IDFC Bank FD Rates

About IDFC Bank

IDFC First Bank was formerly known as the IDFC Bank. It is the official retail banking division of Infrastructure Development Finance Company (IDFC). IDFC Bank is without a doubt one of the pioneering finance companies in India. It offers financial and advisory services for asset management, investment banking, and infrastructure projects.

One of the most popular products offered by IDFC Bank to its customers is that of a Fixed Deposit (FD). Getting an IDFC Bank FD can be a beneficial investment for individuals. However, before getting into that investment, one must be familiar with the IDFC Bank FD rates.

Features of IDFC Bank FD Rates

The IDFC Bank FD rates come with exciting features. Some of these features are:

• Investing in an IDFC Fixed Deposit scheme is completely safe and free of any risks. One can invest in this scheme by considering his or her financial requirements
• Competitive IDFC Bank FD Rates ensure that customers can earn competitively. The IDFC Bank FD rates range between 2.75% per annum and 6% per annum. The exact amount depends on the tenure chosen by the individual
• Whenever required, no penalty is charged for early withdrawals for senior citizens
• IDFC FD interest rates 2021 are provided with different payout options, including interest payout and quarterly compounding

IDFC FD Interest Rates 2021

Let’s look at the IDFC FD interest rates 2021 now. The FD rates in IDFC First Bank applicable for domestic, NRE, and NRO deposits of amounts less than INR 2 crore are given in the table below.

After going through the IDFC FD interest rates 2021, it should be noted that the minimum tenure for NRE deposits is 365 days. Similarly, the minimum tenure for NRO and domestic deposits is 7 days.

Senior citizens are also eligible for an additional spread of 0.50% over the above IDFC FD interest rates 2021. This will not be available for NRE or NRO fixed deposits. Further, FD rates in IDFC First Bank up to 180 days are available on a simple interest basis.

The FD rates in IDFC First Bank for Foreign Currency Non Resident (FCNR) deposits are given in the table below.

Benefits of IDFC Bank FD

If you are familiar with the IDFC Bank interest rates 2020 and 2021, then that means that you either already have an FD or you are planning to get one. In both of those cases, there are certain benefits that you will get. These benefits are:

• Guaranteed returns offered according to the FD rates in IDFC Bank
• If you already have an IDFC savings account, then opening an FD is just a matter of a few clicks! You can learn about the IDFC Bank interest rates 2020 in a few minutes too
• You can benefit from compound interest by choosing an FD with a reinvestment option. Learn about compound interests and the IDFC Bank interest rates 2020 right now through this article
• Get monthly and quarterly interest payouts for a regular income according to the IDFC Bank interest rates 2020 and 2021
• Invest in a highly flexible product. Choose from a tenure ranging from 7 days to 10 days by going through the IDFC Bank interest rates 2020 and 2021
• Get five years tax saving FD to save tax

Types of IDFC Bank FD Rates

When you are looking through IDFC Bank interest rates 2020 and 2021, then you must have come across the different types of FD rates in IDFC Bank. If you have found those FD rates in IDFC Bank confusing, then go through the list given below to get rid of that confusion now.

• Regular FD Account: A regular FD account is suitable for individuals between the ages of 18 years to 60 years. The IDFC Bank interest rates 2020 and 2021 for these accounts can be found online.

• Senior Citizen FD Account: As the title indicates, the Senior Citizen FD Account is meant for individuals over the age of 60 years. The FD rates in IDFC Bank for these accounts are usually 0.5% higher than other FD rates in IDFC Bank.

• NRE FD Account: A Non-Resident External (NRE) FD account is an FD account that can be opened by two or more NRIs. The FD rates in IDFC Bank for these accounts can also be found online.

• NRO FD Account: A Non-Resident Ordinary (NRO) FD account can be opened by Overseas Citizen of India (OCI), Person of Indian Origin (PIO), and Non-Resident Indian (NRI). If you want to open an NRO FD account, then you should go through the NRO FD rates in IDFC First Bank.

Eligibility of IDFC Bank FD

Any Indian citizen who has a relationship or savings account with IDFC can open an FD. Before opening an FD, one must be familiar with the FD rates in IDFC First Bank. Further, if one does not have an existing relationship with the bank, then the bank will provide the individual with a complimentary savings account on the opening of an FD.

How to Calculate IDFC Bank FD Rates

Individuals can also calculate FD rates in IDFC First Bank. This is important to ensure that you gain more from your investment made through an FD. When it comes to the IDFC First Bank, the FD can be opened for an amount as low as INR 1,000. The minimum time period for the FD is 7 days.

The FD rates in IDFC First Bank can be calculated through two methods, including simple interest and compound interest. The FD rates in IDFC First Bank might even be calculated by using both of these methods depending on the tenure and the amount of deposit. A calculator can be used to get the FD rates in IDFC First Bank.

Factors Affecting IDFC Bank FD Rates

There are multiple factors that can have an effect on the FD rates at IDFC Bank. Some of these factors are:

• The rate of inflation
• Prevailing liquidity scenario in India
• Conditions of demand and supply
• Anticipation of a lending rate cut
• Falling call rates
• Plummet in the Bank’s fund costs