IDFC FIRST Bank has revised fixed deposit interest rates on amounts less than Rs 2 crore and savings account interest rates, according to its official website

IDFC FIRST Bank revises FD interest rates: These fixed deposits to earn 8.4% rate The new FD interest rates are effective May 15, 2024

IDFC FIRST Bank has revised fixed deposit interest rates on amounts less than Rs 2 crore and savings account interest rates, according to its official website. The new FD interest rates are effective May 15, 2024

Following the change, the bank currently offers interest rates ranging from 3% to 7.90% on deposits maturing in 7 days to 10 years for general citizens. For senior citizens, the bank offers an additional spread of 0.50% p.a. over the above rate, interest rate varies from 3.50% to 8.40%. The highest interest rate of 8% and 8.40% is offered on tenure of 500 days.

Latest IDFC FIRST FD interest rates

PeriodRate of Interest (% p.a.) w.e.f. 15th May, 2024 Less than INR 2 Crores7 – 14 days3.00%15 – 29 days3.00%30 – 45 days3.00%46 – 90 days4.50%91 – 180 days4.50%181 days – less than 1 Year5.75%1 year6.50%1 year 1 day – 499 days7.50%500 days7.90% 501 days – 548 days7.50%549 days –7.75%2 years 1 day7.25%3 years 1 day7.00%5 years 1 day7.00% Tax Saver DepositRate of Interest (% p.a.) w.e.f. 15th May, 2024 Less than INR 2 Crores(Only for Domestic Deposits) 5 Years7.00%
Savings account interest rates
Interest payable on savings account will be calculated on a progressive basis, as per the table in the rate slabs described below. For description of “progressive” with examples, please refer to notes after the table.
Balance (Rupees)Rate of Interest (% p.a.) (Progressive)3.00%> 1 lac 3.50%> 3 lac 4.00%> 5 lac 7.00%> 10 lac 7.25%> 5 cr 7.00%> 50 cr 5.00%> 100 cr 4.50%> 200 cr3.50%
In case your account balance with us is Rs. 25,000, the interest payable to you will be 3% on the entire Rs. 25,000. In case your account balance with us is Rs. 4 lacs, the interest payable to you will be 3% on Rs. 1 lac, 3.50% on Rs. 2 lacs and 4% on Rs. 1 lac. In case your account balance with us is Rs. 50 lacs, the interest payable to you will be 3% on Rs. 1 lac, 3.50% on Rs. 2 lacs and 4% on Rs. 2 lacs, 7% on Rs. 5 lacs and 7.25% on Rs. 40 lacs.
This story originally appeared on: India Times - Author:Faqs of Insurances