Interest rates

IDFC First Bank raises interest rates on term deposits and savings accounts

Private sector lender IDFC First Bank raised interest rates on term deposits and savings accounts. According to the bank’s official website, the new rates are effective from 10/10/2022. Following the adjustment, the bank raised the interest rate on term deposits maturing between 501 and 750 days by up to 35 basis points. IDFC First Bank will now offer 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 up to 10 Lac, and a maximum interest rate of 6.25% on savings account balances greater than 10 Lake and up 50 cr. Savings bank deposits of more than 50 Cr and up 100 Cr will now earn an interest rate of 5.00%, while deposits over 100 Cr and up 200 Cr will attract an interest rate of 4.50%. IDFC First Bank currently offers an interest rate of 3.50% on savings account balances over 200 cr.

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IDFC First Bank Savings Account Interest Rates (idfcfirstbank.com)

IDFC First Bank FD Rates

IDFC First Bank will continue to offer an interest rate of 3.50% on term deposits with maturities between 7 days and 29 days, and an interest rate of 4.00% on term with a maturity of between 30 days and 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 grant 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 of 25 basis points to 6.75% from 6.50% before.

Term deposits with a maturity of 750 days will now yield 7.25% instead of 6.90%, an increase of 35 basis points, while deposits with a maturity between 751 days and 5 years will continue to earn 6.50%. IDFC First Bank will continue to offer an interest rate of 6.00% on deposits maturing in 5 years, 1 day and 10 years, as well as an interest rate of 6.50% on deposits allowing to achieve tax savings expiring in 5 years. The senior incentive will be 0.50% above the standard rate and will not be accessible for fixed NRO deposits.

IDFC First Bank FD Rates

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IDFC First Bank FD Rates (idfcfirstbank.com)

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