IDFC FIRST Bank Revises Fixed Deposit Interest Rates to Up to 8.25%
IDFC FIRST Bank has recently revised its fixed deposit (FD) interest rates, offering a range of interest rates to both general citizens and senior citizens. The new rates are effective from October 16, 2024, and aim to provide better returns on savings.
Idfc First BankFixed DepositInterest RatesSenior CitizensGreen DepositsReal Estate NewsOct 17, 2024
For general citizens, the bank now offers interest rates ranging from 3% to 7.75% on deposits maturing in 7 days to 10 years. The highest interest rate of 7.75% is available for deposits with a tenure of 400 to 500 days. This rate is designed to attract customers who are looking for short to medium-term investment options.
Senior citizens, on the other hand, benefit from an additional spread of 0.50% per annum over the general rates. This means that the interest rates for senior citizens vary from 3.50% to 8.25%. The highest rate of 8.25% is also offered for deposits with a tenure of 400 to 500 days. This adjustment is intended to provide a higher return on investment for the senior citizen demographic, which often relies more heavily on fixed income sources.
In addition to these standard FD rates, IDFC FIRST Bank offers a special green deposit scheme. The bank provides an interest rate of 6.8% on green deposits with a tenure of 1000 days. This scheme is part of the bank's commitment to sustainable and eco-friendly investments.
The bank's website explains the interest calculation method in detail. Compound interest or reinvestment interest is calculated every quarter and added to the principal. This means that interest is paid on the interest earned in the previous quarter as well. For deposits with a monthly interest payout option, the interest is calculated for the quarter and paid monthly at a discounted rate over the standard FD rate.
It's important to note that there is a penalty for premature closure of fixed deposits. The penalty rate is 1% of the principal amount. This penalty is designed to discourage early withdrawals and ensure that the bank can manage its liquidity effectively.
IDFC FIRST Bank is a leading financial institution in India, offering a wide range of banking and financial services. With a focus on customer satisfaction and innovative financial products, the bank aims to provide its customers with the best possible returns on their investments.
The revision of FD interest rates is a significant move in the current economic landscape. It reflects the bank's commitment to staying competitive and providing attractive returns to its customers. Whether you are a general citizen or a senior citizen, these new rates offer a compelling reason to consider fixed deposits as a part of your investment portfolio.
For more information on the revised FD interest rates, customers can visit the IDFC FIRST Bank website or contact their local branch.
Frequently Asked Questions
What is the new interest rate range for general citizens in IDFC FIRST Bank FDs?
The new interest rate range for general citizens in IDFC FIRST Bank fixed deposits is from 3% to 7.75%. The highest rate of 7.75% is offered for deposits with a tenure of 400 to 500 days.
How much additional interest do senior citizens receive on FDs in IDFC FIRST Bank?
Senior citizens receive an additional spread of 0.50% per annum over the general rates. This means the interest rate for senior citizens ranges from 3.50% to 8.25%, with the highest rate of 8.25% for deposits with a tenure of 400 to 500 days.
What is the interest rate for green deposits in IDFC FIRST Bank?
IDFC FIRST Bank offers an interest rate of 6.8% on green deposits with a tenure of 1000 days.
How is compound interest calculated in IDFC FIRST Bank FDs?
Compound interest or reinvestment interest is calculated every quarter and added to the principal. For deposits with a monthly interest payout option, the interest is calculated for the quarter and paid monthly at a discounted rate over the standard FD rate.
What is the penalty for premature closure of a fixed deposit in IDFC FIRST Bank?
The penalty for premature closure of a fixed deposit in IDFC FIRST Bank is 1% of the principal amount.
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