IDFC First Bank's interest rates are in the range of 5.30% to 7.55%. These prices are valid as of November 23, 2022.
IDFC First Bank, a Mumbai-based institution, increased the maximum size of its bulk fixed deposits from 2 crores to 25 crores. Currently, a depositor can earn up to 7.55%. From 5.30% to 7.55%, interest rates are offered. As of November 23, 2022, these rates are in effect. Notably, these FD rates do not offer a facility for early withdrawal. Although there are FDs available with early withdrawal options, their interest rates are lower than those of FDs without such a feature.
Interest rates on fixed-rate deposits (FDs) from Rs 2 crores to Rs 25 crores without a facility for early withdrawal:
For deposits between 2 crores and 25 crores, interest rates are the same.
Starting on November 23, IDFC First Bank will offer rates as high as 7.55% on loan terms of 366 to 399 days. For terms lasting 400 days to 731 days, the rate is 7.40%. Additionally, the rate is 7.35% for terms lasting 732 to 1095 days, while the bank is offering 7.30% for terms lasting 271 to 365 days.
Additionally, the bank offers interest rates of 6.95% on terms of 181 to 270 days, 6.85% on terms of 92 to 180 days, and 6.20% on terms of 61 to 91 days.
For the shorter terms, an interest rate of 5.65% is offered for tenures of 46 to 60 days and 5.55% for tenures of 36 to 45 days. In contrast, the interest rate is 5.30% for loan terms of 7 to 35 days.
The monthly interest payout option is not available for these FDs, according to a statement from IDFC First Bank. For fixed deposit periods that fall in financial years that do not have a leap day, the interest rate is calculated using 365 days, and for those that do, it is based on 366 days. Additionally, these FDs do not have an auto-renewal option when an FD account is opened.
Senior citizens are given an incentive by IDFC First Bank, which will not be accessible for NRE or NRO Fixed Deposits, of an additional spread of 0.50% over the rate of FDs for the corresponding tenures.
According to IDFC First Bank, the bank will not pay interest on the principal amount of the deposits in the event that they are prematurely withdrawn. Any interest accrued or paid as of the premature closure date will be deducted from the deposit amount.
The interest rates for FDs with a premature withdrawal option range from 5.30% to 7.30% for amounts between 2 and 25 crores.
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 "IDFC First Bank hikes FD rates from Rs 2 crores to 25 crores to 7.55%, know details")
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