day will now earn 7.50% interest. IDFC FIRST Bank offers an interest rate of 7.25% on deposits maturing in 551 days to 2 years, the bank now offers interest rate of 7.25% on fixed deposits maturing in 2 years-1 day to 3 years. The bank will pay FD interest of 7% on tenure between 3 years 1 day to 10 years.
PeriodRate of Interest (%p.a.) w.e.f. July 01, 2023Less than INR 2 Crores7 – 14 days3.50%15 – 29 days3.50%30 – 45 days4.00%46 – 90 days4.50%91 – 180 days5.00%181 days – 1 Year6.50%1 year 1 day – 550 days7.50%551 days – 2 years7.25%2 years-1 day – 749 days7.25%750 days7.25%751 days - 3 years7.25%3 years 1 day – 5 years7.00%5 years- 1 day – 10 years7.00%
Senior Citizens will be at an additional spread of 0.50% over the above rate and will not be available for NRE or NRO Fixed Deposits. The highest interest rate of 8% can be earned on tenure of 1 year 1 day to 550 day.
Premature closure
According to the bank website, “Interest will be paid basis interest rate applicable at the time of booking the term/fixed deposit, for the corresponding period for which deposit has remained with the bank. Additionally, term/fixed deposit if prematurely closed, would be subject to ‘Premature Closure Penalty’ as prescribed by the Bank on the date of deposit.” Penalty for pre-mature closure of Fixed Deposit would be at 1%.
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This story originally appeared on: India Times - Author:Faqs of Insurances
