IDFC FIRST Bank has revised fixed deposit interest rates on amounts less than Rs 3 crore, according to the bank website. The new FD interest rates are effective October 16, 2024.
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Interest rate range for general citizen
Following the change, the bank currently offers interest rates ranging from 3% to 7.75% on deposits maturing in 7 days to 10 years for general citizens.
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Highest interest rate for general citizens
The highest interest rate of 7.75% is offered on tenure of 400 days to 500 days.
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Highest interest rate for senior 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 8.25%. The highest interest rate of 8.25% is offered on tenure of 400 days to 500 days.
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Green Deposits
The bank offers 6.8% on green deposits on tenure of 1000 days.
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Interest rate calculations
According to the IDFC FIRST Bank website, “Compound Interest/ re-investment interest is calculated every quarter and is added to the Principal such that Interest is paid on the Interest earned in the previous quarter as well. For deposits with monthly interest pay-out option, the interest shall be calculated for the quarter and paid monthly at a discounted rate over the Standard FD Rate.”
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Premature withdrawal
Penalty for pre-mature closure of Fixed Deposit would be at 1%.
