IDFC First Bank hikes interest rates on fixed deposits: Check new rates here
PremiumThe bank made the revision on May 23, 2022, and as a result of the adjustment, the bank has hiked interest rates on deposits maturing in 7 days to 2 years.
IDFC First Bank, a private sector lender, has raised interest rates on fixed deposits of less than ₹2 crore. The bank made the revision on May 23, 2022, and as a result of the adjustment, the bank has hiked interest rates on deposits maturing in 7 days to 2 years. The bank increased the interest rate on 7-29-day deposits from 2.5 per cent to 3.50 per cent, a 100-basis-point increase. The interest rate on deposits maturing in 30 to 90 days was previously 3%, but it has now been increased by 100 basis points to 4.00 per cent. IDFC First Bank had previously offered a 3.50 per cent interest rate on deposits maturing in 91 to 180 days, but that rate has now been increased by 100 basis points to 4.50 per cent.
IDFC First Bank formerly offered a 4.75 per cent interest rate, which has been increased by 100 basis points to 5.75 per cent on deposits maturing in 181 days or less than a year, whereas on deposits maturing in 1 year – 2 years the interest rate has been hiked by 25 bps from 5.75% to 6%. The bank will continue to provide a 6.00 per cent interest rate on term deposits maturing in 2 years 1 day – 3 years, 6.25 per cent on deposits maturing in 3 years 1 day – 5 years, and 6.00 per cent on deposits maturing in 5 years 1 day – 10 years. The bank will maintain its 6.25 per cent interest rate on 5-year tax saver fixed deposits. Senior citizens will be eligible for an additional 0.50 per cent premium over and above the regular rate, which will not be applicable for NRE or NRO Fixed Deposits.
IDFC First Bank Interest Rates for Domestic, NRE & NRO Deposits less than INR 2 Crores
7 - 14 days- 3.50%
15 - 29 days- 3.50%
30 - 45 days- 4.00%
46 - 90 days- 4.00%
91 - 180 days- 4.50%
181 days – less than 1 year- 5.75%
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1 year – 2 years- 6.00%
2 years 1 day – 3 years- 6.00%
3 years 1 day – 5 years- 6.25%
5 years 1 day - 10 years- 6.00%
Tax Saver Deposit (Only for Domestic Deposits) of 5 years- 6.25%
Source: Bank Website. Rate of Interest (%p.a.) w.e.f. May 23, 2022 Less than INR 2 Crores