The private area moneylender IDFC First Bank has raised interest rates for fixed deposits under Rs. 2 crores. The higher interest rates are now into impact, as indicated by the bank’s official site.
With the latest change, IDFC First Bank will currently pay revenue at a pace of 6.90% for fixed deposits maturing in 750 days and 6.50% for those maturing in 2 years, 1 day. Preceding this, the bank offered a 6.50% interest rate on fixed deposits with maturities going from 2 years, 1 day to 3 years.
Rates for FDs at IDFC First Bank
The bank will keep on offering an interest rate of 3.50% on fixed deposits maturing in 7 days to 29 days and an interest rate of 4.00% on fixed deposits maturing in 30 days to 90 days. On fixed deposits maturing in 91 to 180 days, IDFC First Bank will keep on offering an interest rate of 4.50%, and on deposits maturing in 181 days or more, the interest rate will stay at 5.75%.
Fixed deposits with developments between 1 year and 499 days will keep on paying 6.25% interest, and term stores with developments between 500 days and 2 years will keep on paying 6.50% interest.
There is right now a greatest interest rate of 6.90% for term deposits maturing in 750 days, while the interest rate for fixed deposits maturing in 2 years, 1 day, 749 days, and 2 years, 1 day and more is at present 6.50%.
Fixed deposits with maturity going from 751 days to 5 years will keep on getting revenue from IDFC First Bank at a pace of 6.50%. While IDFC First Bank will keep on offering an interest rate of 6.50% on tax saving fixed deposits, the bank will keep on offering an interest rate of 6% on fixed deposits maturing in 5 years, 1 day to 10 years.
On its site, that’s what IDFC First Bank referenced “The motivation for Senior Citizens will be at an extra spread of 0.50% over the above rate and won’t be accessible for NRO Fixed Deposits. Rates as long as 180 days are on a “straightforward premium” premise. Interest on tenor over 180 days is payable/accumulated on quarterly premise.”
Moreover, the bank expressed on its site that “Build Interest/re-speculation premium is determined each quarter and is added to the Principal with the end goal that Interest is paid on the Interest procured in the past quarter too. For deposits with month to month premium compensation out choice, the premium will be determined for the quarter and paid month to month at a limited rate over the Standard FD Rate.”
