IDFC First Bank Recurring Deposit Interest Rates

Introduction 

Shweta has always admired her father for being a professional investment advisor. Though she never wanted to pursue investing professionally, she still was keen to know more about the investing world. As a beginner, she researched and found out that recurring deposits are a much safer investment option with good returns. She also came across idfc rd interest rates. These interest rates were one of India’s best rd interest rates in 2022. 

If you, too, are looking to invest in a reliable bank, we suggest checking out the idfc first bank rd rates below. You can also use the rd calculator to calculate your maturity value of the idfc bank rd rates. 

What is a Recurring Deposit?

Recurring deposits are one of the best kinds of investments for people who are scared of risks in the financial market and those who have a stable source of income and desire to invest a portion of it to get returns on investment. In recurring deposits, money is deposited in instalments over time, and when the investment matures, you get returns along with the principal. Recurring deposits are very safe in comparison to hazardous mutual funds. The tenure of recurring deposits IDFC First Bank starts from as early as just 7 days to as late as 10 years. Longer the tenure of recurring deposit investment, the higher the returns on investment.

IDFC First Bank RD Interest Rates 2022

Following are the idfc first bank rd rates. Some of these rd rates are the country’s best rd interest rates.

• The recurring deposit interest rate per annum for the period of 7 days- 14 days is 2.50% for the general public, and for senior citizens, it is 3.00%
• The recurring deposit interest rate per annum for the period of 15 days- 29 days is 2.50% for the general public, and for senior citizens, it is 3.00%
• The recurring deposit interest rate per annum for the period of 30 days- 45 days is 2.75% for the general public, and for senior citizens, it is 3.25%
• The recurring deposit interest rate per annum for the period of 46 days- 90 days is 2.75% for the general public, and for senior citizens, it is 3.25%
• The recurring deposit interest rate per annum for the period of 91 days- 180 days is 3.25% for the general public, and for senior citizens, it is 3.75%
• The recurring deposit interest rate per annum for 181 days- less than 1 year is 4.75% for the general public, and for senior citizens, it is 5.25% 
• The recurring deposit interest rate per annum for the period of 1 year- 2 years is 5.25% for the general public, and for senior citizens, it is 5.75%
• The recurring deposit interest rate per annum for the period of 2 years 1 day- 3 years is 5.75% for the general public, and for senior citizens, it is 6.25%
• The recurring deposit interest rate per annum for the period of 3 years 1 day- 5 years is 6.00% for the general public, and for senior citizens, it is 6.50%
• The recurring deposit interest rate per annum for 5 years tax saver deposit is 6.00% for the general public, and for senior citizens, it is 6.50% 
• The recurring deposit interest rate per annum for the period of 5 years 1 day- 10 years is 6.00% for the general public, and for senior citizens, it is 6.50%

How to calculate IDFC First Bank Recurring Deposit Interest

You can calculate your idfc rd interest rates in two ways by using the rd calculator formula by using the IDFC RD calculator.

It is important to calculate your interest under your chosen recurring deposit using the rd calculator formula. This is calculated by entailing factors like tenure, type of scheme, invested funds, etc. You can calculate your recurring deposit interest rate by using the following formula-

M= R[(1+i)n-1]/1-(1+i)- 1/3 

In this,

• Maturity value is represented by ‘M.’
• The monthly instalment is represented by ‘R.’
• The number of quarters is represented by ‘n.’
• The rate of interest is represented by ‘i’.

Another way to calculate idfc bank rd rates is by using an online recurring deposit interest calculator. All you have to do is look it up on the internet and open the web page. Put in the required details like tenure, monthly investment, and interest rate. Your total maturity value will be on the screen with one click. Using an online recurring deposit calculator is an easy and hassle-free way of calculating the value on maturity. 

Conclusion 

If you plan to start investing money in recurring deposits, going for the IDFC First Bank is an excellent option as it provides high returns on investment with a maximum interest rate of 6.00% per annum. Before investing, it is essential to understand the process and outcomes thoroughly. Choose a plan which suits you best and fulfils all your needs. Happy investing to you!