Private sector lender IDFC First Bank has revised interest rates on fixed deposits (FDs) with effect from May 1. IDFC First Bank offers short-term FDs ranging from seven days to one year and long-term FDs ranging from one to ten years. FD interest rates in IDFC First Bank range from 2.75%p.a. to 6% p.a. for deposits with a tenure of 7 days to ten years. Axis Bank also revised the interest rates on retail term deposits this month.
For FDs maturing in seven days to 14 days, IDFC First Bank offers a 2.75% interest rate. For 15-29 days and 30-45 days, the bank gives a 3% and 3.50% interest rate respectively. For deposits maturing in 46 – 90 days 4.00%, and 91 – 180 days 4.50%. For FDs maturing in 181 days – less than 1 year, IDFC First Bank gives 5.25%.
For term deposits maturing in 1 year – 2 years, the bank gives 5.50%. And for 2 years 1 day – 3 years, IDFC First Bank gives 5.75%.
IDFC First Bank FD interest rates for long term deposits with tenure of 3 years to 5years are 6% and 5 years to 10 years are 5.75%
IDFC First Bank latest FD interest rates on deposits effective 1 May 2021
7 – 14 days 2.75%
15 – 29 days 3.00%
30 – 45 days 3.50%
46 – 90 days 4.00%
91 – 180 days 4.50%
181 days – less than 1 year 5.25%
1 year – 2 years 5.50%
2 years 1 day – 3 years 5.75%
3 years 1 day – 5 years 6.00%
5 years 1 day – 10 years 5.75%
5 Years (Tax saver) 5.75%
From 1 May, the bank has also lowered its interest rates on the savings account. IDFC First Bank will offer 4% for those who maintain balances below ₹1 lakh. For those maintaining a balance between ₹1 lakh and less than ₹10 lakh, the interest rate will be 4.5%. The highest interest rate of 5% is given to those who maintain a balance between ₹10 lakh and below ₹2 crore.
Never miss a story! Stay connected and informed with Mint.
Download
our App Now!!
Read More: IDFC First Bank revises fixed deposit (FD) interest rates. Latest FD rates here