IDFC First Bank hikes interest rates on fixed deposits and savings accounts
2 min read . Updated: 12 Oct 2022, 06:48 PM IST
Premium- The private sector lender IDFC First Bank has hiked its interest rates on fixed deposits and savings accounts
The private sector lender IDFC First Bank has hiked its interest rates on fixed deposits and savings accounts. As per the official website of the bank, the new rates are effective as of 10/10/2022. Following the adjustment, the bank increased the interest rate on fixed deposits maturing in 501 to 750 days by up to 35 basis points. IDFC First Bank will now provide a maximum interest rate of 6.25% on savings accounts.
IDFC First Bank Savings Account Interest Rates
IDFC First Bank is currently offering an interest rate of 4.00% on savings account balances of up to ₹10 Lac, and a maximum interest rate of 6.25% on savings account balances of more than ₹10 Lac and up to ₹50 Cr. Savings bank deposits of more than ₹50 Cr and up to ₹100 Cr will now earn a 5.00% interest rate, while deposits of more than ₹100 Cr and up to ₹200 Cr will attract a 4.50% interest rate. IDFC First Bank is currently offering a 3.50% interest rate on savings account balances of more than ₹200 Cr.
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IDFC First Bank FD Rates
IDFC First Bank will continue to offer a 3.50% interest rate on fixed deposits maturing in 7 days to 29 days, and a 4.00% interest rate on fixed deposits maturing in 30 days to 90 days. Fixed deposits maturing in 91 - 180 days will continue to pay an interest rate of 4.50%, while deposits maturing in 181 - 364 days will pay an interest rate of 5.75%. IDFC First Bank will continue to give an interest rate of 6.25% on deposits maturing in 365 days to 500 days, while on deposits maturing in 501 days to 749 days, the bank has increased the interest rate by 25 basis points to 6.75% from 6.50% before.
Fixed deposits maturing in 750 days will now earn 7.25% instead of 6.90%, a 35 basis point increase, while deposits maturing in 751 days to 5 years will continue to earn 6.50%. IDFC First Bank will continue to offer a 6.00% interest rate on deposits maturing in 5 years, 1 day, and 10 years, as well as a 6.50% interest rate on tax-saving deposits maturing in 5 years. The inducement for senior citizens will be 0.50% higher than the standard rate and will not be accessible for NRO Fixed Deposits.
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