IDFC First Bank, a private sector lender, has raised interest rates on fixed deposits of less than Rs 2 crore. According to the bank’s official website, the new rates go into effect today, July 18, 2022. As a result of the change, the bank raised interest rates on deposits with maturities ranging from two to three years. General public depositors will now receive interest rates ranging from 3.50 to 6.00% on deposits maturing between 7 days and 10 years, while elderly people will now receive interest rates ranging from 4 to 6.50%.
IDFC First Bank FD Rates
The bank will continue to offer a 3.50 percent interest rate on fixed deposits maturing in 7 to 29 days, and a 4.00 percent interest rate on deposits maturing in 30 to 90 days. Fixed deposits maturing in 91 to 180 days will continue to pay 4.50 percent interest, while term deposits maturing in 181 days to one year will earn 5.75 percent interest. IDFC First Bank will continue to pay a 6.25 percent interest rate on deposits maturing in one year, one day to 499 days; however, the bank has introduced a new tenure of 500 days to two years, for which it will now pay a 6.50 percent interest rate. Fixed deposits maturing in 2 years 1 day – 3 years will now pay an interest rate of 6.50 percent, up from 6.25 percent previously, representing a 25 basis point increase, while term deposits maturing in 3 years 1 day – 5 years will continue to pay an interest rate of 6.50 percent. IDFC First Bank will continue to pay a 6% interest rate on deposits held for 5 years, 1 day, or 10 years. On 5 year tax saver deposits, the bank will now offer a 6.50 percent interest rate to the general public and a 7% interest rate to senior citizens.
Disclaimer:- Whatever information is given is for educational purposes only and all the information given is taken from the entire official website.