IDFC First Bank hikes interest rates on fixed deposits of 1 to 5 years

For fixed deposits below 2 crore, the private sector lender IDFC First Bank has increased interest rates. The modification took effect today, July 1, 2022, and the bank increased interest rates on fixed deposits with terms ranging from one to five years as a result. Fixed deposits maturing in 7 days to 10 years will now earn an interest rate ranging from 3.50 per cent to 6.00 per cent, while fixed deposits maturing in 3 years, 1 day, or less than 5 years will now earn an interest rate of 6.50% which would be the highest.

IDFC First Bank FD Rates 2022

The bank will continue to provide an interest rate of 3.50 per cent on fixed deposits with maturities between 7 and 29 days and a rate of 4 per cent on term deposits with maturities between 30 and 90 days. On term deposits maturing in 91 to 180 days, IDFC First Bank will continue to give an interest rate of 4.50 per cent, and on term deposits maturing in 181 days to a year, the bank will continue to offer a 5.75 per cent interest rate. On fixed deposits maturing in 1 year 1 day – 3 years the bank will now offer an interest rate of 6.25% which was 6.00% earlier, a hike of 25 bps. Fixed deposits with maturities of 3 years 1 day to less than 5 years will now have interest rates of 6.50 per cent instead of 6.25 per cent, a 25 basis point increase. On fixed deposits that mature in 5–10 years, IDFC First Bank has maintained its interest rate constant at 6 per cent. The bank will now provide a 6.50 per cent interest rate on Tax Saver Deposits, up from a 6.25 per cent interest rate (a 25 basis point increase).

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IDFC First Bank FD Rates  (idfcfirstbank.com)

For the benefit of senior citizens, IDFC First Bank has mentioned on its website that “The incentive for Senior Citizens will be at an additional spread of 0.50% over the above rate and will not be available for NRE or NRO Fixed Deposits.” This means that senior citizens will get an interest rate ranging from 4% to 6.50% on deposits of 7 days to 10 years and on deposits maturing in 3 years 1 day – less than 5 years, senior citizens will get a maximum interest rate of 7% as of now.

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