IDFC FIRST Bank, a private sector lender, has revised interest rates on fixed deposits (FDs) of less than Rs 2 crore and savings account interest rates. The new rates came into effect from October 1, 2023, according to the bank’s official website.
Following the change, the bank currently offers interest rates ranging from 3.50% to 7.50% on deposits maturing in 7 days to 10 years. The maximum interest rate on deposits maturing in 1 year 1 day – 2 years is now 7.50% for non-senior residents and 8% for senior citizens.
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Savings account interest rate
IDFC FIRST Bank offers a savings account interest rate between 3% to 7% on different balances. Savings account interest will be calculated on a progressive basis, according to the table in the rate slabs mentioned below.
| Balance (Rupees) | Rate of Interest (% p.a.) (Progressive) |
| <= 1 Lac | 3.00% |
| > 1 lac <= 5 lac | 4.00% |
| > 5 Lac <= 25 Cr | 7.00% |
| > 25 Cr <= 50 Cr | 6.75% |
| > 50 Cr <= 100 Cr | 5.00% |
| > 100 Cr <= 200 Cr | 4.50% |
| > 200 Cr | 3.50% |
1. In case your account balance with us is Rs. 25,000, the interest payable to you will be 3% on the entire Rs. 25,000.
2. In case your account balance with us is Rs. 4 lacs, the interest payable to you will be 3% on Rs. 1 lac, 4% on Rs. 3 lacs.
3. In case your account balance with us is Rs. 50 lacs, the interest payable to you will be 3% on 1 lakh, 4% on Rs. 4 lacs and 7% on Rs. 45 lacs.
4. In case your account balance with us is Rs. 4.3 crores, the interest payable to you will be 3% on 1 lakh, 4% on Rs. 4 lacs and 7% on Rs. 4.25 crores.
The bank currently offers interest rates ranging from 3.50% to 7.50% on deposits maturing in 7 days to 10 years for general citizens. The maximum interest rate on deposits maturing in 1 year 1 day – 2 years is now 7.50% for non-senior residents and 8% for senior citizens.
| Period | Rate of Interest (%p.a.) w.e.f. October 01, 2023 |
| Less than INR 2 Crores | |
| 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 – 2 years | 7.50% |
| 2 years-1 day – 749 days | 7.25% |
| 750 days | 7.25% |
| 751 days – 3 years | 7.25% |
| 3 years 1 day – 5 years | 7.00% |
| 5 years- 1 day – 10 years | 7.00% |
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