IDFC First Bank revises FD rates, now get up to 7.25% on 750 days tenure

 

• IDFC First Bank, one of the top private sector lenders, has adjusted interest rates on fixed deposits under ₹2 crore.

IDFC First Bank, one of the top private sector lenders, has adjusted interest rates on fixed deposits under ₹2 crore. The new rates are effective from December 1, 2022, according to the bank's official website. After the revision, the bank is currently offering interest rate on FDs with maturity ranging from 7 days to 10 years which ranges from 3.50% to 6.00%. Fixed deposits maturing in 750 days will now pay an interest rate of up to 7.25% from IDFC First Bank.

IDFC First Bank FD Rates

The bank is offering 3.50% interest rate on FDs maturing in 7 to 29 days, while IDFC First Bank is offering 4.00% interest rate on FDs maturing in 30 to 90 days. For deposits maturing in 91 to 180 days and 181 to 364 days, respectively, IDFC First Bank is offering interest rates of 4.50% and 6.00%. Deposits maturing in 365 days to 500 days will now fetch 6.50% interest, while those maturing in 501 days to 749 days will now fetch 6.75%. On FDs maturing in 750 days, the bank is offering a maximum interest rate of 7.25% and on those maturing in 751 days to 5 years, IDFC First Bank is offering an interest rate of 6.50%. IDFC First Bank is offering 6.00% interest rate on deposits maturing in 5 years - 1 day - 10 years and 6.50% interest rate on 5 year tax-saving deposits.


The benefit for senior citizens will not be accessible for NRE or NRO fixed deposits and will be at an additional premium of 0.50% over and above the above rate. Senior citizens get a special benefit and are eligible to earn 0.50 per cent more interest. At IDFC First Bank, you have the option of quarterly compounding option or monthly/quarterly interest payment option. A fixed or term deposit which is closed prematurely will be subject to "premature closure penalty" as prescribed by the bank on the date of deposit. The penalty for premature closure of fixed deposits is 1%.

IDFC FIRST Bank's customer deposits grew 36% YoY to Rs. 1,14,004 crore and CASA deposits grew by 37% YoY to Rs. 63,305 crore in Q2FY23. The Bank recorded CASA Ratio of 51.28% as on Sep 30, 2022. From Rs. 152 crore in Q2-FY22, the net profit for Q2-FY23 increased to Rs. 556 crore (up 266% YoY) and from a net profit of Rs. 474 crore during Q1-FY23 (up 17% QoQ). From Rs. 2,272 crore in Q2-FY22 to Rs. 3,002 crore in Q2-FY23, net interest income (NII) climbed 32% YoY. As on September 30, 2022, the bank had 670 branches and 812 ATMs (including recyclers) across the country. As on March 31, 2022, the bank has 29 branches and 93 ATMs.