IDFC FIRST Bank has revised fixed deposit interest rates on amounts less than Rs 2 crore, according to the bank website. The new FD interest rates are effective March 21, 2024.
Following the change, the bank currently offers interest rates ranging from 3% to 8% on deposits maturing in 7 days to 10 years for general citizens. For senior citizens, the bank offers additional spread of 0.50% p.a. over the above rate, interest rate varies from 3.50% to 8.50%. The highest interest rate of 8% and 8.50% is offered on tenure of 500 days.
Also read: FD rates up to 9.5%: These 8 banks offer over 9% interest rate on fixed deposits for senior citizens
| Period | Rate of Interest (%p.a.) |
| 7 – 14 days | 3.00% |
| 15 – 29 days | 3.00% |
| 30 – 45 days | 3.00% |
| 46 – 90 days | 4.50% |
| 91 – 180 days | 4.50% |
| 181 days – less than 1 Year | 5.75% |
| 1 year | 6.50% |
| 1 year 1 day – 499 days | 7.50% |
| 500 days | 8.00% |
| 501 days – 548 days | 7.50% |
| 549 days – 2 years | 7.75% |
| 2 years 1 day – 3 years | 7.25% |
| 3 years 1 day – 5 years | 7.00% |
| 5 years 1 day – 10 years | 7.00% |
| Tax Saver Deposit | Rate of Interest (% p.a.) w.e.f. March 21, 2024 Less than INR 2 Crores |
| (Only for Domestic Deposits) | |
| 5 Years | 7.00% |
Premature closure details
Interest will be paid based on the interest rate in effect at the time the term or fixed deposit was booked, for the equivalent amount of time the deposit has been held with the bank, in the event of an early termination of the term or fixed deposit. Furthermore, if a term or fixed deposit is closed before its expiration date, the bank’s “Premature Closure Penalty” will apply, as specified on the deposit date. Penalty for pre-mature closure of Fixed Deposit would be at 1%.
In which case premature penalty will not be applicable
Premature Closure Penalty will be applicable on Retail Term/Fixed Deposits & the same shall not be levied on Term/Fixed deposits of Government, Quasi Government, Regulatory & Statutory bodies.
Senior citizen term/fixed deposits and early term/fixed deposit closures brought about by the death of an account holder or holders are not subject to the aforementioned premature closure penalty. All term/fixed deposits that are booked and/or renewed on or after May 2, 2019, will be subject to the aforementioned premature closure penalty.
